article thumbnail

Mitigating the impact of climate change in insurance and other financial services  

IBM Big Data Hub

In 2021, large-scale floods affected the European countries of Austria, Germany, Belgium, the Netherlands and Luxembourg, causing USD 43 billion worth of damage in addition to a tragic loss of life. According to Berenberg analysts , individual insurance companies faced total claims estimates of up to approximately USD 300 million.

article thumbnail

Wanted: More insurance innovation

CGI

Wanted: More insurance innovation. This CGI blog post discusses the need and opportunities for insurers to drive more innovation. Tue, 06/15/2021 - 07:04.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

NAIC Insurance Data Security Law Annual Certifications: Is Yours Due By February 15?

Data Matters

The National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law has been adopted in at least 11 states, with several others (including New York) having implemented either older or similar laws or administrative guidance. appeared first on Data Matters Privacy Blog.

Insurance 114
article thumbnail

Why Cyber Insurance is Essential in 2022

IT Governance

One of the most common ways to mitigate the risk of a cyber security incident is cyber insurance. These activities aren’t typically included in standard business insurance policies, which tend to only cover costs related to technical issues, such as corrupted hard drives and lost devices. The benefits of cyber insurance.

Insurance 137
article thumbnail

Regulatory Update: NAIC Summer 2021 National Meeting

Data Matters

The National Association of Insurance Commissioners (NAIC) held its Summer 2021 National Meeting (Summer Meeting) August 14-17, 2021. Highlights include, among others, adoption of revised risk-based capital bond factors for life insurers, amendments to SSAP No. The changes are effective December 31, 2021.

article thumbnail

Cyber Insurance and the Changing Global Risk Environment

Security Affairs

When security fails, cyber insurance can become crucial for ensuring continuity. Our reliance on digital technology and the inherited risk is a key driving factor for buying cyber risk insurance. If the technology were to become unavailable, the resulting business impact could be mitigated with cyber insurance.

article thumbnail

New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

Data Matters

On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. 2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. Insurers should: Establish a Formal Cyber Insurance Risk Strategy.