On Cybersecurity Insurance

Good paper on cybersecurity insurance: both the history and the promise for the future. From the conclusion: Policy makers have long held high hopes for cyber insurance as a tool for improving security. Unfortunately, the available evidence so far should give policymakers pause. Cyber insurance appears to be a weak form of governance at present. Insurers writing cyber insurance focus…

September 10, 2019
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What you — and your company — should know about cyber insurance

Threat Research It’s no longer a question of “if” any given company or organization is going to be hit with a cyber attack — it’s when. And when that attack comes, who is willing to take on that risk? For some groups, it may be that they feel they are fully prepared to take on the challenge of defending against an attack or potentially recover from one. But cyber security…

August 21, 2019
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Episode 158: How NotPetya has Insurers grappling with Systemic Cyber Risk

Podcast: Play in new window | Download (Duration: 25:20 — 29.0MB) Subscribe: Android | Email | Google Podcasts | In this episode of the The Security Ledger podcast (#158): the NotPetya malware outbreak in 2017 raised red flags about the potential for malware to pose systemic risk to insurers: affecting broad swaths of the economy. We talk to Bruce McConnell of the East West Institute about how insurers are responding….

August 20, 2019
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Steamship Mutual hints at further cash returns

Steamship Mutual has said its financial position is still robust enough to consider returning further cash to members after reporting an underwriting loss and seeing its reserves shrink. Armand Pohan, chairman of the London-based protection and indemnity insurer, described the club’s finances as Source: http://www.tradewindsnews.com

July 10, 2019
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MSC, Maersk, and Hapag-Lloyd Also Implement War Risk Surcharges for Persian Gulf

Published on July 8, 2019 by Johanna Loock   ·   No Comments July 04: MSC Mediterranean Shipping Company has announced it will institute a war risk surcharge for all cargoes moving to and from the Arabian Gulf. The move follows CMA CGM and X-Press Feeders adding charges in the wake of six tanker attacks in and around the Strait of Hormuz over the last two months. MSC is charging $40 per…

July 8, 2019
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CMA CGM Introduces War Risk Surcharge in Middle East

Published on July 2, 2019 by Johanna Loock   ·   No Comments July 02: Due to the recent incidents in the Strait of Hormuz and amid significantly increasing insurance costs in the Middle East region, French container transportation and shipping company CMA CGM is introducing war risk surcharges, as follows: “Effective July 5th, 2019 (B/L date) for all trades, except USA and China (August 1st, 2019):From/To: Oman, the UAE, Qatar, Bahrein,…

July 2, 2019
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Persian Gulf Oil Shipments Now Cost More Than $500,000 to Insure

Published on June 25, 2019 by Johanna Loock   ·   No Comments June 24: The cost of insuring Middle East oil shipments is soaring as tensions mount in a region responsible for about a third of all seaborne petroleum. So-called war risk premiums for a standard oil cargo from the Persian Gulf and the tanker hauling it can now cost upwards of $500,000, according to people familiar with the insurance market….

June 25, 2019
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American Club costs soar amid higher international group claims

The American Club has reported an increase in incurred losses to $45.9m for its latest financial year after it was hit by a high level of claims from the International Group. Commenting on the 2018 figures, the American Club said its own claim’s record was the best since 2002 but 70% of the increased claims were attributable to other International Group pool claims. It said the International Group had seen…

June 24, 2019
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American Club records $45.9m loss as spike in International Group claims stings

The American Club has reported a $45.9m loss for its latest financial year after it was hit by a high level of claims from the International Group. Commenting on the 2018 loss the American Club said its own claim’s record was the best since 2002 but 70% of the financial losses were attributable to other International Group pool claims. American Club bolsters capabilities in Greece and New York Read more…

June 24, 2019
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