A unit of Generali Group beefed up coverage it offers for multinational corporate and commercial companies. Marsh is marketing a collection of new and expanded risk analytics and insurance coverage to help address cyber attack-related business interruption risks. Envelop Risk, a London-based cyber insurance analytics firm, is launching a cyber managing general agent. Madison Mutual Insurance will start offering its policyholders products developed by Roost, a maker of home telematics technology for property/casualty insurance carriers.
Generali Global Corporate & Commercial released an updated version of its international casualty offering for multinational corporate and commercial organizations.
The unit, part of the Generali Group and a provider of multinational property/casualty and specialty insurance, added the enhancements to its Centurion product, which first debuted in 2015.
The product is billed as “holistic” global insurance and assistance. It provides protection for risks relating to global operations, addressing potential gaps in coverage stemming from general liability, employee injury, automobile and property exposures, and employee travel, among other risks. GC&C said it partnered with sister company Generali Global Assistant to add new features to the coverage including benefits for accidental injuries resulting in paralysis, tragic accidents on a common carrier, benefits for employees with children to help with education and/or daycare costs, trauma counseling and rehabilitation training.
Marsh now offers a collection of new and enhanced risk analytics and insurance coverages designed to address business interruption risks stemming from cyber attacks.
These new offerings include proprietary insurance wording and risk assessment analytics integrated into the cover.
Marsh’s Cyber CAT 3.0, the next generation of its cyber policy, provides broad coverage backed by nearly $2 billion in total potential capacity for critical cyber risks such as cyber business interruption, cyber contingent business interruption, Internet of Things (IoT) and breach of the EU General Data Protection Regulation. Policy enhancements and expansions include available coverages for reputational loss, IoT device “bricking,” and costs for post-event computer system upgrades and rebuilding expense.
In addition, Marsh’s Cyber ECHO excess coverage now has capacity of up to $100 million in limits, excess of an underlying cyber or technology E&O policy, and a choice of reinstatement options priced at inception, which policyholders can elect to purchase at any time during the policy period.
Envelop Risk, a London-based cyber insurance analytics firm, is launching a cyber managing general agent.
Envelop Risk provides cyber underwriting to insurers and reinsurers, and it partners with cybersecurity firms to deliver custom cyber insurance products for their customers.
The company said its cyber risk insights are driven by a proprietary, artificial intelligence-based simulation model, which enables more accurate policy and portfolio pricing while reducing risk exposure.
Envelop’s cyber analytics combine artificial intelligence; security analytics; intelligence gathering; economic, financial and behavioral analysis; and modeling and simulation. Envelop applies an augmented intelligence approach, combining quantitative methods with human expertise in underwriting and cybersecurity.
Madison Mutual Insurance will start offering its policyholders products developed by Roost, a maker of home telematics technology for property/casualty insurance carriers.
Madison Mutual said it will provide policyholders a free Roost Smart Water Leak and Freeze Detector, or Roost Smart Battery. The battery product can be used with existing smoke alarms. If no one is home and the smoke alarm sounds, the homeowner gets a smartphone notification.
Similarly, the Roost Smart Water Leak and Freeze Detector senses water leaks, plus humidity and freezing temperature situations from various locations around the home that are prone to water leaks. If a water damage problem erupts, a smartphone alert goes out.
Madison Mutual serves customers in Illinois, Missouri, Wisconsin and Indiana.
Sources: Generali, Marsh, Envelop Risk