Live Insurance News

Are cyber insurance companies contributing to ransomware attack growth?

August 30, 2019December 20, 2019 Nordstrom

Cyber insurance companies - Security - ransomware

Certainly, they are not direct effort by insurers to boost cyberattacks, but a relationship has been proposed. It comes as no surprise to hear that ransomware attacks are on the rise, but new perspectives are connecting this trend with increasing the availability of products from cyber insurance companies. Essentially, the more organizations are covered against attacks, the more likely criminals are to be paid. As cyber insurance companies become more commonplace and companies and organizations better understand the importance of coverage, large policies are being purchased. As a result, when…

Virtual assistant insurance is highly recommended for entrepreneurs in this niche

August 26, 2019August 25, 2019 Marc

Virtual assistant insurance - customer support

VAs are facing very specific risks and exposures and are typically advised to buy coverage. Virtual assistant insurance can be highly beneficial for V.A.s as the unique exposures they face in their line of work due to the damage they could cause to their clients’ businesses and reputations. The potential damage that could be caused by a simple mistake is substantial and may be costly. Virtual assistant insurance takes into account the fact that V.A.s have access to a substantial amount of information about their clients. They can access and…

Distributed ledger technology apps and blockchain could offer insurance industry savings

August 22, 2019August 21, 2019 Logan B.

Distributed ledger technology - Blockchain technology

A recent study showed that this approach could save the industry millions of dollars per year. New research examined the way a consortium-based blockchain approach using distributed ledger technology (D.L.T.) applications could save the insurance industry millions every year. The analysis was conducted by the Institutes RiskStream Collaborative. The Institutes RiskStream Collaborative analysis examined the way taking a consortium-based approach to blockchain and distributed ledger technology could help two events in common within the property and casualty insurance sector. Those events are: first notice of loss following an incident and…

Despite huge cyber insurance market growth, it remains a tiny industry fragment

July 30, 2019July 28, 2019 Nordstrom

Businesses are catching on to the critical nature of this coverage, but there is a long way to go. The cyber insurance market represents a relatively new environment which comes with a high risk level. This requires insurance companies to use a cautious and meticulous strategy supported by reinsurance, according to a Moody’s Investors Service report. While the market growth is taking off, it still represents only a small fraction of the industry’s revenue. The cyber insurance market experienced a 26 percent cumulative annual growth rate in direct premiums since…

Porsche auto insurance rolling out in two states

June 27, 2019June 26, 2019 G. Turner

Some of the automaker’s customers now have the opportunity to purchase coverage directly. Illinois and Oregon luxury car drivers will be able to cover their vehicles with Porsche auto insurance. The automaker has announced the launch of its new policies to cover customers driving its vehicles. The car insurance is initially launching in two states for vehicles manufactured after 1981. The Porsche auto insurance policy will be available to owners with vehicles made in 1981 or after. It will be a mileage-based coverage for vehicles based in Illinois and Oregon…