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"Specialty Insurance Blog" - 5 new articles

  1. EHR Malpractice – Records Risk
  2. The Cyber Risk Insurance Market & the DHS Industry Working Session
  3. Alert: Business Email Compromise & Cyber Risk Insurance
  4. New Insurance Agency Formations Offset Consolidation
  5. Recap: Inside Today’s Surplus lines Market
  6. Search Specialty Insurance Blog
  7. Prior Mailing Archive

EHR Malpractice – Records Risk

The advent of electronic records has established a new opportunity for errors, which some have called Electronic Health Record (EHR) malpractice, and a new exposure for both medical malpractice insurance underwriters and for Cyber Risk Insurance underwriters. Health records are a critical component of any medical malpractice case, and can be beneficial or detrimental depending on how well the records are maintained. And these health records are all going electronic. Medical practitioners utilize and rely on electronic health records to provide care, and inaccuracies in the records can have significant consequences, both legal and operational. Health records are critical in medical malpractice litigation (see here): In the overwhelming majority of cases, health records are the “single-most important piece of evidence”...

The Cyber Risk Insurance Market & the DHS Industry Working Session

The Department of Homeland Security sponsored an insurance industry working session (see here) to find ways to generate a more robust Cyber Risk Insurance market. The result so far has been a readout report (here). According to the Insurance Working Session Readout Report three areas could lead to a more robust market: Cyber incident information sharing/data repository – the idea here is to create a secure method to pool and share cyber incident information on an anonymized basis in a database accessible by insurers. Cyber incident consequence analysis – New data and modeling techniques would help insurers assess the loss value of a cyber-attack on critical infrastructure, and also the impact of various cyber risk management techniques. Most importantly, the...

Alert: Business Email Compromise & Cyber Risk Insurance

Email Piracy, also called Business Email Compromise (BEC), is becoming a significant threat, and only a few Cyber Risk Insurance policies provide adequate protection from this type of attack. Traditional IT security efforts may not be adequate; different (additional) measures may be necessary. Most employees are not well prepared for this exposure, and internal communication is recommended. Cyber Risk insurance policies should be reviewed for coverage. Email piracy is the theft of funds using deceptive email or electronic communications. Other names include Business Email Compromise (BEC), CEO Fraud and social engineering fraud, and this type of activity is rising rapidly. Email piracy attacks vary, but there is a common theme (see our prior post) of deception. Hackers gain access to...

New Insurance Agency Formations Offset Consolidation

AM Best released an interview with this author at NAPSLO last week where we discussed insurance agency/broker consolidation. The trade press reports on the highly active M&A market for insurance agencies and brokers, with acquisitions of agencies and brokers announced most every day. However, new insurance agencies and brokers are being formed every day and are not being covered by the trade press. Comments from the interview: What you don't read about are the new [insurance agent] operations being formed every day… The barriers to entry used to be systems, compliance and markets... It is a lot easier these days for new [insurance agent] operations to form, to get into business and to be successful. (starting at about 2:00 in...

Recap: Inside Today’s Surplus lines Market

AM Best released a recap of their September 2nd webinar, Inside Today’s Surplus lines Market, in which this author was a participant. A similar Insurance Journal article (here) discussed the Surplus Lines Insurance market. AM Best also released their annual report, titled 2015 Special Report U.S. Surplus Lines – Segment Review (see here). Two quotes: There is an overall healthy level of strong competition going on in the profession today…However, it is an underwriting-driven market that provides some stability. Technology contributes a great deal to the success of the E&S industry…Much of that growth stems from innovation, the hallmark of E&S professionals. Tennant Risk Services is a specialty wholesale broker and underwriting manager, and a NAPSLO member. With unique approach...

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