Posts Tagged ‘CBI’



September 20th, 2016

Cyber Risk: Part II

Posted at 1:00 AM ET

ross_christopher-smChristopher Ross, Managing Director

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As greater understanding of the cyber peril is gained, a chief concern for (re)insurers is risk aggregation. Unlike traditional property insurance where aggregation is monitored by physical locations, insurers are exposed to the possibility of a single attack or a series of attacks either against multiple insureds or a single insured (such as a cloud provider) that could lead to substantial losses across multiple geographies. While a large systemic risk has not yet materialized, it does not mean the risk is not present. The challenging part is that there is limited history and lack of data for this emerging exposure, which makes it difficult for insurers to measure cyber risk and calculate capital needs.

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September 19th, 2016

Cyber Risk: Part I

Posted at 1:00 AM ET

ross_christopher-smChristopher Ross, Managing Director

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As businesses, both large and small, throughout all sectors of industry, become more and more reliant on technology to improve service efficiencies and functionalities, cyber risk has become one of the most pressing public topics addressed in corporate boardrooms and by governments across the globe. The corresponding awareness of a business’s susceptibility to a cyber-attack has grown along with a spate of high-profile attacks. Consequently, cyber risk is now an embedded feature of the global risk landscape, not only as a privacy/network liability, which is where much of the publicity has arisen, but also as a peril affecting traditional insurance lines. Therefore, preventative and post-event remediation are gaining importance as shareholders, regulators and rating agencies are increasingly focused on enterprise risk management activities for cyber risks.

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June 21st, 2016

Potential Losses From the Kumamoto Earthquake: Part II

Posted at 1:00 AM ET

Toyota Motor Corporation expects to lose 80,000 units of production after shutting down nearly all of its assembly plants in Japan as a result of the Kumamoto Earthquake. The shutdowns occurred after disruption to two of its suppliers, Aisin Seiki, which produces automotive components and Renesas Electronics, a manufacturer of automotive microchips (1).  Aisin Seiki said production at two plants that make engine and auto parts, semiconductors and other components have been stopped since April 14. Renesas’s plant was also shut down (2).

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June 20th, 2016

Potential Losses From the Kumamoto Earthquake: Part I

Posted at 1:00 AM ET

The catastrophe modeling firm RMS estimated the economic loss for property risks to be between USD2.5 billion and USD3.5 billion (1). This estimate includes only residential, commercial, and industrial property and contents. Catastrophe modeling firm AIR estimated the insured loss to be between USD1.7 billion and USD2.9 billion for property risks (2). Both catastrophe modeling firms’ estimates exclude infrastructure, business interruption and contingent business interruption.

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June 16th, 2016

Earthquake Coverage in Japan, Part II: Residential, Commercial, Industrial and Earthquake Fire Expense Insurance

Posted at 1:00 AM ET

The other source of residential earthquake insurance is through a limited number of cooperative insurers. As opposed to residential earthquake insurance under the government’s program, cooperative earthquake insurance is entirely run and managed by each individual cooperative insurer that writes the class, with no governmental support. The original policy terms tend to be somewhat similar in basic design to those of the government’s program backed policies, but reinsurance arrangements are entirely at the discretion of the individual cooperatives. Almost all the cooperatives writing this class purchase non-proportional reinsurance from the international reinsurance market and, in certain cases, also access the capital markets for protection via catastrophe bond issuance.

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May 23rd, 2016

Cyber Risk

Posted at 1:00 AM ET

ross_christopher-smChristopher Ross, Managing Director

Contact

As businesses, both large and small, throughout all sectors of industry, become more and more reliant on technology to improve service efficiencies and functionalities, cyber risk has become one of the most pressing public topics addressed in corporate boardrooms and by governments across the globe. The corresponding awareness of a business’s susceptibility to a cyber-attack has grown along with a spate of high-profile attacks. Consequently, cyber risk is now an embedded feature of the global risk landscape, not only as a privacy/network liability, which is where much of the publicity has arisen, but also as a peril affecting traditional insurance lines. Therefore, preventative and post-event remediation are gaining importance as shareholders, regulators and rating agencies are increasingly focused on enterprise risk management activities for cyber risks.

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May 11th, 2016

Guy Carpenter Reports on Kumamoto Earthquake, Seismic Risk and Earthquake Cover in Japan

Posted at 2:30 PM ET

Guy Carpenter & Company today released a briefing and analysis of the Kumamoto Earthquake that struck Japan in April 2016.

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October 28th, 2015

Cyber Risk

Posted at 1:00 AM ET

ross_christopher-smChristopher Ross, Managing Director

Contact

As businesses, both large and small, throughout all sectors of industry, become more and more reliant on technology to improve service efficiencies and functionalities, cyber risk has become one of the most pressing public topics addressed in corporate boardrooms and by governments across the globe. The corresponding awareness of a business’s susceptibility to a cyber-attack has grown along with a spate of high-profile attacks. Consequently, cyber risk is now an embedded feature of the global risk landscape, not only as a privacy/network liability, which is where much of the publicity has arisen, but also as a peril affecting traditional insurance lines. Therefore, preventative and post-event remediation are gaining importance as shareholders, regulators and rating agencies are increasingly focused on enterprise risk management activities for cyber risks.

Continue reading…

October 20th, 2015

Cyber-Attacks

Posted at 1:00 AM ET

The UK Government has recognized cyber-attacks to be one of the most significant risks facing the country. The costs to businesses are rising as hackers become more focused and persistent in their attacks. Several attempts have been made to quantify the economic cost of cyber crime on UK businesses. While there are a wide range of estimates, figures consistently range in the billions of pounds.

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October 22nd, 2014

Cyber Insurance

Posted at 1:00 AM ET

Cyber insurance has grown out of recognition that cyber-crime and data privacy are among the most concerning risks facing organizations today. With the increasing severity and frequency of cyber-attacks and data breaches worldwide, the demand for cyber-specific insurance is growing. Cyber-related risk to critical infrastructure and the overlap with cyber-terrorism are also issues that have come to the forefront.

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