Advisen in the News

As the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market, Advisen is regularly featured in the news. Below are some of these articles.

How blockchain may ramp up your liability exposure Canadian Underwriter  |  August 21, 2018 Advisen hosted webinar on cryptocurrency and blockchain with an examination of the securities litigations that have surrounded the space.

Total cost of risk declines for fourth year straight: RIMS Business Insurance Holdings  |  June 27, 2018 The 2018 RIMS Benchmark Survey produced with Advisen found the average total cost of risk trended lower for the fourth year in a row despite record-setting natural catastrophes.

Big Nasty Claims In The Casualty Sector Insurance Information Institute  |  June 21, 2018 Advisen held a webinar entitled “Big nasty claims. What are the large loss trends in the casualty sector?” To qualify as big and nasty, the casualty claims stem from injury and/or property damage resulting from incidents such as train derailments, chemical spills and food contamination, frequently involving multiple parties, and costing $100 million or more each.

Harassment headlines increase interest in EPLI coverage Long Island Business News  |  June 13, 2018 With the “Me Too” movement making headlines in recent months, many companies are looking to limit their own potential liability by carefully examining their employment practices – as well as their insurance policies.

Recent Conference Highlights Cyber Risks and How to Protect Against the Same Akin Gump Strauss Hauer & Feld LLP  |  February 28, 2018 The Akin Gump article cites the key takeaways and trends discussed by the panelist on the recently concluded 2018 Cyber Risk Insights Conference in San Francisco.

Financial Impact of Cloud Failure Could Hit $2.8B in Insured Loss Dark Reading  |  January 24, 2018 David Bradford, Advisen Co-founder and Chief Strategy Officer, was interviewed as part of recent coverage by Dark Reading on the potential financial damage of downtime at major cloud services providers.

10 Costs Your Cyber Insurance Policy May Not Cover Dark Reading  |  January 23, 2018 Advisen Co-founder David Bradford was interviewed about areas that tend not to be covered by cyber insurance policies.

Program Business Execs See Shared Focus With Insurtechs on Costs, Value A.M. BestTV  |  January 11, 2018 Executives in the carrier and distribution sides of the insurance program business sector examine a new report that details how program administrators trail carriers in capitalizing on insurance-focused tech companies.

Enhancing the Role of Insurance in Cyber Risk Management OECD  |  December 8, 2017 Prepared at the request of the G7 Presidency, the Organisation for Economic Cooperation and Development (OECD) report relies on Advisen data to provide an overview of the market for cyber insurance, including the available coverage and potential gaps as well as the current challenges in terms of data availability, quantification of cyber risks, awareness and misunderstanding about coverage. It identifies potential policy measures to address some of the main challenges to the development of an effective cyber insurance market.

TIME Person of the Year 2017: The Silence Breakers TIME  |  December 6, 2017 Time Magazine featured the men and women who shared their stories of harassment in the workplace in 2017. The article highlighted a report showing a 15-percent increase in sales of employment practices liability insurances between 2016 and 2017. It also quoted an Advisen report stating that EPLI insurance price has increased by 30 percent since 2011, which indicates that more companies are reporting losses.

Program Business Sector Revenue Jumps 11.7% from 2014 to 2016: TMPAA Insurance Journal  |  December 4, 2017 Insurance Journal reported on the findings of the annual The State of Program Business Study released by the Target Markets Program Administrators Association (TMPAA) and Advisen. It highlighted that commercial property/casualty insurance program administrators continued to outperform the overall property/casualty insurance market in 2016 with program business premium revenues increasing 11.7 percent between 2014 and 2016.

Commercial Insurance Pricing Declined Again in 2016 Treasury & Risk  |  May 10, 2017 Treasury & Risk featured the highlights of the 2017 RIMS Benchmark Survey, a collaboration between The Risk & Insurance Management Society and Advisen Ltd. The survey found that the total cost of risk per $1,000 of company revenue dropped 5% in 2016 to $10.07, from $10.55 in 2015.

Cyber Insurance Becomes a Must for More Manufacturers Wall Street Journal  |  April 17, 2017 This WSJ news article offers a wake-up call to manufacturers to get protected from cyber attack citing they are no longer immune to cyber threats as factories are increasingly computerized and digitally incorporated with other parts of operations. Cyber dangers facing manufacturers are greater today, the article cites, and manufacturers have to be aware of the greater sophistication of hackers globally.

How will insurance change in the next 20 years? Financial Times (Video)  |  February 23, 2017 The Financial Times asked the experts on how the insurance landscape will change in the next 20 years. They all agreed that the industry will face a massive change in the next two decades, with insurers focusing more on data protection and mitigating more complex risks. Advisen’s EVP and Editor in Chief Rebecca Bole was among those interviewed by FT. She offered insights on how brands will focus on niche areas and offer specific technologies to these niche markets.

Examining the costs and causes of cyber incidents Journal of Cybersecurity | December 2016 The Journal of Cybersecurity published research that seeks to examine the composition and costs of cyber events, as well as to address whether or not there are incentives for firms to improve their cybersecurity practices and reduce the risk of attack. The author cites Advisen as the source of dataset of cyber incidents used for the research.

United States: The General Counsel and Data Breach Compliance Mondaq | December 13, 2016 This article written by Michael W. Peregrine discussed a new survey, conducted jointly by Advisen and insurer Zurich North America, which provides guidance on how the board and CEO should assign executive responsibility for data breach compliance.

U.S. Medium-Sized Businesses More Concerned About Cyber Crime Than Counterparts Around Globe InsuranceNewsNet  |  December 11, 2016 The Zurich Insurance Group’s annual global SME survey showed that U.S. small and medium-sized enterprises (SMEs) are aware that they are prime targets of cyber terrorists and are more jittery about falling victim to a cyber crime compared to counterparts around the globe. The article cites Zurich’s 2016 Advisen Cyber survey of U.S. risk managers which found that the number of survey companies that have cyberinsurance has climbed substantially over the years, from just 35 percent of companies in 2011 to 65 percent of companies in 2016–an 85 percent increase.

Report: Cyber Insurance Sales Only Moderately Increase in 2016 My New Markets | December 6, 2016 The news article cites a 2016 Zurich Insurance-Advisen survey which states that the pace of cyber insurance sales is slowing after six years of rapid growth. The survey highlights that there are still some organizations that believe they are not susceptible to cyber-related loss.

We’ve been hacked! Specialty Equipment Market Association  |  December 1, 2016 The SEMA article reminds organizations of the importance of having an actionable incident response plan focused on data breach management, underscoring how it will significantly help minimize the damage a hack can cause to a company’s system, business, and reputation. Advisen Product Manager Aloysius Tan talks about how breach response vendors can help.

Predictive Analytics Help Wayward Workers’ Comp Claims Claims Journal | June 3, 2016 The Claims Journal article cites the importance of predictive analytics in identifying high exposure claims which account for a majority of dollars spent in workers’ compensation claims. Using predictive analytics allows insurers to improve decision making on a claim, thereby minimizing operational risks.

Average Breach Falls Below Cyber Insurance Policy Deductible, Study Shows Dark Reading | March 10, 2016 The news article highlights a new study conducted by Advisen and ID Experts which cites an alarming fact that a significant percentage of breaches fall below cyber insurance policy deductibles. It highlights what cyber insurance is capable of doing and also cites its limitations when it comes to covering for data breaches.

Cyber market lacks expertise to cover physical damage Insurance Insider | February 9, 2016 The Insurance Insider article cites the insights presented during Advisen’s Cyber Risk conference in London where experts warned that the cyber market lacks the expertise to cover physical damage. Experts say that property damage arising from a cyber attack is one of a number of risks cyber underwriters are being asked to find solutions for given the lack of clarity and the presence of complexity.

Rise in Wage and Hour Claims Unlikely to Change, Warns Advisen White Paper Claims Journal | February 3, 2016 A Claims Journal article cites an Advisen White Paper which warns that there is no sign of abetting the rise in litigation of wage and hour claims. The white paper reports that claims rose of 58 percent between 2013 and 2015. It explains that the revised definition of an employee, combined with the expansion of employees entitled to overtime pay resulted in an increased exposure of misclassification by employers, thus, the rise in claims.