During the COVID-19 crisis, global cyber attacks skyrocketed in a digital pandemic driven by ransomware, according to a report published by Allianz Global Corporate & Specialty (AGCS). Further, the report noted, business interruption and restoration costs are the main causes …
Allianz Global Corporate & Specialty (AGCS) has published a checklist of cyber risk management recommendations to help prevent ransomware attacks. “In around 80% of ransomware incidents, losses could have been avoided if the organizations had followed best practices. Regular patching, …
England will be hit hard by floods like those that devastated Germany this summer if the country does not improve its defense against more extreme weather brought by climate change, a governmental agency said Wednesday. In a report, the Environment …
The U.S. insurance industry’s top compliance shortcomings relate to claims handling noncompliance, including timeliness, required disclosures, payments and grievance and appeal processes—as well as underwriting, rating and insurance producer and sales issues. That’s according to a review by Wolters Kluwer …
The U.S. property insurance market is accumulating cyber exposures that could result in $12.5 billion in non-physical damage losses and cause capital adequacy ratios for some carriers to deteriorate. A study conducted by CyberCube, AM Best and Aon found that …
Through the end of September, there have been 18 weather and climate disaster events with losses exceeding $1 billion each across the U.S. during 2021. These events include one drought/heat wave event, two flooding events, nine severe storm events, four …
Last week, Praedicat, a liability risk analytics company, announced that it launched a new Company Risk Score designed to simplify the underwriting of complex emerging risks for liability insurance. The risk score, ranging from 0 to 100 for every one …
The extreme flooding event in Western Europe in mid-July generated the largest insurance industry loss figure so far this year – at current estimates of US$11.0 billion, according to CRESTA, the insurance industry organization that provides a global standard for …
While events like Hurricane Ida and a Texas winter freeze demonstrate wide-reaching impacts of climate change to all but ardent deniers, even insurers and reinsurers may not fully appreciate all the risks, a new report suggests. Among the underappreciated facts …
For years climate scientists have warned about the ferocious wildfires and hurricanes that are now overwhelming many communities. Today alarms are ringing about a related financial danger: risks lurking within government bonds, the biggest part of the global debt market. …
