Amid Flat or Lower Cyber Prices, Brokers See Demand for Coverage Soar

The first quarter of 2018 showed either average decreases or flat prices for cyber insurance coverage, according to recent survey from the broker community.

Marsh, in its Global Insurance Market Index, found renewal prices for cyber in the United States to be trending downward in the fourth quarter out of the last five quarters. The average decrease of 1.7 percent comes after 0.6 percent rise in the last quarter of 2017, down from a high of an average 20 percent on renewal in the second quarter of 2015.

Erin Ayers, Amid flat or lower cyber prices, brokers see demand for coverage soar (May 21, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Cyber Front Page News.

Cyber Trends 2017: Business Interruption a Top Concern

Cyber-related business interruption quickly became a top issue in 2017 as high-profile ransomware attacks demonstrated that just about any company can be victimized.

A panel of experts speaking on Advisen’s cyber risk trends webinar last week discussed the impact cyber-related business interruption (BI) claims have had on the insurance industry.

“This is probably one of the top issues facing clients in 2017,” explained Stephanie Snyder, SVP & national sales leader, cyber insurance at Aon. “It’s something that every company needs to consider, cyber insurance is not just about data breaches, it’s much broader than that.”

Josh Bradford, Cyber trends 2017: Business interruption a top concern (November 20, 2017), available with subscription at Advisen Cyber Front Page News.

2017 Survey of Cyber Insurance Market Trends

October 2017

PartnerRe and Advisen are proud to release a white paper that features the results of a comprehensive survey of the evolution of the market for cyber insurance, both first- and third-party coverage, and the factors and trends impacting that evolution. The 14-page paper also highlights how players view key events and issues such as the impact of the general data protection regulation (GDPR) on the take-up rate for cyber liability insurance, the Dyn DDOS attack, and the WannaCry ransomware attack.

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

PartnerRe | Advisen Ltd. October 2017. 2017 Survey of Cyber Insurance Market Trends [White Paper].

The Importance of Speed in Cyber Underwriting

As cyber insurance underwriting evolves, speed is essential. Risks and organizations change rapidly and knowing the right questions to ask, along with the right threat data, can make the process run smoother for brokers, insurers, and their clients.

On Thursday, September 7, join Advisen’s Erin Ayers, Symantec’s Nikon Rasumov, and other panelists for an in-depth discussion of the best ways to present better risk profiles for your cyber clients and close deals more quickly.

This free, one-hour webinar is sponsored by Symantec.

For more info and registration of this webinar, visit https://www.advisenltd.com/2017/09/07/importance-speed-cyber-underwriting/

Advisen Ltd. September 2017. The Importance of Speed in Cyber Underwriting [Webinar].

The Importance of Speed in Cyber Underwriting

This free, one-hour webinar is sponsored by Symantec.

For more info and registration of this webinar, visit https://www.advisenltd.com/2017/09/07/importance-speed-cyber-underwriting/

Advisen Ltd. September 2017. The Importance of Speed in Cyber Underwriting [Webinar].

WannaCry Provides Latest Glimpse at Nightmare Cyber Aggregation Potential

CHICAGO—The WannaCry ransomware attack will likely be a manageable loss event for the insurance industry, but the event offers a new perspective on potential aggregation.

Though the worm known as WannaCry spread rapidly to about 150 countries starting May 12, the number of network computers infected and held for ransom is actually a small percentage of all possible global endpoints, according to Pascal Millaire, vice president and general manager at Symantec.

Millaire gave an impromptu presentation on WannaCry during lunch at Advisen’s Cyber Risk Insights Conference here.

“This may not be as bad as one might have thought,” he said. “This is a relatively good-news story.”

Chad Hemenway, WannaCry provides latest glimpse at nightmare cyber aggregation potential (May 18, 2017), available with subscription at Advisen Cyber Front Page News.

2016 Survey of Cyber Insurance Market Trends

October 2016

Advisen and PartnerRe released a white paper featuring the results of a comprehensive survey of the evolution of the cyber insurance marketplace. The 2016 Survey of Cyber Insurance Market Trends is intended to give insurance providers and brokers additional insight into the factors and trends impacting that evolution, as well as the demand and growth potential for cyber insurance products in the US.

The free, 11-page paper is sponsored by PartnerRe.

Read and download the paper @ http://www.advisenltd.com/2016/10/25/2016-survey-of-cyber-insurance-market-trends/

Advisen Ltd. (October 2016). 2016 Survey of Cyber Insurance Market Trends [White Paper]. Retrieved from http://www.AdvisenLtd.com

Cyber in Property Policies, Drones, and Labor Laws Areas to Watch for Insurance Buyers

Insurance coverage for cyber-related property damage, new regulations for drones, and upcoming changes to federal labor laws topped the list of concerns for insurance buyers as experts from Marsh discussed the broker’s recent midyear report.

The potential for property damage to occur as a result of a cyber attack has been at the forefront of insurance discussions and Marsh’s property practice leader Duncan Ellis reported during a webinar this week that a few insurers now provide some element of coverage. He cited FM Global and Zurich incorporating cyber as a peril in their property policies, and noted that AIG recently released a broader cyber policy to address property damage, bodily injury, and business interruption. Marsh clients have shown increased interest in cyber coverage as part of their property program, according to Ellis.

Erin Ayers, Cyber in property policies, drones, and labor laws areas to watch for insurance buyers (August 16, 2016), available with subscription at Advisen Professional Front Page News.

Cyber Represents Growth Area for Reinsurers: Aon Report

Reinsurers see cyber risk as a necessary area to offer capacity to meet the growing demand on primary insurers from clients and despite the prevalence of data breaches, the reinsurance industry should be able to meet the need, according to a new report from Aon.

“While there is still headline risk from recent data breaches such as Anthem, Inc., Premera Blue Cross, Experian / T-Mobile, and Ashley Madison, it still remains an opportunity for many who are willing to invest in resources to understand the dynamics of cyber as a peril and product,” noted Aon in its report.

Ayers, Erin. “Cyber represents growth area for reinsurers: Aon report.” Advisen. Advisen Store, 12 January 2016. Web. 18 January 2016.