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Cyber insurance market will be twice as big over 3 years, Munich Re

September 12, 2018September 10, 2018 Marc

Cyber insurance market - Security - Cyber Network

Data breaches and other cyber attacks are growing in frequency and size, boosting coverage need. The cyber insurance market will reach more than 8 billion dollars by 2020, representing a doubling from its 2017 figure, says Munich Re. Cyber attacks making major headlines are rapidly becoming more dramatic and damaging. Among the most damaging cyber attacks organizations have seen over recent months and years include WannaCry and NotPetra. These malwares had a significant economic impact as they infected hundreds of thousands of devices last year. These high profile attacks have…

1 in 5 Consumers accept Amazon and Google as homeowners insurance companies

September 3, 2018September 2, 2018 G. Turner

Homeowners insurance companies - Home in bubble over hand

A J.D. Power survey showed that shoppers see these tech giants as acceptable home insurers. One in five consumers said in a recent J.D. Power survey that they would be willing to use Amazon or Google as homeowners insurance companies. Among those who participated in the survey, 80 percent were already insured by a large national carrier. Amazon and Google have both dabbled in the insurance industry and are expected to become increasing participants in the marketplace. Earlier in August, media reports showed that Amazon was testing the waters in…

Lloyds of London insurance giant takes its first steps into cryptocurrencies

August 31, 2018August 30, 2018 Logan B.

Lloyds of London insurance - cryptocurrencies

The marketplace is making this move without doing much in terms of announcements. Lloyds of London insurance market has started taking steps into the cryptocurrency world. It has done so quite quietly, despite the weight of this move into the crypto sphere. This first digital currency insurance policy has gone to a Kentucky organization, Kingdom Trust. Kentucky-based Kingdom Trust is the first organization to receive this new milestone Lloyds of London insurance policy. The American company first launched in 2010. It is a South Dakota Division of Banking-regulated independent qualified…

70 Percent of US health care companies don’t have cybersecurity insurance coverage

August 24, 2018August 24, 2018 Nordstrom

cybersecurity insurance - cyber security - screen - lock

Though the percentage of covered firms is rising, the vast majority are not protected from cyber attacks. A tremendous 70 percent of health care companies in the United States don’t have cybersecurity insurance. This was among the results reported by FICO in a recent study commissioned by the analytics firm. Health care is among those that could be most affected by a cyber attack such as a data breach. The FICO report showed that 7 out of every 10 firms in the American health care industry are not protected by…

IIHS says driver assistance systems aren’t always as reliable as humans

August 13, 2018August 10, 2018 Nordstrom

Driver assistance systems - Driver in car - steering wheel

The Insurance Institute for Highway Safety found drivers handle many situations better than cars. Relying exclusively on electronic driver assistance systems can be dangerous, said the result of Insurance Institute for Highway Safety (IIHS) tests. The reason is that those systems are not always as reliable with certain tasks as actual human drivers. The IIHS found the range of unexpected outcomes ranged from troubling to positively dangerous. The non-profit group found that driver assistance systems produce unexpected outcomes. Those results can range from bothersome, such as braking too cautiously, to…