As cyber attacks occur with increasing severity and frequency, cyber risk has emerged as a critical risk exposure. Furthermore, current and future regulation will require a reliable, evidence-based approach to risk assessment. In this article, Milliman outlines actionable steps for companies looking to assess and quantify their cyber exposure.
Captive insurers can be used to support both strategic and tactical risk management initiatives to drive superior cost of risk results. Some strategies include tangible costs, while others are intangible. Glenn Peterson of EWI Re identifies and discusses intangible issues that can become tangible, thereby adding to an organization's cost of risk.
Almost every captive insurer purchases some type of reinsurance. The issuing reinsurer and the captive insurer enter the relationship with the best of intentions. But if disagreements happen, they will be subject to the reinsurance contract's arbitration clause, and captive insurers should seek to understand arbitration clause pitfalls.
A recent Strategic Risk Solutions webinar explored the topic of alternative risk transfer and captives in the construction industry and examined construction industry trends and competitive landscape and insurance market challenges and solutions for insuring construction risk.
Eversheds Sutherland explains the National Association of Insurance Commissioners (NAIC) proposed Insurance Data Security Model Law that tracks language from New York's regulation. In lieu of the New York regulation's specific and nuanced requirements, the proposed model law requires licensees to determine which controls listed in the law are appropriate for them.