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Last quarter, we indicated the Property & Casualty (P&C) market had reached a relative level of equilibrium not seen in several years. We defined this as an environment where rates and capacity were relatively stable, and carriers could be profitable. The gradual and consistent shift in business from the admitted to the Excess & Surplus (E&S) market is a transformation…

Building a book of business in the Cyber Insurance sector takes time. Still, demand and capacity give brokers and agents opportunities to become subject matter experts and trusted advisors for their clients. Discover top tips on how to be successful in the Cyber Insurance market below.

As cyberattacks continue to cause significant financial losses for businesses of all sizes, Cyber & Privacy Liability Insurance is increasingly vital. To learn more, we spoke with Kenneth​​​​ Labelle, Senior Broker, Professional Liability, Burns & Wilcox Brokerage, Chicago, Illinois. What are some of the greatest cybersecurity risks faced by companies today? K.L.: Extortion events have been the most devastating events…

A hospital in Pennsylvania recently agreed to pay $65 million to settle a class-action lawsuit over a 2023 cyberattack that exposed the personal data of approximately 135,000 individuals, including sensitive photos of more than 600 patients. Patients and employees affected will receive between $50 to $70,000 each; patients whose photos were leaked online will receive the larger amounts, Insurance Journal…

While demand for Cyber Insurance continues to grow, the current soft market is expected to continue into at least 2025. With new entrants on the carrier side and consistent but manageable demand from the market, downward pressure on rates remains. This market softness has evolved over the last two years after an initial increase in cyber events during COVID-19 and…

AI is expediting the evolution of social engineering, making cybercriminals more challenging to detect. Michael Drummond explains other ways AI is accelerating Cyber risks. https://vimeo.com/1001680204/611e34d2fc?share=copy

Cyber Insurance claims handling is constantly evolving – but as Kenneth Labelle, Senior Broker, Professional Liability, Burns & Wilcox Brokerage, Chicago, IL, explains, the \"human element\" makes a big difference. https://vimeo.com/1002081522/f96b609c7f?share=copy

Pre- and post-mitigation risk management is a key differentiator for Cyber Insurance markets. Learn more and get additional insights into enhanced coverage offerings from Derek Kilmer, Associate Managing Director, Broker, Professional Liability, Burns & Wilcox, Detroit/Farmington Hills, MI. https://vimeo.com/1002078816/bd7c725091?share=copy

From cyber crashes, like the recent Microsoft CrowdStrike outage to cyberattacks, Cyber Insurance has never been more critical – yet so many businesses forgo or have inadequate Cyber coverage. During this webinar our panel of experts dove into all things Cyber Insurance. Featured Experts: Kenneth Labelle, Senior Broker, Professional Liability, Burns & Wilcox Brokerage, Chicago, Illinois Derek Kilmer, Associate Managing…

Across industries, companies face the risk of professional errors leading to serious losses and costly lawsuits. To learn more about the types of Professional Liability Insurance available to address these risks, we spoke with Andy Wood, Vice President, Professional Liability, Burns & Wilcox, Chicago, Illinois. What are some of the greatest risks today when it comes to Professional Liability? A.W.:…

The global Microsoft outage that grounded flights, canceled nonessential surgeries and halted operations for countless businesses could exceed $1 billion in insured losses, according to reports. The technology outage, which began July 19 after a faulty software update by CrowdStrike shut down 8.5 million Windows computers around the world, left many large and small companies unable to function — and…

The term “equilibrium” is increasingly being used within insurance circles to describe certain sectors moving toward a state of balance in terms of rates versus supply, terms and conditions. It suggests a growing opinion among industry leaders that Property and Casualty (P&C) is largely in a healthy place. This is true even after a decade-long period characterized by costly CAT…