Emy Donavan, Global Head of Cyber at Allianz Global Corporate & Specialty, provides an update on the world of cyber risk, including an increase in attacks on consumer devices, malware as a business, and tips for risk managers looking to prepare for inevitable attacks. More recent developments in cyber risk include an increase in attacks on consumer devices such as …

KANSAS CITY, Mo., Dec. 13 2016 /PRNewswire/ — A new update from insurance broker Lockton shows it’s still a buyer’s market in commercial insurance. Major changes have created strong competition, ample capacity and lower prices during the past several years. Lockton’s December 2016 P&C Market Update shows that the competitive landscape continues, as does a soft market. Merger and acquisitions, …

In a new report, the Council of Insurance Agents and Brokers (CIAB) says Commercial Property-Casualty rates decreased by an average of 3.9 percent in the second quarter of 2016. Carriers appear to be pricing new business aggressively, while trying to hold rates steady on renewals. According to CIAB President & CEO Ken Crerar, The Council is keeping a close eye …

In this edition of WRIN.tv’s Cyber Report, a Gartner study forecasts that 6.4 billion things will be inter-connected worldwide in 2016, with spending on support for the Internet of Things (IoT) to hit $235 billion. A cyber-security guru described the Internet of Things as “The Internet of Threats”, as the U.S. Federal Government says the global Internet of Things will …

Extreme events can destroy lives, disrupt economies and have devastating consequences to the insurance sector. At the 2015 IIS Global Insurance Forum, WRIN.tv spoke with Professor Howard Kunreuther, a Professor of Decision Sciences and Business Economics and Public Policy at the Wharton Business School. He discussed the role of public-private partnerships in managing risks to extreme events.  Highlights of his …

Howard Kunreuther, a Professor of Decision Sciences and Business Economics and Public Policy at the Wharton Business School, speaks with WRIN.tv about covering cyber risk as part of TRIA. According to Professor Kunreuther, cyber risk needs to be protected by the federal government, for two reasons: There is no way to determine the likelihood is of a cyber-attack The potential …

In the wake of the high-profile breach of the U.S. Federal Government, WRIN.tv speaks with Adam Hamm about recent developments in cyber risk and cyber security. He is the North Dakota Insurance Commissioner and Chair of the NAIC Cyber Security Task Force, and a speaker at the 31st Annual S&P Insurance Conference in New York. Mr. Hamm reminds us that there is …

In this edition of WRIN.tv Cyber Report: Anthem and Premera hackers hit U.S. government  –  According to The Hill, researchers believe the China-based hackers suspected of stealing digital records of 4 million federal employees were also behind the cyberattacks on Anthem and Premera Blue Cross. RIMS backs two cyber bills in Congress –  RIMS announced formal support for the Data Security …

According to The Hill, researchers believe the China-based hackers suspected of stealing digital records of 4 million federal employees were also behind the cyberattacks on Anthem and Premera Blue Cross. Investigators believe attacks are focused on gathering intel on espionage targets including defense contractors and government workers.…not on making a quick buck. In fact, the leaked Anthem and Premera data …

Dr. Robert Hartwig, President of the insurance Information Institute (III), sees cyber insurance as a bog opportunity for insurers. Ina recent III poll of senior executives in the insurance industry, 80% view cyber as a major growth opportunity for property-casualty insurers and reinsurers Dr. Hartwig mentions that number of insurers have rolled out policies in the U.S. and other countries. …

While TRIA was reauthorized in January, many wonder how it would respond to a state-backed cyber-attack. Here, insurance Information Institute (III) President Robert Hartwig discusses the issue and the may questions that still exist. Dr. Hartwig explains that the renewed TRIA will be in effect until 2020, but it does not directly address cyber risk, despite calls for the law …

WRIN.tv’s Monday Morning Headlines, compiled by SNL Insurance, is a video digest of the news you need to know about the U.S. Insurance industry. Today’s Monday Morning Headlines: Cyber-attack on Anthem affects millions…Breached data limited Coalition urges Fed to proceed slowly on insurer capital standards Florida Insurance Commissioner keeps job amid political tempest Allstate commits to advertising Esurance despite deteriorating …

Health insurance giant Anthem was the target of an external cyber attack, which compromised personal member information including names, birthdays, social security numbers, addresses and employment information. Anthem said there is no evidence that credit card or medical information was compromised. Attorneys general… in several states… are investigating.