November 30th, 2018

Week’s Top Stories: November 24 - 30, 2018

Posted at 10:00 AM ET

Cyberattacks Top the List of Risks in North America: For business executives in the United States and Canada, cyberattacks are now the number one risk to doing business, according to the recent World Economic Forum (WEF) report Regional Risks for Doing Business 2018.

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Terrorism: The Need for Expanded Capacity: Terrorists are increasingly able to modify, adapt and reinvent their tactics and quickly spread their methodologies to their worldwide support base. Economically, the effect of this change across the globe has been significant. Tourism, trade and investments are examples of areas affected as countries grapple with terrorist actions, both direct and indirect. According to the Institute for Economics and Peace, although the peak of global economic impact from terror events was reached in 2014, it remains at historically high levels.

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Affirmative versus Silent Cyber: An Overview: While the current debate over “affirmative” versus  “non-affirmative” coverage has been ongoing for a few years, WannaCry and Petya/NotPetya cyberattacks helped make the issue of ”silent cyber” more critical. These two 2017 cyberattacks effectively shifted the conversation from data breach, notification costs and third-party liability to first-party liability insuring agreements due to the extent and expanse of the systematic, large-scale damages they triggered.

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Terrorism: Reinsurance Role in Mitigating the Expanding Peril: More than ever before, brokers and underwriters must use their expertise and solutions to keep insurers and citizens adequately protected. With the peril mutating rapidly, the entire insurance value chain is being challenged – by new types of threats, new modes of attack and the terrorists’ deployment of any violent and disruptive means to reach their desired end-state. The (re)insurance industry must remain in tune with these developments; it must gain insights from academia and observers on how the peril is changing, keep alert to new products in the market, unlock new sources of capacity and help clients understand their portfolios more readily so they remain relevant to their consumer base.

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A Math Formula May Offer a Solution to Insurers’ Critical Challenges: Guy Carpenter has developed a methodology that applies a mathematical formula to provide insurers and reinsurers with a unified, practical framework for risk pricing and capital allocation.

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And, you may have missed …

Risks from Infrastructure Shortfalls in Asia Pacific: In the Asia Pacific region, it is important to address the risk of critical infrastructure failure or shortfall, as analyzed by the latest annual report by Marsh & McLennan Companies’ Asia-Pacific Risk Center titled “From Threats to Impact - Evolving Risk Concerns in Asia-Pacific.”

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