Articles

Cyber Risk Strategies to Minimize Business Disruption, Control Liability and Litigation Exposure

Security threats are getting more sophisticated – and expensive – and this trajectory will continue. Digital footprints and technology usage will only keep expanding, adding to vulnerability and presenting more opportunities for compromises to occur. This complexity puts all companies in the path of a breach. According to a report released in summer 2023, federal data breach class action filings h...

D&O Risks to Consider When Exploring the New Frontier of Gen AI

Is the world being overtaken by robots? While the answer to that question is clearly “no” – or at least, “not yet” – it seems that the focus of nearly every industry and business media outlet is artificial intelligence. This includes the insurance industry. Everyday life is ingrained with AI, such as voice assistants, stock portfolios, news, and advertisements. These more traditional forms of AI h...

Why Millennials and Gen Z Just Aren’t Loving Insurance: How Organizations Can Win the Next Generations of Insurance Consumers

The insurance industry has been on a transformative journey, adapting to the evolving needs of the market and advancing technologies that drive business, commerce and everyday life. However, according to the Department of Health and Human Services, 10,000 people turn 60-years-old every day. This segment of the population has likely met most of their insurance needs. But the preferences and expecta...

Majority of Underwriters Predict Cyber Risks Grow 'Greatly' in 2024: Survey

Underwriters who thought the growing cyber risk landscape of the past several years would level off soon might want to think again. Woodruff Sawyer's annual survey of cyber insurance carriers found all underwriters surveyed believe cyber risk will increase in 2024. The survey, included as part of Woodruff Sawyer's 2024 Looking Ahead Guide, sought underwriter perspectives on the current risk enviro...

South Carolina Liquor Liability Market 'Extremely Unprofitable,' DOI Report Says

A report from the South Carolina Department of Insurance confirms what insurers and bars and restaurants have said for the past few years: Liquor liability coverage in the state is "extremely unprofitable" for carriers - and costs are far out of line with surrounding states. "Combined ratios for the industry make it clear that this sub-line of insurance is being writen at massive underwriting loss...