By: Elizabeth Blosfield | March 8, 2021
The New York State Department of Financial Services (DFS) has issued new guidance for New York-regulated property/casualty insurers that write cyber insurance. This serves as the first guidance the regulator has issued on cyber insurance in particular.
“Cybersecurity is the biggest risk for government and industry, bar none,” said DFS Superintendent Linda Lacewell in a press release issued by her office.
As part of the guidance, called the Cyber Insurance Risk Framework, DFS is calling on regulated insurers to establish a formal strategy, approved by the insurer’s board or other governing entity, for measuring cyber risk based on the insurer’s size, resources and geographic distribution, among other factors.
In particular, insurers are urged to take measures to manage and eliminate exposure to silent cyber risk, which occurs when cyber exposures exist within a traditional property and liability policy that does not specifically include or exclude cyber risk.
AIR Worldwide has updated its hurricane and wildfire models to get more granular insight on long-term climate risk.
By: John Hintze | April 20, 2021
As it builds out a framework to model future climate risk, AIR Worldwide made changes last year to its hurricane and U.S. wildfire models with the goal of providing insurers and their clients with more accurate assessments of those morphing risks.
The catastrophe (CAT) modeling firm described in detail last June its longer-term project, which began three years ago and blends its “traditional hybrid, physical, and statistical approaches with a new set of tools that come from the world of artificial intelligence — specifically machine learning.” AIR anticipates the new framework will provide insight into “not only today’s new climate questions, but also tomorrow’s.”
There is “huge demand” from insurers and across industries to quantify the impact of climate change in the near, medium and long term, according to Liz Henderson, senior managing director of analytics at Aon.
True progress in promoting diversity and inclusion in insurance will require a departure from the “safety” of comfortable silos.
By: Kiara Taylor | April 16, 2021
The events of the last year have brought an increased emphasis on diversity and inclusion within the commercial insurance industry.
Some of these events have been strikingly visible, such as the widespread protests that followed the death of unarmed Black men. Others, such as the disproportionate effect that the COVID-19 pandemic has had on ethnic and racial minorities in the U.S., have remained largely invisible.
Insurance cannot expect to solve these issues alone, of course, but neither can it lag behind when it comes to tackling social injustice. Indeed, as professionals many of us feel that we have a responsibility to use our knowledge, experience and influence to work for a better society.
Risk & Insurance®, as an affiliate of The Institutes, is committed to moving things forward.
While most homeowners will see lower premiums, others will face higher rates under the NFIP’s long-awaited new system.
(Bloomberg) — On Friday, April 2, the Federal Emergency Management Agency unveiled the details of an overhaul to its beleaguered National Flood Insurance Program, the initiative’s first major update in 50 years. Most homeowners in the program will have lower or stable premiums, but roughly 11% of homes — largely the highest value ones — will see increases in premiums of at least $10 a month. Those could continue to rise until they reach a cap of $12,000 a year.
The NFIP serves roughly 5 million homes, most of which are in high-risk flood areas. Premiums have risen steadily over the years, and yet the program is more than $20 billion in debt, in part because of climate change-related phenomena such as sea-level rise and increased storms and heavy precipitation events, which lead to more intense and more widespread flooding.
Avoid these common mistakes and you’re on your way to getting the best insurance for your needs and budget
Avoid these pitfalls when buying auto, home, flood and renters insurance.
Saving money feels good. And shopping around when you’re looking for insurance coverage is a great way to do it. However, simply reducing your coverage or dropping important coverages altogether is like diet without exercise—focused only on numbers, not on results. Don’t risk ending up dangerously underinsured and on the hook for much bigger bills in the event of a disaster.
Following are the five most common auto, home, flood and renters insurance mistakes people make, along with suggestions to avert those pitfalls while still saving money (we call them, “better ways to save”):
When real estate prices go down, some homeowners may think they can reduce the amount of insurance on their home.
Dear Clients and Friends:
It is my pleasure to announce that Deborah Faber will be retiring from the Mogil Organization effective 12/31/2020 after 30 plus years of service. I would like to personally congratulate Debbie on a wonderful and successful career and thank her for her contribution to the Mogil Organization. I wish Debbie the very best in her future and I hope retirement brings her health and happiness. Debbie has always demonstrated the utmost professionalism and highest level of service that has allowed her to have such a distinguished career.
Mogil has been transitioning Debbie’s accounts for the last 5 years with the intent of providing the same professional service that you received from her. The Mogil Organization looks forward to continuing to provide you with all your insurance needs.
Thank you and please call our office with any questions.
Chief Executive Officer
Our NYC office has been open on a scaled-down basis from the very beginning back in March. We brought everyone back on a hybrid-rotation since August 1st. I’m happy to say that it has worked out extremely well for everyone.
Stay aware of the latest information on the COVID-19 outbreak, available on the WHO website and through your national and local public health authority. COVID-19 is still affecting most people in China with some outbreaks in other countries. Most people who become infected experience mild illness and recover, but it can be more severe for others. Take care of your health and protect others by doing the following:: Click here for the full article from the World Health Organization.
NEW YORK, Feb 12 (Reuters) – Peter Zaffino sat at 2 World Trade Center poring over financial reports on the morning of Sept. 11, 2001, when the first plane struck a neighboring building. Zaffino, known by colleagues for his laser-like focus, remained at his desk as staff began fleeing.
PARIS (AP) — It took a blaze that nearly destroyed Paris’ most famous cathedral to reveal a gap in global safety regulations for lead, a toxic building material found across many historic cities.