Tokio Marine HCC, our hot topics this month
We’ve spent a lot of time talking to our underwriters recently, and our broker visitors at the BIBA Conference last month. Some key industry topics have emerged, which we thought would be worth sharing.
For some brokers, it may be that they are looking for more education when it comes to cyber insurance, especially where it affects SMEs. With cyber-attacks progressively on the rise, it is more about when you are hacked, rather than if.
There can be misinterpretations made about the different types of cyber policies which are available in the insurance market. With the amount of data we hold growing fast and incidents like the recent WannaCry breach causing real concern for businesses, it’s important that clients understand what cover they have or require for their specific business. For this reason, we recently created this educational cyber video.
It is not only major public listed companies, financial institutions and those with a US presence that have a greater risk of attracting Directors & Officers (D&O) claims. In reality, it is often smaller businesses which are more exposed to making mistakes as they tend to be less likely to have the same access to in-house teams such as legal advice and human resources.
Companies of any size can make oversights and therefore may require insurance, but SMEs’ concentration in particular is likely to be more on company performance as opposed to certain regulatory and corporate governance requirements. For this reason, we have launched our new Management Liability product designed specifically for SME businesses.
One topic of conversation that always takes place is about the weather. With summer around the corner, the festival season has already begun. But the successes of such events are extremely dependent on weather conditions.
A day of bad weather can lead to lower attendance and therefore reduced profits for organisers. For example, the Leisure industry, such as theme parks or outdoor cinemas, will generally see an increase in footfall over the summer months but bad weather can lead to dampened profits. Our new Weatherproof product provides a proportionately-calculated level of cover by assessing weather-related risks based on accurate location and date data.
The product can ensure that businesses are financially protected against various extremes of weather. Tokio Marine HCC has partnered with Weather Analytics, who provides weather and data analytics, including predictive analytics across various business sectors.