Tag: Business Insurance

Cyber insurance industry is hunting for expertise

G. Turner
risk industry cyber insurance

As the demand for this risk coverage skyrockets, insurers are looking for experience and skills in handling the problem. While insurers are watching the tiny cyber insurance coverage market spike and grow at an exponential rate, they frequently don’t have the type of skills and experience that are necessary to actually handle data breaches and hackers to be able to provide the type of service that would be required to offer this type of product. It is becoming almost commonplace to hear about high profile data breaches among massive corporations.…

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Terrorism insurance reinforcements will soon be expiring

H. Cutner
terrorism insurance industry news 9/11 Memorial in 2004

Two competing renewal bills for the Act will soon be redefining the level of federal support for private insurers. As a result of a rash of damages and vandalism following the attacks on 9/11, terrorism insurance faced a total estimated loss of $32.5 billion, which caused insurers to start to create exclusions for the coverage for commercial properties across the country. Businesses struggled to be able to find coverage to protect themselves against financial losses from acts of terror. The concern from cities and states was that this lack of…

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Report highlights the complexity of the cyber insurance market

Logan B.
cyber insurance

Crawford releases report showing that the frequency and complexity of cyber insurance claims is on the rise A new report from Crawford & Co. shows that the cyber insurance market is becoming increasingly complex. The frequency and complexity of claims is one of the primary challenges facing this market currently. Insurers are typically well suited to address the potential risks that exist in any given market, but the advent of technology has changed many things in the world. The insurance industry has not yet had enough time to fully understand…

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Environmental liability insurance system rejected in Europe

Julie Campbell
environmental liability insurance

The European insurance and reinsurance federation has decided that compulsory coverage would not be beneficial to consumers. Insurance Europe, the European federation for insurance and reinsurance coverage, customers would not be able to benefit from a compulsory form of environmental liability insurance system, and for that reason, it does not recommend the introduction of that type of program. This federation is made up of thirty four different members across Europe’s national associations. According to a statement from the federation, “An EU-wide compulsory environmental liability insurance system would not benefit customers…

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Business insurance is harder to find as Iraq breaks down

H. Cutner
Iraq business insurance

Multinationals are discovering that insurers aren’t offering products to protect from financial loss in that country. As Iraq suffers from deepening insurgency, it is becoming increasingly difficult for multinational corporations to be able to find the business insurance coverage that they need to be able to protect themselves from the potential financial losses that they face from doing business in that country. It has reached the point that “political risk” insurance is nearly impossible to purchase. Without that form of business insurance, companies wouldn’t have any protection against having their…

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