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Top News about Cyber Insurance
“The affordability of cyber insurance was flagged as a concern by US-based News Corp when it reported a cyber attack earlier this month. The group said: ‘The company cannot be certain that its current level of insurance or the breadth of its terms and conditions will continue to be available on economically reasonable terms.’” Source: … Read more
“Specifically, the proposal would:● Require advisers and funds to adopt and implement written policies and procedures that are reasonably designed to address cybersecurity risks;● Require advisers to report significant cybersecurity incidents to the Commission on proposed Form ADV-C;● Enhance adviser and fund disclosures related to cybersecurity risks and incidents; and● Require advisers and funds to … Read more
Company rebounded in 2021 after 2020 loss due in part to claims for COVID-related event cancellations. “Beazley…had a combined ratio – a key measure of an insurer’s profitability – of 93% compared to 109% a year earlier. A level below 100% indicates an underwriting profit…its annual gross written premiums jumped 30% to $4.62 billion, with … Read more
“FI CyberCrime Plus, which is focused on banks with balance sheet assets of $10 billion to $100 billion, anticipates limits of $25 million to $35 million, according to the broker.” Source: Aon product for banks combines cyber, crime, professional liability | Business Insurance
“(A) ransomware/breach prevention or recovery warranty can at least help companies ‘reduce their premiums,’ or even become eligible for coverage…” Source: Ransomware warranties offer user community another form of cyber insurance