Live Insurance News

Cyber insurance is becoming more common

May 11, 2015May 9, 2015 S.Vagus

Cyber Insurance policies commissioners industry

ABI predicts that the cyber insurance market will become more common in the coming decade Cyber insurance coverage may become the new normal in 10 years’ time. The Association of British Insurers (ABI) has claimed that cyber insurance products will become significantly more common in the United Kingdom and elsewhere by 2025. In early March, a report from Marsh and the UK government showed that only 2% of large businesses in the UK have cyber coverage. This may be a costly problem for these businesses as they face significant risks…

Oregon purchases more wildfire insurance

April 20, 2015April 18, 2015 S.Vagus

Oregon has purchased wildfire insurance to protect against the dry season Oregon is preparing to handle its dry season with the purchase of wildfire insurance. This type of insurance coverage is meant to protect the state from the onslaught of wildfires that could emerge in the state due to dry conditions. The insurance is meant to help cover the costs associated with these disasters, reducing the state’s financial exposure and providing it with some breathing room when it comes to recovery. Insurance policy from Lloyd’s of London will provide $25…

Cyber insurance market is showing signs of healthy growth

April 10, 2015April 9, 2015 Marc

Lloyd’s of London notes that more activity is being seen in the cyber insurance market Several high-profile cyber attacks on large companies have spurred more activity in the cyber insurance market, according to reports from Lloyd’s of London. The insurance company notes that claims in the cyber market have rose by 50% for the first three months of this year. More companies are becoming concerned with the digital risks that they face. These risks could result in serious financial damage, which insurance coverage may be able to mitigate, if policies…

Former USC player files lawsuit against Lloyd’s over insurance policy

March 10, 2015March 7, 2015 H. Cutner

Marqise Lee had been a first round 2014 NFL draft prospect ahead of the college football season in 2013. Marqise Lee, a former wide receiver from the University of Southern California (USC) is suing over an insurance policy after having been injured in the 2013 college football season, during which he had been considered to be a first round prospect for the 2014 National Football League (NFL) draft. During that season, the player was held back by a knee injury and dropped to the 2014 draft’s second round. Finally, the…

New cyber insurance company being backed by Lloyd’s of London

October 9, 2014October 6, 2014 Logan B.

Tom Ride to work with Lloyd’s in order to form a new insurance organization Tom Ridge, the United States’ first Secretary of Homeland Security, is working with Lloyd’s of London in order to launch a new company that will specialize in cyber insurance. Many of the world’s businesses have become inseparably reliant on technology. Much like the physical world, the digital world is not a safe place and there are many risks that businesses face by embracing technology more completely. Without adequate insurance coverage, companies targeted by malicious digital attacks…

Demand for cyber insurance is on the rise

July 9, 2014July 7, 2014 S.Vagus

Cyber attacks are becoming more common, leading to a rise in demand for insurance protection Cyber attacks of businesses are beginning to increase in frequency, according to Lloyd’s of London’s Barbican Group. The underwriting group believes that the market for cyber insurance will increase dramatically over the coming years, noting that premiums for this coverage have skyrocketed since 2009. Businesses are beginning to be targeted by cyber attacks because some of them lack appropriate security measures, while others simply cannot keep up with the rapidly evolving nature of digital threats.…

Flood insurance available in Canada for the first time

June 9, 2014June 7, 2014 Julie Campbell

The coverage is now becoming available in Calgary, with memories of last year’s devastation still fresh. One Calgary insurer is now providing flood insurance in the city, representing a first in the entire industry across Canada, which does not currently provide overland flooding protection anywhere else. This specific type of policy covers damage from rising waters, as opposed to broken pipes or a leaky roof. This overland flood insurance is now being offered to businesses in Calgary. That said, the insurance industry in the country has decided that this is…