Insurance and Reinsurance - Weekly Industry News

Buyers urged to better articulate cyber risks, By Sarah Veysey, Posted on Business Insurance

LONDON — Insurance buyers need to better articulate the cyber risks that their organizations face to secure coverage outside of the narrow bands available in the market, a leading cyber insurance broker said during a panel discussion Wednesday. There is about $1 billion in global premium capacity to underwrite cyber risks and about 30 insurers in the London market alone that offer cyber capacity, said Stephen Wares, cyber risk practice leader for Europe, Middle East and Africa for Marsh Ltd. during a panel discussion in London organized by British-American Business. [Read More…]

Central Bank fines six firms without indemnity insurance, By Sarah McCabe, Posted on Independent.ie

SIX financial services firms have been sanctioned by the Central Bank for failing to hold professional indemnity insurance, as part of a crackdown to ensure compliance. The companies sanctioned were Campbell Financial Services, MOD Financial Services, Central Motors, Rocklands Financial, Ryan Motor Power and Redmond & Associates. While the sanctions were all relatively small — under €1,000 — they represent a new emphasis by the regulator on this behaviour. [Read More…]

Contracts ignore cyber risks, By Gurjit Degun, Posted on Supply Management

According to a survey, fewer than a third of companies (31 per cent) have clauses in contracts with their suppliers regarding cyber risk, according to the UK government. A report, The Cyber Governance Health Check, found 14 per cent have other arrangements such as pre-contract diligence, third-party audit and third-party self-assessment. The industrial goods and services sector was least likely to employ some sort of formal arrangement, with 29 per cent saying they had cyber risk clauses in contracts. But 41 per cent of those in the technology and communications sector said they have cyber risk clauses in contracts. [Read More…]