Reputational risk is among the most challenging to insure, says I.I.I.’s VP of Communications Loretta Worters in this timely tale of Uber shenanigans: There’s no such thing as bad publicity, the old saying goes. But the publicity ridesharing company Uber is getting lately may not just harm its image, but can hurt its bottom line. And...
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Joe Paduda’s Monday Morning Catch-up
After eight days away, time to catch up on the goings on. Lots happened, beginning with the non-renewal of the Terrorism Risk Insurance Act, aka TRIA. Mark Walls’ solid summary of the non-event that is a big event is here; Peter Rousmaniere penned a piece in WorkCompWire on the issue as well. Peter sees this as...
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Cyber Risk on the Inside
While the Sony cyber attack has put the spotlight on sophisticated external attacks, a new report suggests that insiders with too much access to sensitive data are a growing risk as well. According to the survey conducted by the Ponemon Institute, some 71 percent of employees report that they have access to data they should...
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Towers Watson Surveys Commercial Insurance Pricing
What a difference a year makes. Towers Watson’s most recent Commercial Lines Insurance Pricing Survey (CLIPS) shows that commercial insurance prices rose again by 3 percent in aggregate during the third quarter of 2014, drawing a line after five consecutive quarters of moderating price increases. The chart below compares the change in price level reported...
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Sony Cyber Attack Breaks New Ground
More news keeps tumbling in the wake of the recent cyber attack at Sony Pictures Entertainment—Sony’s second major hacker attack in three years—and it’s not good. The fact that the breach has exposed employee information ranging from salaries to medical records to social security numbers to home addresses, not to mention five yet-to-be-released Sony movies, causing...
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Report: Drones Potential Game-Changer for Insurers
Despite regulatory challenges, privacy concerns and a lack of capabilities that could stall their widespread use, drones could have a significant impact on the property/casualty industry. A recent report from IT firm Cognizant suggests that commercial and personal lines insurers that cover property risks are likely to be early adopters of drone technology. Hat tip to...
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Drought, Water Management and Business Risk
Drought continues to make the headlines, with the latest U.S. Drought Monitor showing moderate to exceptional drought covers 30.6 percent of the contiguous United States. Its weekly update also shows that 82 percent of the state of California is in a state of extreme or exceptional drought. Reservoir levels in the state continued to decline,...
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Reinsurers Play Vital Role in Climate Change Prevention and Mitigation Efforts
As world leaders gather to discuss climate change at the United Nations this week, a new report from the Global Reinsurance Forum (GRF) says risk prevention and mitigation measures as well as risk transfer are the key to managing this threat. According to the report, up to 65 percent of climate risks can be averted...
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The Importance of Having a Cyber Liability Policy
As the number of companies suffering a data breach continues to grow – with U.S. retailer Staples now reported to be investigating a breach – so do the legal developments arising out of these incidents. While companies that have suffered a data breach look to their insurance policies for coverage to help mitigate some of...
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