Businesses' total cost of risk declined again in 2017, but cyber insurance costs moved in the opposite direction, rising 33%.
The main drivers were drops of 12% in the cost of covering property risks; 6% for workers’ compensation; and 5% for liability.
A new survey finds 80% of companies bought a stand-alone cybersecurity policy in 2016, suggesting such plans are quickly becoming the new norm.
Most risk managers are using insurance claims histories to predict emerging risks.
But government surveillance and the Heartbleed security bug may finally draw their attention to data security vulnerabilities, one consultant thinks.
Companies showing "mature risk management practices" may have valuations of up to 25 percent more as a result.
The market for cat insurance coverage is “highly volatile,” expensive and meager, the leading risk management society argues.
Failure to re-up the federal law “will undoubtedly delay, if not scrap, major development plans, thereby jeopardizing an already fragile economic recovery,” an insurance broker testifies.
Climbing reinsurance rates and high expenses of removing wrecked vessels are adding to marine liability costs.
Companies with moderate catastrophe exposures could see rate hikes as high as 10%, a big brokerage predicts.
Risk managers, often seen mostly as insurance buyers, have work to do in expanding their view of risk to match those of senior executives and board members.
The rising expense of insuring property can hurt a company’s cost of capital.
