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Cyber Risks: The Growing Threat (III – updated)

July 21, 2014 Comments off

Cyber Risks: The Growing Threat
Source: Insurance Information Institute

Amid a rising number of high profile mega data breaches—most recently at eBay, Target and Neiman Marcus—government is stepping up its scrutiny of cyber security. This is leading to increased calls for legislation and regulation, placing the burden on companies to demonstrate that the information provided by customers and clients is properly safeguarded online.

Despite the fact that cyber risks and cyber security are widely acknowledged to be a serious threat, many companies today still do not purchase cyber risk insurance. However, this is changing. Recent legal developments underscore the fact that reliance on traditional insurance policies is not enough, as companies face growing liabilities in this fast-evolving area.

Specialist cyber insurance policies have been developed by insurers to help businesses and individuals protect themselves from the cyber threat. Market intelligence suggests that the types of specialized cyber coverage being offered by insurers are expanding in response to this fast-growing market need.

There is also growing evidence that in the wake of the Target data breach and other high profile breaches, the number of policies is increasing, and that insurance has a key role to play as companies and individuals look to better manage and reduce their potential financial losses from cyber risks in future.

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III — Sports Injuries

July 9, 2014 Comments off

Sports Injuries
Source: Insurance Information Institute
Includes statistics/charts for injuries related to school sports, winter sports, bicycle and motorcycle crashes, recreational boating, ATVs, sports injuries by age/sport.

Northridge Anniversary: Surprising Poll Results 20 Years After Costliest Earthquake in U.S. History

January 27, 2014 Comments off

Northridge Anniversary: Surprising Poll Results 20 Years After Costliest Earthquake in U.S. History
Source: Insurance Information Institute

A recent poll by the Insurance Information Institute (I.I.I.) found that only one out of 10 American homeowners (10 percent) have earthquake insurance, compared with 13 percent in 2012. In western states, 22 percent of homeowners said they have earthquake insurance, down from 27 percent.

The 6.7 magnitude quake, which hit Los Angeles on January 17, 1994, also still ranks as the fourth-costliest U.S. disaster, based on insured property losses (in 2013 dollars), topped only by Hurricane Katrina, the attacks on the World Trade Center and Hurricane Andrew.

On the global scale, the Northridge earthquake still ranks as the second costliest earthquake for insurers, after Japan’s earthquake and tsunami of 2011, according to Munich Re.

Winter Storms

January 8, 2014 Comments off

Winter Storms
Source: Insurance Information Institute

Winter storms caused $1.9 billion in insured losses in 2013, up dramatically from $38 million in 2012, according to reports from Munich Re. From 1993 to 2012 winter storms resulted in about $28 billion in insured catastrophe losses (in 2012 dollars), or more than $1 billion a year on average, according to Property Claim Services (PCS).

Terrorism Risk: A Constant Threat – Impacts for Property/Casualty Insurers

August 6, 2013 Comments off

Terrorism Risk: A Constant Threat – Impacts for Property/Casualty Insurers
Source: Insurance Information Institute

The April 15, 2013 bombing near the finish line at the Boston Marathon marked the first successful terrorist attack on U.S. soil in more than a decade. The attack left three dead and 264 injured—and adds to a growing list of international terrorism incidents that have occurred since the terrorist attack of September 11, 2001.

The 2002 Bali bombings, the 2004 Russian aircraft and Madrid train bombings, the London transportation bombings of 2005 and the Mumbai attacks of 2008 all had a profound influence on the 2001 to 2010 decade. Then came 2011, a landmark year, which simultaneously saw the death of al-Qaida founder Osama bin Laden and the 10-year anniversary of September 11.

While the loss of bin Laden and other key al-Qaida figures put the network on a path of decline that is difficult to reverse, the State Department warned that al-Qaida, its affiliates and adherents remained adaptable and resilient, and constitute “an enduring and serious threat to our national security.”

The Boston bombing serves as an important reminder that countries also face homegrown terrorist threats from radical individuals who may be inspired by al-Qaida and others, but may have little or no actual connection to militant groups.

Various factors suggest that terrorism risk will be a constant, evolving and potentially expanding threat for the foreseeable future. And the looming expiration at the end of 2014 of the government-backed Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) is prompting increased dialogue between industry and government about terrorism risk, a discussion that has gained critical importance in the wake of the Boston bombing.

Facts and Statistics: Wildfires

July 2, 2013 Comments off

Facts and Statistics: Wildfires
Source: Insurance Information Institute

The National Interagency Fire Center’s (NIFC) Predictive Services unit is forecasting above normal potential for significant fire activity in the West Coast states, the Southwest, and portions of Idaho and Montana in 2013. Over 22,000 wildfires destroyed 1.5 million acres from January 1, 2013 to July 1, 2013, according to the NIFC. On June 30, 19 firefighters were killed while working to contain the Yarnell Hill Fire in Arizona. This is the deadliest event for firefighters since 9/11 and the third highest firefighter death toll attributed to wildfires. The 1910 Devil’s Broom wildfire in Silverton, Idaho killed 86 firefighters and the 1933 Griffith Park wildfire in Los Angeles, California, killed 29.

Fire plays an important role in the life of a forest, clearing away dead wood and undergrowth to make way for younger trees. But for much of the last century, fire-suppression policies have sought to extinguish wildfires as quickly as possible to preserve timber and real estate. This approach has led to the accumulation of brush and other vegetation that is easily ignited and serves as fuel for wildfires. Most of the large fires with significant property damage have occurred in California, where some of the fastest developing counties are in forest areas.

Hurricanes: Facts and Statistics

June 7, 2013 Comments off

Hurricanes

Source: Insurance Information Institute

Over a dozen states were impacted by Hurricane Sandy in October 2012. Sandy caused $18.75 billion in insured property losses, excluding flood insurance claims covered by the federal flood insurance program, according to estimates from ISO’s PCS unit as of January 18, 2013. New York and New Jserey suffered the largest private insurance losses from Sandy, according to ISO.

September is the most common month for hurricanes making landfall in the U.S., followed by August and October, according to an analysis of 1851 to 2011 data by the National Oceanic and Atmospheric Administration. No hurricanes made a U.S.landfall before June and after November during the period studied.

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