Stay informed on emerging issues and trends in the insurance industry.
Professional lines has always been a diverse market, varying widely in capacity, pricing and underwriting appetite among the different segments. Today, difficult market conditions exist across most segments, as carriers struggle to adapt to new challenges and brokers work to replace lost capacity. The Q3 State of the Professional Lines Market report examines trends across several of these segments.
Cyber-attacks and their severity and frequency are constantly evolving – with risks and expenses varying widely among industries. AmWINS’ proprietary cyber benchmarking tool assists in making policy limit purchasing decisions by analyzing data from thousands of cyber liability placements made by AmWINS brokers.
As working from home becomes the new norm, exposure to cybercrime has risen at an alarming rate; 300% according to the FBI. Personal home networks are much less secure than the organized network infrastructure used in offices. Learn more about the recent rise in cybercrime and how AmWINS' expertise and tailored cyber insurance products can help you protect your clients.
This podcast features an update from John Neal, CEO of Lloyd’s, on the state of the Lloyd's market and their response to COVID-19 as well as a panel discussion with London Professional Lines underwriters on how they view the pandemic's impact both the Professional Lines sector and their syndicate's business.
The COVID-19 crisis has created a rapidly changing environment for the Professional Lines market. With the uncertainty of how claims will develop and the potential for increased exposure, retailers must be proactive. In this article, AmWINS specialists share their insights on why this is more important now than ever, including reactionary underwriting trends, D&O policy exclusions and impacts to EPLI, as well as the threat for increased cyber attacks and crime losses.
The disruption to business and everyday life caused by the coronavirus (COVID-19) pandemic is resulting in an economic impact for insureds. Much of this disruption is likely not covered by insurance. We have consulted with several AmWINS insurance specialists across the Property, Casualty and Professional Lines sectors and offer a COVID-19 update.
Given the rapid growth and the normalization of cannabis as an industry, various operations throughout the cannabis distribution chain continue to face unforeseen financial exposures. This article addresses these exposures and four key areas of professional lines coverage that retail agents should access to ensure that they are offering a complete portfolio of protection to their clients within the cannabis industry.
Social engineers exploit human emotions, rather than using sophisticated software or hacking technology, to bypass the most iron-clad security measures. In the second part of our Social Engineering series, we identify examples of schemes employed by social engineers and how to design and implement comprehensive security practices to mitigate the risk of a loss.
Increased regulations have made pure technological cyber-attacks more difficult and costly, causing cyber criminals to shift their focus to social engineering. Although traditional commercial crime policies contain a computer fraud and funds transfer fraud insuring agreement, courts have generally held that claims arising from incidents where the insured voluntarily transfers funds – many of which arise from social engineering – are not covered. This article examines key court rulings and how to fill in potential coverage gaps.
Every industry has exposure to cyber risks, including transportation and logistics. While these industries worked from paper and wheels for many years, now there are both internal and external networks that are critical to operating in this industry group. This article discusses the unique cyber risks facing the transportation and logistics sector, coverages to address these threats, and proactive cyber risk management tools.
In 2018, companies within the energy sector rely heavily on technology to perform daily operations. With this increased connectivity comes increased cyber risk. As threats continually evolve, it is virtually impossible to adequately prepare for every type of cyber-attack; however, appropriate insurance coverage can play a key role in mitigating risk. This article discusses energy-related claim trends and the value that Cyber Liability policies can add to your coverage offering for energy risks.
As Cyber exposures continue to evolve, it is increasingly important to understand the risks, the potential costs and which type of insurance policy responds.
In the event of a cyber attack, the Directors & Officers (D&O’s) of a company are often held liable. D&O's should ensure they have comprehensive insurance coverage as well as mitigate their cyber liability exposure with these three steps.
In response to the masses becoming more aware of cyber-attack techniques, hackers have countered with more sophisticated attacks, such as CEO Fraud, also known as Social Engineering Fraud. How we do we address this increasing risk as an industry?
The most significant liability threat for companies after a data breach could be from their business partners, including banks and payment card processors. This article details what merchants and their brokers need to know to ensure their coverage matches their needs and expectations.
Cyber Liability coverage is particularly intriguing for financial institutions, as they are held to a higher standard for protecting their customers’ information given their role in protecting their money. To help combat losses associated with data breaches, new cyber insurance products have started to emerge.
There is a tremendous potential risk for merchants when it comes to the fines and penalties associated with data breaches – not to mention the public relations nightmare that could follow. Many insurers are hesitant to provide the capacity that is needed for the exposure that exists. Are your clients aware of the Cyberliability solutions that will cover them in the event of a breach?
When it comes to cyber-crime and massive data breaches, there's one group that has been relatively overlooked when it comes to cyberliability - nonprofits. How would an organization with limited capital protect its infrastructure in the event of a breach?