The Hartford’s new cyber liability product is designed to help businesses protect against cyber attacks in order to limit the damage to their bottom lines and reputation. Berkshire Hathaway Specialty Insurance Company released two new policies for Asia targeted to both private companies and nonprofits. Catastrophe modeling firm AIR Worldwide and RenaissanceRe are working jointly to improve the industry’s modeling of long-tail casualty risk.
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The Hartford is now marketing CyberChoice First Response, an admitted cyber liability product designed to help businesses protect against cyber attacks in an effort to limit the damage to their bottom lines and reputation.
CyberChoice First Response offers several options for customization and can include coverage and services to help businesses overcome the significant challenges resulting from a cyber attack, including data privacy and network security, media, ransomware, and business interruption.
The policy also provides the ability to choose to prepare for and respond to cyber threats in a way that best fits the business’ needs, including coverage for pre-claim expenses and recognition of internal expenses stemming from response to a breach. There is also a 24/7 cyber incident hotline staffed in the U.S. to assist if there is a cyber attack, as well as available system failure and administrative error protection.
As well, CyberChoice First Response offers access to a panel of pre-approved service providers to help businesses proactively secure their networks. The coverage features post-incident remediation to help a business make improvements to its security position and ensure it is better prepared against cyber threats than before the incident occurred.
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Berkshire Hathaway Specialty Insurance Company unveiled two Executive First brand policies for Private Company Portfolio and Nonprofit Organization Portfolio policies in Asia.
The Private Company Portfolio extends coverage to both individuals and the entity and includes directors & officers liability, employment practices liability and employee dishonesty coverages.
The Nonprofit Organization Portfolio offers similar coverages, as well as professional indemnity protection to address the specific needs of a nonprofit organization. Key features include pre-investigations cost coverage, court attendance coverage and advancement of defense costs. Professional indemnity protection includes coverage for corrective actions to help nonprofit organizations mitigate potential losses and avoid claims.
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Catastrophe modeling firm AIR Worldwide is collaborating with RenaissanceRe to improve the industry’s modeling of long-tail casualty risk.
As part of the collaboration, AIR (A Verisk business) is producing portfolio-specific casualty losses based on its exposure management application, Arium. Arium’s scenario-based loss assessment framework lets companies systematically measure portfolio loss potential and exposures to simulated scenarios representing both emerging risks and forward-projected historical events. AIR and RenRe will work closely to further refine the industry’s first fully probabilistic model for extreme liability events.
Jay Guin, AIR Worldwide’s chief research officer, said the model gives “a forward-looking view of risk and will enable insurers and reinsurers to capture the full distribution of the frequency and severity of casualty catastrophes.”
Sources: The Hartford, Berkshire Hathaway Specialty Insurance, AIR Worldwide/RenRe