CYBER RISK: A TWOFOLD APPROACH First, protect your agency, and then leverage your experience to sell cyber policies From Russian hackers cyber-meddling with the 2016 presidential election to the FBI asking Americans to reset their routers to foil a wide-spread cyberattack on U.S. citizens this past May, cyber incidents do not appear to be abating. Instead, it seems, cyber criminals are only getting more creative with time. There’s one thing
Specialty Lines
Specialty Lines Markets INSURING SECURITY SERVICES Coverage needs to keep pace with evolving capabilities There are roughly 8,000 firms employing about 810,000 people to provide private security services in the United States, but that industry is essentially split into two distinct segments. One group, amounting to 281 companies, accounts for $22 billion of the estimated $25.5 billion in current revenue, according to the 2018 U.S. Contract Security Industry white paper
OPPORTUNITIES IN CYBER Interest in the line continues to grow, as does the number of providers As a line of business, cyber insurance seems to have many legs. Once considered a threat to information technology-based businesses, cyber liability is now considered a risk to any business. From healthcare to government agencies to small businesses and beyond, cyber risk is broadening in both scope and impact. In response, the cyber insurance
Coverholders and Risk Takers THE OBSTACLE OF ESCALATING BUSINESS COSTS Lloyd’s of London is taking steps to embrace a more modern and efficient processing model Lloyd’s of London is the oldest and most recognized insurance brand in the world. Over the course of its 332-year history, the market has established a reputation for being both innovative and flexible. To retain this position, Lloyd’s is always on the lookout for ways
Specialty Lines Markets PROFESSIONAL LIABILITY MARKET UPDATE High demand for cyber offers opportunity for agents On the surface, it appeared to be a good year for the insurance market in 2017. The RIMS Benchmark Survey, conducted by Advisen, found that the average total cost of risk dropped 3% last year, continuing a four-year trend. Across the board, in fact, insurance costs were down. Except for cyber liability insurance, that is.
