The Source for Cyber Insurance News, Insights and Data
2022’s increase will be on top of 50% hike in ’21, report says. “But conditions will likely improve for buyers, Risk Strategies CEO John Mina said in the report. ‘Sustained rate increases have attracted new entrants and over time underwriting capacity will expand and rate increases stabilize,’ he said.” Read the useful report here. Source: … Read more
“’Coming off a very successful first year in the market, this is an excellent time to put our money where our mouth is and take a share of the risks we are writing alongside our (re)insurance partners,’ he (CJ Pruzinsky, executive vice president and chief underwriting officer for North America at Resilience) said.” The Bermuda-based … Read more
“’In most instances, having standalone cyber coverage has proven to provide the most comprehensive coverage in the cyber realm’ and insurers have made an effort to eliminate so-called ‘silent’ cyber coverage in other policies, said Peter A. Halprin, a partner with Pasich LLP in New York. Nevertheless, coverage can be found in property, employment practice … Read more
“One company, New York-based Parametrix Insurance Services LLC, is targeting businesses hit by a cloud outage. Parametrix sells insurance specifically to mitigate the risks of downtime events, compensating businesses for any losses, including lost revenue and the cost of recovery, when their cloud-computing provider or cloud-based applications service goes down.”
“If Merck eventually winning seems like good news for enterprises in similar policy situations, it is — but with a caveat. The vagaries of the policy meant it took five years and litigation to recover a substantial amount of losses, something attorney Marcus Christian, a partner at Mayer Brown’s cyber and data privacy practice, said … Read more