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pierredv : insurance   15

Insurance Companies Will Shape the Future of Cyber Security — Reverb Advisors
Companies now consider potential losses from a cyber breach as a cost of doing business. CFOs are even factoring potential losses into financial projections. Rather than increasing spending on what appears to be a lost cause, more and more organizations are simply buying cyber security insurance for the eventuality of a breach. A major advantage of cyber security insurance is the insurer is responsible for quantifying risk. ... "

"As an industry, we’ve arrived at an interesting point. Companies no longer have to care about how much a breach will cost, just how much cyber security insurance costs."

"As Bruce Schneier points out, it’s not about technology for threat avoidance, it’s about strategies for risk management."

“Of course, it’s in the insurers best interest to accurately model risk and encourage companies to prevent breaches. . . . The biggest challenge (and opportunity), lies in how to accurately model cyber security risk. . . . Despite the fact that many insurers are essentially eyeballing it, business is booming. . . . But there still remains massive uncertainty around how to validate model accuracy and optimize policy pricing. ”

"Risk scores should not be based on expert opinions that can’t be assessed, but on statistical correlation with historical breaches. "
cybersecurity  risk-management  insurance 
march 2019 by pierredv
AI Update: What Happens When a Computer Denies Your Insurance Coverage Claim? | Global Policy Watch Mar 2019
"Artificial intelligence is your new insurance claims agent. For years, insurance companies have used “InsurTech” AI to underwrite risk. But until recently, the use of AI in claims handling was only theoretical. No longer. The advent of AI claims handling creates new risks for policyholders, but it also creates new opportunities for resourceful policyholders to uncover bad faith and encourage insurers to live up to their side of the insurance contract."

"Now it is only a matter of time before insurers face pressure to use the available technology to deny claims as well.So what happens when a claim is denied?"

"If a policyholder prevails on a bad faith claim, it may be entitled to attorneys’ fees and punitive damages. Bad faith claims provide a counterweight to insurance companies’ information advantages, and can dramatically increase potential damages."

"The flip side of that complexity is that bad faith discovery may encourage early cooperation from the insurer. With their technology on the line, insurers may have a heightened incentive to pay what is due or otherwise settle before discovery for several reasons ..."
Covington  insurance  AI  law 
march 2019 by pierredv
The impact intrapraneurs: How Swiss Re and Oxfam joined forces to help African farmers | Ethical Corporation, Oct 2017
"In this guest blog, Karen Deignan of Net-Works interviews Christina Ulardic of Swiss Re and Marjorie Brans, formerly of Oxfam America, to find out how they worked together to create the R4 Rural Resilience Initiative to tackle climate risk in Africa"

"The R4 Rural Resilience Initiative is a comprehensive risk-management initiative that helps smallholder farmers in Africa cope with the impacts of climate change. ...
R4 currently reaches over 40,000 farmers (about 200,000 people) in Ethiopia, Senegal, Malawi and Zambia through a combination of four risk-management strategies: improved resource-management through asset creation (risk reduction), insurance (risk transfer), livelihoods diversification and microcredit (prudent risk taking) and savings (risk reserves)."

"Swiss Re provided the insurance component, but there were other components designed to ensure farmers could grow their crops successfully, get access to micro-credit to buy more seeds, and build up some savings."
Oxfam  SwissRe  climate  resilience  interviews  climate-change  insurance  risk 
february 2019 by pierredv
Using Satellite Data to Scale Smallholder Agricultural Insurance | CGAP Sep 2018
"This paper looks beyond the excitement of the vast possibilities for satellite data applications to promote scale in smallholder agricultural insurance. It documents lessons learned from using these data to reduce the costs and improve the quality of smallholder agricultural insurance in Nigeria and Kenya. "
CGAP  development-assistance  finance  insurance  satellite  agriculture  Nigeria  Kenya  remote-sensing  EO 
september 2018 by pierredv
[pdf] Stimson SWF - roundtable report on space insurance, Jan 2018
“The suppliers of space insurance face steep competition and limited demand, so they currently compete to gain customers”

“… it seems that the structure of the space insurance market currently precludes any incentivizing from the insurers onto the operators”

“The British government has required such insurance and the power of the UK insurance industry to dictate behavior has been increased.”
SWF  StimsonCenter  space  insurance 
july 2018 by pierredv
[pdf] Satellite vulnerability to space debris risk - Denis Bensoussan, World Space Risk Forum 2012
Average current risk of collision at GEO is 1 every 135 years

LEO: Probability that any given satellite at 800-900km will be hit by debris larger than 1 cm approaching 3% over 5 to 10 year lifetime (est. NASA) (Failure risk due to debris impact remains a substantially lower
probability than risks of launcher or satellite mechanical failure)
satellite  space  space-debris  risk-assessment  GEO  LEO  insurance 
january 2018 by pierredv
U.S. GAO - Commercial Space Launch Insurance: FAA Needs to Fully Address Mandated Requirements, Jan 2018
"What GAO Found
The Federal Aviation Administration's (FAA) report evaluating its maximum probable loss (MPL) methodology did not fully address the evaluation and consultation requirements specified by the U.S. Commercial Space Launch Competitiveness Act (CSLCA)."

"FAA said that it ensured this balance by improving its methodology, but it did not reevaluate its probability thresholds after revising its methodology. These thresholds are used to divide the risk of loss between launch companies and the government."
FAA  GAO  space  launch  insurance 
january 2018 by pierredv
What if…? How reimagining history could help insurers better analyse risk - Lloyd's - The world’s specialist insurance market. Also known as Lloyd's of London; is a market where members join together as syndicates to insure risks.
"Lloyd’s, together with modelling company RMS, have published a new report – entitled Counterfactual Disaster Risk Analysis: Reimagining history – setting out how a type of lateral thinking, called counterfactual, can be applied to complement how insurers analyse risk. The report discusses how downward counterfactual analysis – in other words considering how historical near misses might have become major disasters – can be carried out in practice. It acts as a starting point for future research into counterfactual events and their characteristics. "

[Woo, Catastrophist at RMS, explained]: “Downward counterfactual risk analysis helps address the bias that can be inherent in some models that are based on the same historical data sets. By expanding the data available based on what could have happened, these models can be built with less reliance on single-source data, which might improve their accuracy. It also provides a useful tool for regulators to stress-test catastrophe risk models.”
Lloyds  insurance  risk-assessment  risk-management 
december 2017 by pierredv
DHS preps Cyber Incident Data Repository -- GCN
"To protect their organizations from threats, cybersecurity professionals must understand both current and historical cyber risk conditions so they can better identify cyber risk trends.  Providing that insight is the goal of the Department of Homeland Security’s Cyber Incident Data Repository (CIDAR) pilot, which aims to identify trends, mitigate threats and calculate risks for enterprise risk managers and cybersecurity insurance companies."

"The idea was that insurance would encourage better practices by providing lower premiums to “entities that demonstrate to insurers that they have certain level of cybersecurity.” Potential cybersecurity insurers, however, didn’t have actuarial data to be able to make those assessments."
DHS  cybersecurity  risk-assessment  insurance  risk-management 
april 2017 by pierredv
Information about account protection | Vanguard
"Securities in your brokerage account are held in custody by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation. Vanguard Marketing Corporation is a member of the Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at External site.
To offer greater protection and security, Vanguard Marketing Corporation has secured additional coverage from certain insurers at Lloyd's of London and London Company Insurers for eligible customers with an aggregate limit of $250 million, incorporating a customer limit of $49.5 million for securities and $1.75 million for cash. Coverage provided by SIPC and certain Lloyd's of London and London Company Insurers does not protect against loss of market value of securities. The policy provided by certain Lloyd's of London and London Company Insurers is subject to its own terms and conditions."
Vanguard  insurance 
may 2016 by pierredv
Uninsured next year? Here's your Obamacare penalty. - Aug. 13, 2013
Thinking of ignoring the Obamacare mandate to get health insurance next year? It could cost you. To try to ensure that people sign up for coverage, the Affordable Care Act carries complex penalties for those who remain uninsured that could cost them hundreds, or even thousands of dollars. Some 6 million people could be hit with these fines in 2016, forking $7 billion over to the federal government, according to the Congressional Budget Office. Here's how the penalties will worl
insurance  medical  healthcare 
august 2013 by pierredv
No money, no insurance, no mercy | Seattle Times Newspaper
"Hospitals in Washington are legally required to provide free charity care for patients with incomes below the poverty level. Even middle-income patients, in some cases, are entitled to breaks in their hospital bills. But advocates for patients contend that too often, eligible patients are denied charity care or not told that it's available."
poverty  medical  insurance  ex  Seattle  Times  healthcare 
june 2013 by pierredv

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