The Source for Cyber Insurance News, Insights and Data
Must be a lawyer. Duties include: “Advise clients of their claim related obligations under the policies and establish client-specific claims management procedures Provide claims advocacy on behalf of clients by providing written responses to carrier coverage positions and by negotiating favorable claim resolutions” Source: Senior Cyber Claims Advocate at Willis Towers Watson / Insurance Journal … Read more
“The new central cyber underwriting team will assume global responsibility for Swiss Re’s underwriting and product development activities in the cyber sector.” The company has hired John Coletti to manage the effort. Source: Swiss Re to create central cyber underwriting team | Insurance Business
The answer in most cases appears to be “no.” “A cyber liability policy could respond to an SEC investigation, depending on the policy’s wording, ‘but there’s a big caveat to that, and that is that cyber policies typically exclude non-privacy-related fines,’” (a brokerage executive) said. Then there are the implications for D&O insurance and the … Read more
Most survey respondents said clients had been reimbursed for ransomware payments. One broker reported 30+ payouts in the first half of 2021. “Commercial insurance prices moderated across all account sizes with an average increase of 8.3%, but cyber saw a premium hike of 25.5%, according to The Council of Insurance Agents & Brokers’ second-quarter Commercial … Read more
“The National Institute of Standards and Technology will work with Microsoft, Google and the insurance industry companies Travelers and Coalition to create a new framework designed to help guide the creation of more secure technology products and to audit the security of technology products, the administration said in the fact sheet.” Coalition and Resilience also … Read more