Toronto-based Markel Canada has appointed Ed Rawe as assistant vice president of cyber and put forth a plan to build out its cyber insurance offering.
Cyber
The American InsurTech Council (AITC), an independent organisation focused on tech innovation in the insurance industry, has rolled out a proposed consumer protection framework for insurers and vendors deploying artificial intelligence and predictive tools or using third-party data.
Geico and Travelers Indemnity Company have been fined $9.75mn and $1.55mn, respectively, for lax data security practices that led to the exposure of 120,000 New Yorkers’ personal information that hackers used to file fraudulent unemployment claims in the Covid-19 pandemic.
The volume of supply chain attacks grew by five times between 2021 and 2023, with businesses exceeding $50mn in revenue bearing much of the brunt, according to findings from the Cyber Roundup Report 2024 from Cowbell.
Cyber risks and escalating geopolitical conflicts have the potential to pose investment risks and potentially ratings actions for European insurers, according to S&P Global Ratings’ Volker Kudszus.
Compulsory cyber insurance and tax relief on cyber investment have been identified as two measures that may incentivise greater cyber resilience among UK businesses, with new research by Howden showing that more than half of UK firms have faced at least one cyber attack in the past five years.
Trium 1322, the Lloyd’s start-up backed by Jim Stanard and Rod Fox, expects to write $179.5mn GWP in 2025, more than double what it is now projecting for 2024.
Beazley has lowered its profit forecast for SPA 6107’s 2022 open year of account (YoA) by 10 percentage points in its latest quarterly forecast.
Parametrix's new Enterprise Solutions product is designed to cover "almost any type of system interruption that a company can experience" and would compensate organisations for events like the CrowdStrike outage in July, according to CEO Jonathan Hatzor.
The top risks of both buyers and sellers of insurance are cyber incidents, key climate changes, and business interruptions, according to a new survey from Munich Reinsurance America and the Insurance Information Institute (Triple-I), but gaps emerge in understanding the scope of risk and actionable solutions.
RT Specialty has hired long-time ARC Excess & Surplus executive and national cyber practice leader Chas Bellingrath as executive vice president.
INSUREtrust, a cyber insurance and risk management specialty broker within wholesaler CRC Group, has added Bradley Davis as executive vice president.
Arthur J Gallager has hired CAC Specialty’s Stephanie Snyder Frenier as senior vice president of its cyber liability practice and national director – Cyber Advantage.
Nearly 93 percent of start-ups now carry cyber insurance, with many opting for simplified coverage solutions, according to insurtech MGA Embroker’s third annual Cyber Risk Index that focuses on start-ups.
Ransomware activity remained persistently high in the third quarter of 2024, with 1,257 victims identified and nearly 30 percent of incidents linked to attackers exploiting virtual private network (VPN) vulnerabilities, according to a new report from cyber insurtech Corvus.
