Insurers face potential multi-billion dollar claims for cyber attacks related to Russia’s invasion of Ukraine, despite policy wording designed to get them off the hook for war, industry sources say. Following the Feb. 24 attack on Ukraine and Western sanctions …
The Russian invasion of Ukraine has increased the risk of cyberattacks and potential claim costs for property/casualty (P/C) insurers globally that offer cyber coverage, the majority of which is underwritten in North America. Such attacks may also further test the …
Two new London Market model clauses to help underwriters manage cyber losses have been published by the International Underwriting Association (IUA). The wordings have been developed in order to address issues of non-affirmative or “silent” cover, where traditional insurance policies …
The $100 million lawsuit that Mondelez, the maker of Oreos and Cadbury chocolate, has brought against Zurich Insurance Group shows that governments should be more careful about identifying the would-be culprits in putative cyber-wars: Such claims can have unintended consequences, …
Arthur J. Gallagher announced it has responded to the “perfect storm” facing manufacturers – a rising risk of cyber attacks, coupled with increased vulnerability and largely excluded exposures – by designing a tailor-made policy to more effectively transfer their unique …
A review of almost 400 reinsurance contracts underwritten at Lloyd’s of London has revealed potentially significant vulnerabilities and exposures if a catastrophic cyber attack should occur. Analysis of 392 property and casualty reinsurance policies underwritten by a trio of reinsurers …
Cyber risk is costing the global economy $445 billion annually, $108 billion of which comes from the U.S., according to a new report. The report from insurer Allianz Global Corporate & Specialty also predicts cyber insurance premiums will grow globally …
