Cyber incidents hit one of every 10 U.S. small businesses last year yet only 31 percent of them have cyber insurance, according to the Insurance Information Institute and J.D. Power 2018 Commercial Cyber Insurance and Security Spotlight Survey℠. Also see: Helping consumers understand the value of cyber insurance
From a profitability perspective, 2018 will likely turn out to be a good year—maybe the best in more than a decade, in part because it started out quite well. The first half of 2018 produced a $6.0 billion underwriting gain vs. a $4.6 billion loss in the first half of 2017. It is too soon, however, to know how the storms of the third quarter will affect full-year underwriting results, but at the least this first-half profit will moderate any underwriting losses that emerge.
ADMITTED ASSETS- Assets recognized and accepted by state insurance laws in determining the solvency of insurers and reinsurers. To make it easier to assess an insurance company’s financial position, state statutory accounting rules do not permit certain assets to be included on the balance sheet. Only assets that can be easily sold in the event of liquidation or borrowed against, and receivables for which payment can be reasonably anticipated, are included in admitted assets. (See Assets )
CAR YEAR- Equal to 365 days of insured coverage for a single vehicle. It is the standard measurement for automobile insurance.See Full Glossary
FOR IMMEDIATE RELEASE Sheena Bermingham, Coburn Communication: (212) 730-7045; email@example.com Insurance Information Institute New York Press Office: (212) 346-5500; firstname.lastname@example.org NEW YORK (October 18, 2018)— Cyber incidents hit one of every 10 U.S. Read More
FOR IMMEDIATE RELEASE Kim Kirchner, Coburn Communication: (212) 536-9837; Kim.Kirchner@coburnww.com New York Press Office: (212) 346-5500; email@example.com NEW YORK, October 11, 2018 — Reporters covering Hurricane Michael’s aftermath are encouraged to contact the Insurance Informatio… Read More