19 Mar

Posted at 16:44h in Risk Management White Papers by . .
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News Brief header The National Safety Council (NSC) has released preliminary data showing vehicle fatalities in 2020 increased by 24% compared to 2007 and 8% compared to 2019.

It’s estimated that more than 42,060 people died in vehicle crashes in 2020 across the country. This increase is the highest year-overyear jump the NSC has calculated since 1924. The NSC attributes the fatality increases to drivers speeding and driving more recklessly due to roads being less congested as a result of the pandemic. Drivers also continue to engage in riskier behaviors, such as driving under the influence of drugs and alcohol and failing to wear a seat belt.

19 Mar

Posted at 16:28h in Cyber White Papers by . .
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Ransomware attacks—which entail a cybercriminal deploying malicious software to compromise a device (or multiple devices) and demand a large payment be made before restoring the technology for the victim—have become a significant concern for organizations across industry lines.

In fact, the latest research provides that these attacks have increased by nearly 140% in the past year alone, with the median ransom payment demand totaling $178,000 and the average overall loss from such an attack exceeding $1 million.

19 Mar

Posted at 16:11h in Cyber White Papers by . .
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Remote desk protocol (RDP)—which is a network communications protocol developed by Microsoft—consists of a digital interface that allows users to connect remotely to other servers or devices.

Through RDP ports, users can easily access and operate these servers or devices from any location. RDP has become an increasingly useful business tool—permitting employees to retrieve files and applications stored on their organization’s network while working from home, as well as giving IT departments the ability to identify and fix employees’ technical problems remotely.

19 Mar

Posted at 16:02h in Cyber White Papers by . .
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Cyber insurers passed a tipping point in 2020, with loss frequency and severity outpacing pricing increases and tougher underwriting, according to a new report from Aon.

Claim severity rose significantly in 2020, according to Aon’s analysis, with many clients seeing eight-figure ransomware losses. In terms of frequency, Aon typically saw three new errors and omissions (E&O)/cyber claims each day. This is up nearly 100% from 2019, with ransomware up 486% between the first quarter of 2018 and the fourth quarter of 2020, and 150% between 2019 and 2020.

18 Mar

Posted at 22:39h in Property & Casualty White Papers by . .
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Coverage insights header image Contrary to the reimbursement method of standard commercial policies, parametric insurance is a form of coverage that offers protection based on a predetermined, measurable characteristic tied to a covered event.

Under such coverage, the amount in which a policyholder is compensated isn’t decided by the exact cost of damages sustained, but rather by the calculated intensity of the covered event itself. For instance, if a hurricane caused damage to a commercial property, a parametric policy might reimburse a set dollar amount linked to the storm’s wind speeds. Parametric insurance can be a particularly beneficial form of coverage to have in the scope of large-scale natural disasters, especially when not all associated losses entail physical damages. Yet, there are some additional aspects of this coverage offering to consider. Review the following guidance to gain a better understanding of parametric insurance.

12 Mar

Posted at 22:04h in Risk Management White Papers by . .
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Risk Insights header image Commercial properties have varying characteristics and a range of fire risks—highlighting the need for sprinkler systems that suit their unique features.

While many properties utilize wet pipe sprinkler systems, which store water within their pipes and distribute it when individual sprinkler heads are activated by exposure to heat, this type of system isn’t a viable option for all buildings. That’s where a dry pipe sprinkler system can help. Instead of water, the system’s pipes are filled with pressurized air or nitrogen. This air keeps a remote valve closed until a fire activates the sprinkler system. After activation, the air exits the pipes—opening the valve and allowing water from the system’s riser to be distributed.