XL Catlin recently unveiled new commercial crime insurance for the U.S. market.
- Employee Theft for loss of or damage to money, securities and other property resulting directly from theft committed by an employee.
- Forgery or Alteration resulting in losses stemming from forgery or check alteration, drafts, promissory notes or similar instruments.
- Theft of Money and Securities on and off premises, leading to money and securities losses inside the insured’s premises or a financial institution’s premises
- Robbery or Safe Burglary for loss or damage to property other than money or securities
- Computer and Funds Transfer Fraud covering losses that result directly from fraudulent entry or change in electronic data or computer programs
- Money Orders and Counterfeit Money to cover loss resulting directly from a company having accepted these in good faith in exchange for merchandise, money or services.
Berkshire Hathaway Specialty Insurance has started selling a full line of inland marine insurance products in the U.S.
New coverages include builder’s risks, contractor’s equipment, installation floaters, inland transit, motor truck cargo, warehouse legal liability and miscellaneous floaters. They’re available on an admitted basis in all 50 states, underwritten using American Association of Insurance Services policy wordings.
John Evans, vice president of marine for BHSI, said in prepared remarks that the new inland marine products are designed to complement its ocean cargo and contractor’s builder’s risk coverages.
The Cincinnati Insurance Company now offers its Executive Capstone program in New York, with a focus on serving high net worth personal insurance clients.
According to the insurers, its Executive Capstone program offers coverage features, limits and options to help agents tailor insurance programs for complex insurance needs of clients with homes valued up to $50 million, yachts, high-end cars or collector cars, and personal items such as fine arts and jewelry.
Coverage options include green coverage, employment practices liability endorsement for umbrella liability, excess flood when primary plans are purchased and family shield recovery expenses.
Aon Benfield developed a new catastrophe model with RMS designed to help marine and energy insurers more accurately assess their cargo risks.
The model is designed to help marine energy insurers and reinsurers more accurately assess cargo accumulations and loss potential from natural catastrophe events. It also enables improved pricing assumptions for marine risks, enhanced exposure management, accumulation control and claims reserving, increased reinsurance purchasing efficiency and the standardization of marine modeling through elements such as a uniform approach to storing marine data.
Aon Benfield noted that models are common in the non-marine sector but not typical for the marine and energy insurance industry.
The model includes innovations such as 85 cargo and specie vulnerability curves based on 18 commodity types – from pharmaceutical and petroleum to cars and fine art, plus 12 storage options. There is also highly detailed industry exposure databases for major global accounts, from Shanghai in China to Houston in the U.S.
The partnership comes as RMS develops a typhoon model for Taiwan, which is designed to capture the elements of typhoon risk through state-of-the-art modeling technologies. When finished, it will become part of the Asia Typoon Model.
RMS said its arrangement with Mingtai will allow it to advance the typhoon model, and give Mingtai an improved understanding of typhoon risk for effective risk management.
CoreLogic released an expanded version of its natural catastrophe risk management product, with the new iteration including a probabilistic flood model.
The added flood model component analyzes the potential damage and financial impact at the property level from flood events in the continental U.S.
CoreLogic said the model measures severity and frequency of flood events and also offers property, contents and business interruption analysis. AS well, it incorporates historical flood event footprints from the last 50 years and the accompanying interruption analysis.
AIR Worldwide is working with BitSight Technologies and Risk Based Security to build an advanced cyber risk model.
Once finished, the model is designed to help insurers better manage cyber attacks by using the most up-to-date and complete incident data, real-time security ratings of companies, exposure data and supplier data in the cyber supply chain.
AIR, a Verisk Analytics business, plans to use terabytes of data gathered by BitSight from sensors deployed across the Internet. That information includes BitSight’s security ratings by industry, company size and company headquarters location.
In February, Willis Re launched its own cyber risk-measurement tool designed to help insurance companies measure their portfolios’ exposure to cyber security risks.
Source: XL Catlin, Berkshire Hathaway Specialty Insurance, The Cincinnati Insurance Company, Aon Benfield, RMS, CoreLogic and AIR Worldwide.