Author Archives: Caroline McDonald

About Caroline McDonald

Caroline McDonald is a writer and former senior editor of the Risk Management Monitor and Risk Management magazine.
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Aon Introduces Single-Parent Captive Cyber Insurance Program

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With cyberattack listed as one of their top risks, organizations are looking for ways to mitigate their risk in a market where cyber insurance rates are quickly rising. According to the Center for Strategic and International Studies, the annual cost of cyber crime and economic espionage to the world economy runs as high as 5 billion, or about 1% of global income.

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This does not include intangible damage to an organization, however. Companies are purchasing more insurance to cover the risk. In 2014, the report said, the insurance industry took in $2.5 billion in premiums on policies to protect companies from losses resulting from hacks.

As a result, captive insurers are being used more and more for coverage.

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Aon said it is addressing shortcomings in traditional cyber coverage with a cyber captive program with capacity of up to $400 million. Companies looking to form a captive would undergo a review to quantify their cyber exposures.

According to Peter Mullen, CEO of Aon Captive and Insurance Management, the program is designed to help clients understand their risk profile. “Once this is understood, they are is in a better position to make decisions about how much risk to retain in their captive and how much risk to transfer to the program,” Mullen said.
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 “The program allows captives to purchase coverage up to $400 million on a reinsurance or excess insurance basis.”

The cyber captive program will be domiciled in Bermuda and is available to single-parent captives. The basis for coverage will be “a very broad form which includes coverage for property damage and business interruption following a cyber event,” he added.

“Building a large tower of limits can be hampered by differing policy terms and conditions and dislocation of rates at different layers in a program,” Mullen said. “Additionally, many organizations facing cyber risks that can result in physical impacts, such as property damage and business interruption, agree that a more comprehensive approach to cyber risk is needed.

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Flood, Wind Dominant Natural Hazards in 2016

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While most natural hazards occurring in the United States last year saw average or below average activity, the exceptions were flood and wind, according to the CoreLogic report Natural Hazard Risk Summary and Analysis, released today.

Severe flood events driven by substantial rainfall were the dominant natural hazards, with Louisiana and North Carolina floods being the major loss contributors. As in 2015, hurricanes and tropical storms in 2016 continued to cause inland flooding through increased and intense rainfall—even when not making landfall, according to the report.

The National Oceanic and Atmospheric Administration (NOAA) said there were 12 individual weather and climate disaster events in the U.S. with losses exceeding $1 billion in 2016.

According to the report:

  • Based on NOAA and CoreLogic analysis, the overall flood loss in 2016, driven by six, 1,000-year plus rain events, was approximately $17 billion, which is six times greater than the overall flood damage experienced in 2015.
  • The U.S. Geological Survey (USGS) recorded 943 earthquakes of magnitude 3.0 or greater in 2016, with more than 60 percent of these earthquakes located in Oklahoma.
  • The National Interagency Fire Center (NIFC) reported a total of 5,415,121 acres burned from 62,864 separate fires in 2016.
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    While the total acres burned in 2016 fell below the 10-year average, significant losses occurred, with thousands of homes in California and Tennessee destroyed by several smaller fires that burned in populated areas.

  • Wind activity in 2016 was slightly above average, due in large part to strong winds brought by Hurricane Matthew.
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  • Hail activity in 2016 was near the average, and Texas experienced the worst of this natural hazard.
  • Tornado activity in 2016 was near average compared with previous years.
  • Hurricane Matthew developed late in the year and grew to a Category 5 storm, resulting in substantial damage along the southeastern seaboard.
  • There were below-average levels of tropical cyclone activity in the western North Pacific Basin encompassing East and Southeast Asia in 2016.

However, 2016 became known as the year without a winter. Nine winter storms impacted the U.S. in 2016, the most notable being the late-January winter storm in New York.

“History has continually shown us that it is impossible to determine exactly when or where the next wildfire, flood or earthquake will strike, which is why preparedness, response and post-loss assessment are paramount,” CoreLogic said.

Authorities Examine Hotel Owner’s Request for Help Before Italian Avalanche

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As the search for survivors at an Italian hotel buried during an avalanche continues, an investigation has been launched into a distress call and emails for help by the hotel’s owner. Triggered by a series of earthquakes, the avalanche claimed the lives of at least 14 people, with 15 still missing, according to reports. A staff of eight and 20 guests were reported to have been at the hotel at the time.

Bruno Di Tommaso, owner of hotel Rigopiano, a popular ski resort, reportedly sent an email asking for help from authorities in the nearby town of Pescara.

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“The phones are out of service. Customers are terrified by the earthquakes and have decided to stay outdoors. We tried to do everything possible to calm them but, unable to leave because of blocked roads, they are willing to spend the night in the car,” his email read.

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“With our shovels we were able to clean the driveway, from the gate to the SS42 (state road). Aware of the general difficulties, we ask you to intervene.”

The UK’s Telegraph reported that prosecutors in Pescara have opened an investigation into the situation, questioning why there was no attempt to evacuate the hotel. Investigators looking into possible manslaughter charges are examining Di Tommaso’s email.

According to the Telegraph:

Authorities had reportedly promised to send a snow plow to clear the road to the hotel on Wednesday afternoon, but its arrival was constantly postponed and in the end it did not turn up at all, amid reports that some snow plow in the region were out of service while others had been dispatched to other emergencies.

There have already been claims that when the alarm was first raised, by a man who survived the avalanche by luck because he was collecting medicine from his car, his pleas for help were initially rebuffed by emergency services.

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The quakes struck near Amatrice, one of the towns destroyed in August by an earthquake that left almost 300 people dead and thousands homeless.

Fraud Incidents Rise in 2016, Kroll Finds

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Reports of fraud have risen in the past year. In fact, incidences of every type of fraud have reached double-digit levels, according to the Kroll Global Fraud & Risk Report 2016/2017. Overall, 82% of executives reported falling victim to at least one instance of fraud in the past year, up from 75% in 2015.

Theft of physical assets remained the most prevalent type of fraud in the last year, reported by 29% of respondents, up 7 percentage points from 22% of respondents in the last survey. Kroll reported that vendor, supplier, or procurement fraud (26%) and information theft, loss, or attack (24%) were the next two most common types of fraud cited, each up 9 percentage points year-over-year.

Kroll found that most threats come from within an organization, with current and ex-employees being the most frequently cited perpetrators of fraud, cyber, and security incidents over the past 12 months. External parties were also identified as active perpetrators.

In the United States:
Kroll-fraud

• On the complexity of fraud risks, the majority (60%) of executives who reported suffering fraud incidents identified some combination of perpetrators, including current employees, ex-employees, and third parties, with almost half (49%) involving all three groups.

• Almost four in 10 respondents (39%) who were victims experienced fraud perpetrated by a junior employee, 30% by senior or middle management, 27% by ex-employees, and 27% by freelance/temporary employees. Agents and/or intermediaries were also cited by 27% of respondents as involved in carrying out fraud.

• Insiders were cited as the main perpetrators of fraud, and also identified as the most likely to discover it. Almost half (44%) of respondents said that recent fraud had been discovered through a whistleblowing system and 39% said it had been detected through an internal audit.

Among anti-fraud measures, the widest adoption—reported by 82% of executives surveyed—focused on information, such as IT security and technical countermeasures. The converse of the finding is concerning: nearly one out of five respondents (18%) have not adopted such protections.
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According to the report:

80% of respondents in the U.S. experienced fraud in the past 12 months, an increase of 5 percentage points on the previous year. This figure is 2 percentage points below the reported global average of 82%. Intellectual property (IP) theft, piracy, or counterfeiting is a clear threat to companies in the U.S., which was reported by just over a quarter (27%) of U.S. participants, almost twice the reported global average. The U.S. was the only country where IP theft was the most common type of fraud reported. Information theft, loss, or attack was the second most mentioned type of fraud impacting companies in the U.S., followed by conflicts of interest in the management team. The main perpetrators of fraud were reported to be insiders. Where fraud had been discovered, 36% of executives in the U.S. reported that junior employees were responsible, and 32% named senior or middle management. Respondents in the U.S. were most likely to have adopted IT security measures, followed by financial controls and asset security as their top three ways to mitigate fraud risk. In the U.S., the most common way fraud was detected was not through a whistle-blower, as it was for most of the other countries surveyed, but through an internal audit. Nearly half (49%) of U.S. participants said it was the most common detection mechanism.