XL Catlin and A.J. Gallagher are now marketing lifestyle insurance coverage for New York City art collectors. Swiss Re expanded its cyber risk offerings in the U.M. Impact Forecasting debuted a new version of its catastrophe model in Poland.
Swiss Re launched an expanded cyber risk insurance product in the U.K.
Dubbed CyberSolutions UK, Swiss Re Corporate Solutions said the coverage will be a market-specific, primary insurance product. Coverage will be tailored for mid-sized and large companies, with comprehensive insurance combined with risk mitigation and remediation services. There are also preventive services, provided by IBM, which will include cyber security training and optional annual IT security testing.
Clients who buy into CyberSolutions UK coverage can access a data-breach response network 24 hours per day, 7 days a week.
Aon Benfield’s Impact Forecasting recently rolled out a new version of its catastrophe model, with a focus on understanding the financial impact of floods in Poland.
Users of the model get guidelines for rate calculation and risk zoning, giving them a tool for accumulation management that helps drive decisions on reinsurance purchases.
New features of the model include locally sourced hydrological data for over 200 stations, combined with a 2D flood model to identify flood-prone areas; more than 60,000 km of rivers and 9,000 km of levees; 120,000 probabilistic events designed to reflect flooding patterns during different seasons; 16,500 industrial estates used to localize industrial assets; 1997 and 2010 events used to calculate as-if loss estimates for today’s portfolios.
Art collectors in New York will be able to tap into a lifestyle insurance program recently launched by XL Catlin and A.J. Gallagher.
The “Five for Five” policy/program, targeted to young and new art collectors, will offer specialized insurance coverage for fine art, jewelry, wine, cyber theft and identity fraud on one policy. There’s a $500 annual premium and a $500 deductible.
For now, Five for Five will only be marketed in New York City, though plans call for expanding the coverage to other U.S. cities that have established or emerging art scenes.
Sources: Swiss Re, Aon Benfield/Impact Forecasting, Xl Catlin/ A.J. Gallagher.