Direct written premiums for cyber insurance worldwide could rise to $23 billion by 2025, with U.S. businesses paying about 56% of the total, according to the Insurance Information Institute’s (Triple-I) latest Issues Brief.
Author: Annie George
DOXA Launches New Property MGA
DOXA Insurance Holdings today introduced Arris, a new insurance program with coverage designed for the excess and surplus (E&S) commercial property space.
Chainalysis: A ‘Major Comeback’ for Ransomware in 2023 as Cybercriminals Net $1.1B
Cybercriminals took in $1.1 billion from ransomware attacks in 2023, a new global record that doubles the previous year’s $567 million, according to new data from Chainalysis, a blockchain analysis firm.
UN Experts Investigating 58 Suspected North Korean Cyberattacks Valued at About $3B
U.N. experts say they are investigating 58 suspected North Korean cyberattacks between 2017 and 2023 valued at approximately $3 billion, with the money reportedly being used to help fund its development of weapons of mass destruction.
Two Private Florida Insurers Propose 50% Rate Increase
Some property insurance rates in Florida might be about to jump — in a big way.
Americans Reported Losing a Record $10 Billion to Scams and Fraud in 2023
Consumers reported losing $10 billion to scams and fraud in 2023, up from $9 billion the year before, according to newly released numbers from the Federal Trade Commission (FTC). The rising cost of these crimes is staggering, considering that in 2020 Americans lost only $3.5 billion to fraud, including identity theft.
Lacking Flood Insurance Can Lead to Property Risks and Unexpected Costs
Recent U.S. hurricane activity and severe flooding from coast to coast have amplified the cost of being uninsured, and just because it hasn’t previously flooded in an area doesn’t mean that it can’t happen.
New Legal Claims Against San Diego Over January Flooding Seek Class-Action Status
The ramifications of the flooding that drove hundreds of people from their homes and caused millions of dollars in damage last month continue to swamp San Diego City Hall.
SEC Hits 16 Firms with $81M Fine Over ‘Pervasive and Longstanding’ Record-Keeping Violations
Seven dually registered broker-dealers and investment advisers, five broker-dealers, and four affiliated investment advisers agreed to pay a total of $81 million in fines to resolve U.S. Securities and Exchange Commission (SEC) allegations that they failed to maintain and preserve electronic communications.
Lloyd’s Invests in Lab Alumni for Cyber, Modeling Solutions
Lloyd’s said it made the first two investments from its Central Fund private markets allocation to support two Lloyd’s Lab alumni — Axio and REOR20 — to develop their insurance solutions within the London insurance market.