Gian Calvesbert

It's possible that tens of thousands of websites across the world could be labeled as unsafe this October, potentially leading to business interruptions losses.

A recent report from AIR and Lloyd’s of London estimates that a failure of a top cloud service provider could cost the U.S. economy USD 15 billion and insurers up to USD 3 billion, highlighting a sizable protection gap. Despite several eye-opening incidents (e.g. Wannacry and Petya ransomware attacks) that have showcased the loss potential caused by systemic cyber risk, insured losses for the industry have thus far been minimal.

Since 2007 the property catastrophe (re)insurance market has been suffering from a prolonged stretch of declining prices, and last year’s results show no sign of that trend ending.

A report from AIR and Lloyd’s of London examines cyber risk associated with the failure of cloud service providers and how businesses in the U.S. would be impacted by downtime incidents

Our society is facing an enormous challenge. The “protection gap”—the difference between economic and insured losses—highlights the significant burden that society is carrying today when a natural disaster strikes.

People have been figuring out better ways to do things since our prehistoric ancestors began using basic tools. In today's competitive and highly regulated insurance market, we continue to look for ways to do more, faster.

Openness is trending high in the insurance industry lately and demands for efficiency, transparency, and flexibility are increasing. More tools and solutions that are either open source, open platform, or open standard are becoming available as a result.