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Business cyber insurance on the rise, but 60% still lack it

By Consumer Insurance Guide Staff
April 23, 2013April 23, 2013

A survey of North American companies reveals companies they’re showing an increased interest in cyber liability insurance, yet many of them believe their own methods offer enough protection. Risk managers are reacting to the increasing threat of security and privacy breaches by considering how they secure their data, according to global professional services company Towers Watson. The survey examined how North American companies use outside resources, tools and frameworks to address their risk exposure across a…

Stupid criminals never seem to give up on insurance fraud

By Mike Mosser
March 25, 2013September 5, 2014

The allure of insurance fraud must seem like a quick and easy way to get some cash, so it’s understandable why it never goes away. What’s harder to figure out is why some criminals make it so easy for someone to bust them. When looking at some of their hairbrained schemes, it seems like an unfair battle between the fraudsters and those who catch them. “The fraud world has an endless supply of knuckleheads reprobates…

Most business insurance policies don’t cover floods

By Consumer Insurance Guide Staff
March 21, 2013April 4, 2013

When a flood strikes a business, the damage it causes comes from more than the initial deluge. On top of wiping out inventories and destroying equipment, a flood disrupts normal business operations that are key to staying financially afloat. Since most standard commercial property insurance polices don’t cover flooding, it’s important for any sized business to consider a separate flood insurance policy, according to the Insurance Information Institute. “Ninety percent of all natural disasters involve…

Companies showing greater interest in cyber insurance

By Consumer Insurance Guide Staff
March 18, 2013April 4, 2013

As news of cyber attacks seem to be on the rise, more companies and institutions turning to cyber insurance to protect themselves from the financial consequences of a data breach or cyber attack, according to a report issued by Marsh, the insurance and risk management firm. The number of Marsh U.S. clients purchasing cyber insurance increased 33 percent in 2012 over 2011, with those in the services and educational sectors leading the way. Companies also…

In the hot seat: How elected officials handle their liability risk

By Mike Mosser
January 16, 2013February 26, 2013

From sanitation workers to the mayor’s office and everywhere in between, local governments deal with the public in ways that expose them to a range of liability claims and potential lawsuits. State laws provide varying levels of immunity particularly for ministerial or legislative actions such as passing zoning ordinances or building codes, yet that doesn’t stop local governments from needing legal representation and liability insurance. Darcee Siegel, city attorney of North Miami Beach, Fla. says…

Identity theft rose in 2012

By Consumer Insurance Guide Staff
December 27, 2012September 5, 2014

Cases of identity theft and fraud in the U.S. rose by 13 percent in 2012 as 11.6 million Americans became victims, even as the dollar amount stolen held steady, according to an annual report by Javelin Strategy & Research. Although fraud from existing credit cards enjoys the lowest mean fraud amount of the three major types of fraud, it was also a root source of the increase. Javelin has taken a deep look into emerging…

Ability to detect a con artist declines as people get older

By Consumer Insurance Guide Staff
December 6, 2012February 23, 2015

Part of the reason older people are more susceptible to fraud is they lose the ability to spot a dishonest face. Researchers at the University of California, Los Angeles, found that older people, more than younger adults, may fail to interpret an untrustworthy face as potentially dishonest. According to the study, the reason for this may lie in a particular region of the brain that influences the ability to discern who is honest and who…

Cyber crime still poses a costly hazard for businesses

By Consumer Insurance Guide Staff
December 4, 2012December 24, 2012

Advancements in the Information Technology sector are opening up new applications, but also creating new risks. According to global reinsurer Swiss Re, so-called cyberrisks pose mounting challenges for companies, and corporate risk management needs to consider the threat of losses in turnover and reputational damage. In 2011, more than 232 million data records containing personal information were stolen or compromised globally, of which about 23 million records related to people in the U.S. According to…

Wallets and purses still key sources for identity thieves

By Consumer Insurance Guide Staff
November 29, 2012September 5, 2014

Despite increased adoption of online shopping, mobile payment and banking apps, offline methods are the top known causes of identity fraud. According to a new study from Travelers, stolen wallets and pilfered identifications account for 73 percent of all cases, according to a comprehensive study of 2011 Travelers claim data. Stolen or misplaced items, such as wallets and pocketbooks, accounted for the most common known causes for identity fraud. In the number two spot was a…

Keep credit card and identity thieves at bay during holidays

By Consumer Insurance Guide Staff
November 21, 2012September 5, 2014

As shoppers give their credit cards a hefty workout during the holiday shopping season, identity thieves would like to do the same. Fortunately there are simple protective measures consumers can take to reduce the odds of someone stealing their identity, according to the Insurance Information Institute. “The hustle and bustle of the holidays creates the perfect opportunity for thieves bent on stealing your credit cards or other financial information,” Jeanne M. Salvatore, senior vice president…