Insurance's unfair and inaccurate sweeping generalization

Insurance Business America | April 01, 2019

There is a massive and sometimes mystifying range of cyber cover in the market creating, in turn, a lack of familiarity about what cover is appropriate or available. The cyber insurance market is an evolving space and so is cyber-crime. Businesses of all kinds could and probably should build cyber resilience into their organizations. There are many scenarios to guard against - phishing; hacking, ransomware, social engineering, they all require vigilance. And, if the vigilance doesn’t work and systems are breached there is the matter of navigating the cover that is in place. One industry commentator said in the press recently that cyber insurance is flawed and does not meet client needs, but in my view (and I know many others agree with me) this is simply an unfair and inaccurate sweeping generalization. We might accept that in some areas the cyber insurance market is an immature one – but there are several really accomplished, specialist providers that do have expertise and do provide the cover to give businesses peace of mind.

Spotlight

As 2022 comes to a close, insurance companies are facing significant price losses across their portfolios, particularly within long-duration fixed income. On the horizon are the risks of a global recession, peaking fundamentals, persistent inflation and energy crises, particularly in Europe.

Spotlight

As 2022 comes to a close, insurance companies are facing significant price losses across their portfolios, particularly within long-duration fixed income. On the horizon are the risks of a global recession, peaking fundamentals, persistent inflation and energy crises, particularly in Europe.

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