Cyber incidents hit one of every 10 U.S. small businesses last year yet only 31 percent of them have cyber insurance, according to the Insurance Information Institute and J.D. Power 2018 Commercial Cyber Insurance and Security Spotlight Survey℠. Also see: Helping consumers understand the value of cyber insurance
From a profitability perspective, 2018 will likely turn out to be a good year—maybe the best in more than a decade, in part because it started out quite well. The first half of 2018 produced a $6.0 billion underwriting gain vs. a $4.6 billion loss in the first half of 2017. It is too soon, however, to know how the storms of the third quarter will affect full-year underwriting results, but at the least this first-half profit will moderate any underwriting losses that emerge.
TERM LIFE INSURANCE- A form of life insurance that covers the insured person for a certain period of time, the “term” that is specified in the policy. It pays a benefit to a designated beneficiary only when the insured dies within that specified period which can be one, five, 10 or even 20 years. Term life policies are renewable but premiums increase with age.
COLLATERAL- Property that is offered to secure a loan or other credit and that becomes subject to seizure on default. Also called security.See Full Glossary
FOR IMMEDIATE RELEASE Sheena Bermingham, Coburn Communication: (212) 730-7045; firstname.lastname@example.org Insurance Information Institute New York Press Office: (212) 346-5500; email@example.com NEW YORK (October 18, 2018)— Cyber incidents hit one of every 10 U.S. Read More
FOR IMMEDIATE RELEASE Kim Kirchner, Coburn Communication: (212) 536-9837; Kim.Kirchner@coburnww.com New York Press Office: (212) 346-5500; firstname.lastname@example.org NEW YORK, October 11, 2018 — Reporters covering Hurricane Michael’s aftermath are encouraged to contact the Insurance Informatio… Read More