Protecting against #cyberfail: Small business and cyber insurance

While cyberattacks and data breaches at Fortune 500 companies tend to dominate the headlines, America’s more than 28 million small businesses and their 56 million employees are increasingly vulnerable. Their exposure is much the same as that of larger companies, experts say, but many may overlook or underestimate the threat and may not fully understand the risks. Small businesses (defined as firms with fewer than 250 employees) face a growing frequency of attacks and breaches which can result in potentially severe financial consequences.

 

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Slide deck: Cyberrisk: Threat and opportunity, October 2016

The October 2016 Insurance Information Institute (I.I.I.) white paper, Cyberrisk: Threat and Opportunity, discusses how insurers are responding with products and coverages to address the growth in cyberrisk. To help you understand and explain the key points of this paper, we offer this deck of PowerPoint slides with key insights and data—available exclusively to I.I.I. members and subscribers.

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Infographic: Cyberrisk insurance

Media Folder: 

Cyberrisk: Threat and opportunity

This white paper examines the current exposure to cyberrisk and how insurers are responding:

 

Please click on the file name below to view the white paper in PDF format. You will need Adobe Acrobat Reader to view the file.

Download cyber_risk_wp_102716-92.pdf

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Cybersecurity and identity theft coverage: The state of the industry

Overview

Annual information about the U.S. cyber insurance market has been hard to come by until now, but new reporting requirements developed by the National Association of Insurance Commissioners (NAIC) now enable insurers to better track cyber insurance policies issued in the marketplace.

 

Background on: Crop Insurance

The Topic

The government has supported agriculture financially since the 1930s to help maintain the viability of farming and ensure the stability of the nation’s food supply. However, due to the success of crop insurance, farmers today are increasingly more self-sufficient than in the past. Had the 2012 drought occurred in 2000, the cost to the public would have been much greater.

Facts + Statistics: Aviation and drones

World Aviation Accidents

Facts + Statistics: Commercial Lines

The Commercial Insurance Market

Property/casualty insurance can be broken down into two major categories: commercial lines or types of insurance and personal lines. Personal lines, as the term suggests, includes coverages for individuals—auto and homeowners insurance. Commercial lines, which accounts for about half of U.S. property/casualty insurance industry premium, includes the many kinds of insurance products designed for businesses.

Facts + Statistics: Workplace Safety/Workers Comp

Workers Compensation Insurance

Workers compensation insurance provides for the cost of medical care and rehabilitation for injured workers and lost wages and death benefits for the dependents of persons killed in work-related accidents. Workers compensation systems vary from state to state. Workers compensation combined ratios are expressed in two ways. Calendar year results reflect claim payments and changes in reserves for accidents that happened in that year or earlier. Accident year results only include losses from a particular year.

 

Facts + Statistics: Marine Accidents

Marine accidents killed 1,596 people and caused $2.5 billion in insured losses in 2016. In 2016, three maritime disasters made the top ten disasters of 2016 in terms of victims. In March, two boats carrying migrants capsized, one in Greece (Mediterranean Sea) resulting in 358 deaths and one in Libyan Arab Jamahiriya causing 240 deaths. In addition, in September a boat carrying migrants capsized in Egypt, killing  178 people. In 2012, 30 people were killed when the Costa Concordia cruise ship carrying 4,200 passengers went aground off the coast of Italy.

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