Posts Tagged ‘medical’



October 11th, 2018

Healthcare & Cyber Risk – Takeaways

Posted at 1:00 AM ET

We conclude the series on Healthcare & Cyber Risk by listing the five key takeaways from the study Holding Healthcare to Ransom by Marsh & McLennan Companies Asia Pacific Risk Center. Continue reading…

October 8th, 2018

Healthcare & Cyber Risk – Cyber Insurance to Manage Exposure

Posted at 1:00 AM ET

holding-healthcare-to-ransom-cover-image-6Key risks that healthcare organizations face today include patient data exposure, shared system data exposure and employee exposure. Recognizing that cyber risks cannot be eliminated, healthcare organizations are beginning to look to insurance or cyber risk transfer programs as a way to shift the risks, not just as a solution for balance sheet protection but also for contractual evidence and compliance. (1)

Prompted by the wave of high-profile attacks and new data protection rules, annual gross written cyber insurance premiums have grown by 34 percent per annum over the past seven years. (2) The European Union Agency for Network and Information Security has also found a positive correlation between cyber insurance takeup and the level of preparedness, (3) and healthcare organizations are only beginning to recognize this. Continue reading…

September 24th, 2018

Healthcare & Cyber Risk – Quantifying Exposure

Posted at 1:00 AM ET

holding-healthcare-to-ransom-cover-image-6The new study, Holding Healthcare to Ransom by Marsh & McLennan Companies Global Risk Center, reports that about 56 percent of healthcare respondents in the Marsh-Microsoft Global Cyber Risk Perception Survey say their organizations measure the cyber risks that they are exposed to, but a significant proportion do so using qualitative methods. Continue reading…

September 20th, 2018

Healthcare & Cyber Risk - The Need to Distribute Cyber Risk Management

Posted at 1:00 AM ET

holding-healthcare-to-ransom-cover-image-6Cyber risk management in the healthcare industry is still perceived to be driven by the IT department only, rather than overall enterprise risk management. According to healthcare respondents in the study Holding Healthcare to Ransom by Marsh & McLennan Companies Global Cyber Risk, 83 percent indicated that responsibility for cyber risk sits mainly with IT professionals and they are the primary owners and decision-makers for managing cyber risks, as compared to the 70 percent cross-industry average. Continue reading…

September 17th, 2018

Healthcare Target of Increased Cyberattacks

Posted at 1:00 AM ET

holding-healthcare-to-ransom-cover-image-6Over the past decade, the healthcare industry has been haunted by headlines of data breaches. Three of the largest reported incidents impacting healthcare organizations in 2015 alone affected more than 100 million patient records and resulted in hundreds of millions of dollars in settlements. Data and cyber breaches have real financial and reputational impacts.

Continue reading…

September 12th, 2018

Holding Healthcare to Ransom - Healthcare Industry’s Fight Against Cyberattacks

Posted at 1:00 AM ET

holding-healthcare-to-ransom-cover-image-6Healthcare is one of the industries most vulnerable to cyberattacks. The high stakes – human lives and sensitive data – make healthcare the perfect target for cybercrime. Continue reading…

November 9th, 2017

For MPL, Market Softening Continues in 2016—Signs of Pressure Emerge

Posted at 4:00 AM ET

Steve Underdal, Managing Director; Greg Bliss, Managing Director; Matt Walter, Senior Vice President and Blake Berman, Senior Vice President

Contact

Since 2010, the medical professional liability (MPL) industry has been navigating a soft market, with declining profitability, diminished investment gains and rising accident year operating ratios. Yet, reserve redundancies have kept calendar year combined ratios below 100 percent, allowing carriers to pay dividends to policyholders while maintaining favorable returns on equity. Recent trends in the MPL insurance industry, including more aggressive competition among carriers and a leveling off of frequency trends, are driving accident year combined ratios higher. Without the continued tailwind of favorable reserve development, current market rates could prove unsustainable, driving market hardening in the coming years.

Continue reading…

August 30th, 2017

The Transfer of Pandemic Risk from the Public Sector

Posted at 1:00 AM ET

Here we review recent GC Capital Ideas posts on pandemic risk and the role of the capital markets to transfer risk from the public sector.

Continue reading…

July 26th, 2017

Public Sector Risk Financing Perspectives – Pandemic Risk: Part II

Posted at 1:00 AM ET

cory-anger-small-sq

Cory Anger, Global Head of ILS Structuring, GC Securities*

Contact

As investors become comfortable with pandemic risk, alternative capital is beginning to pivot its capacity to providing more action oriented pandemic protection during the beginning or ongoing phases of a pandemic (1) rather than focusing solely on replenishing capital post-event. Alternative capital also has the ability to provide multi-year protection when interim response structures are important for governmental organizations such as development banks, health organizations and sovereigns, to rapidly manage the needed monetary support. The goal is to contain and mitigate epidemics at their origin and prevent their potential global migration. The migration may impact key industries (tourism, hotels and transportation) and government budgets.

Continue reading…