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Underwriters are getting increasingly granular, rewarding mitigation and prevention with better terms.
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The carrier’s cyber hours clauses and sub-limits will limit exposure, according to the analyst.
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Market sources suggest that this will be a manageable loss, although at this early stage there are multiple uncertainties.
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The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
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For many, it could be a “wake-up call” to the systematic exposures inherent in cyber.
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Insured losses in the single-digit billions would not translate into a material impact for (re)insurers.
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The airlines, healthcare and financial services industries were some of the sectors affected by the outage.
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A quick roundup of today’s need-to-know news, including the CrowdStrike outage and a hire at SiriusPoint.
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Travelers and Selective’s releases point to ongoing reserving challenges this earnings season.
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The broker warned that D&O and P&C policies could also be impacted by the outage.
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CrowdStrike has an estimated 15%-25% market share among large companies.
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A quick round-up of today’s need-to-know news, including the Microsoft outage and Travelers' results.