Industrial insurance on the rise due to cyber threats

November 20, 2013November 19, 2013 Julie Campbell

This, according to a recent announcement made by Allianz, the largest insurer in Europe. Allianz, the biggest insurer in Europe, has just revealed that its analysis of Eastern Europe, Asia, and Brazil is experiencing an increase in cyber threats and that this is driving industrial insurance revenue. The insurer, based in Munich, has determined that this unit will experience growth from this risk. According to chief executive officer, Axel Theis, of Allianz’s Allianze Global Corporate & Specialty industrial insurance unit, “New products such as cyber-risk protection and coverage for renewable-energy…

Business insurance costs are on the rise from class action suits

February 26, 2013April 30, 2013

These Australian lawsuits are starting to increase the expenses associated with this form of coverage. The business insurance industry is facing considerably higher costs due to the rising number of payouts being made in shareholder class action lawsuits, and this trend is causing the premiums for directors’ and officers’ coverage to rise. In 2012, there was an estimated total of $506 million in class action settlements made. This was an increase of approximately $200 million over the total payouts that were made in 2007. This, according to a report by…

North American companies avoiding cyber insurance according to Towers Watson

April 19, 2012May 28, 2012 Marc

Are companies leaving themselves vulnerable to a cyber attack? Towers Watson, a leading consulting firm with expertise in risk assessment, has released its annual review of corporate risk this week. The firm surveyed several corporations throughout North America and found that most do not take cyber security seriously, especially in terms of insurance coverage. The firm has also found that the corporations purchasing cyber security insurance are doing so in limited capacity and seem unwilling to purchase comprehensive coverage. This may be a problem in a world where the Internet and…