Cyber is no longer the “hot new product” in insurance circles – it’s now the new “must have” among businesses.
No man is an island, they say – these days the expression pretty much applies to risks as well, amid an increasingly connected world. For risk managers and (re)insurance underwriters, Russell Group has identified the connected risks trends to keep an eye out for this year.
The ramifications of cyber hacks are about to increase dramatically.
About 19,200 claims totalling $108 million have been lodged with insurers since the severe hailstorm that struck northwest Victoria’s Mildura region more than a week ago.
Almost one in five SME owners believe their insurance would be unable to cover their income for a week after a catastrophic event, industry super fund REST says.
Insurers have for years been pleading with governments to protect the nation before a natural catastrophe event by mitigating the risks.
Extreme heatwaves such as those of 2013, when temperatures approached 50 degrees in some parts of Australia, could represent “just another average summer” by 2035.
A survey has revealed a major gap in the travel insurance market, showing 8% of Australian adult travellers – 850,000 people – took their last overseas trip without cover.
The Australian Bankers Association’s (ABA) bid to reform staff sales commissions may miss next year’s implementation date.
The Australian Cyber Security Centre (ACSC) has urged private businesses to report threats, despite reluctance among some companies to involve the Government.