Daily Market Update
TRIA expires today
The Terrorism Risk Insurance Act expires today despite the efforts of many in Congress and the insurance industry to renew it. Writing in The Guardian columnist David Dayen argues against the renewal of TRIA stating that it was meant to be a temporary measure and that it only really benefits big businesses and some insurers. He offers some alternatives to TRIA including a scheme that is completely run by the public sector, cutting out insurers altogether. While Congress will be expected to re-start the process of renewing the act when they return from their break it is likely to cause even more debate than before. An act being renewed is one thing, but an act that has expired is somehow more divisive.
Tech start-ups offered help by insurance industry
The application deadline is approaching fast for the first class of technology entrepreneurs in the Global Insurance Accelerator, which offers seed funding, mentoring from insurance industry professionals and a conduit to potential insurance industry clients worldwide.. An initiative of the Greater Des Moines Partnership, the Global Insurance Accelerator offers tech startup entrepreneurs selected for the program the chance to gain an inside track in an industry many of them may not have considered a natural market. Entrepreneurs and startup companies interested in being in the first Global Insurance Accelerator class should apply online now to beat the Jan. 15, 2015 deadline.
Still unconvinced of the risk of cyber-attack? Check this out!
Cybersecurity firm Norse has released a new real-time map showing the scale of cyber-attacks taking place every second of every day. The firm collects data from 50 countries and shows attacks on everything from personal laptops to huge infrastructure networks. The attacks come from up to 5 million of ‘the worst’ IP addresses in the world but it only tells a small part of the story; the total number of attacks is far higher. Attacks against the US are high of course but China and North Korea suffer frequently too. Jeff Harrell from Norse says that Canada suffers fewer attacks.
by Insurance Business | Dec 31, 2014