<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>Risk | Insurance Advocate</title> <atom:link href="https://www.insurance-advocate.com/category/risk/feed/" rel="self" type="application/rss+xml" /> <link>https://www.insurance-advocate.com</link> <description>Since 1889</description> <lastBuildDate>Wed, 12 Dec 2018 13:55:15 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.7.2</generator> <item> <title>Cybersecurity Measure Defeated in Senate Amid Procedural Spat</title> <link>https://www.insurance-advocate.com/2015/06/30/cybersecurity-measure-defeated-in-senate-amid-procedural-spat/</link> <dc:creator><![CDATA[Phil Gusman]]></dc:creator> <pubDate>Tue, 30 Jun 2015 02:47:24 +0000</pubDate> <category><![CDATA[Current News]]></category> <category><![CDATA[Risk]]></category> <guid isPermaLink="false">http://gator4211.hostgator.com/~cinnww/insurance-advocate.com/?p=3806</guid> <description><![CDATA[<p>Senate Democrats defeated a bill designed to strengthen cybersecurity measures, objecting to Republican efforts to attach the proposal to a larger defense-policy bill, The New York Times reports. The Times article, “Senate Rejects Measure to Strengthen Cybersecurity,” written by Jennifer Steinhauer, notes that the cyber measure is similar to one that passed the House in […]</p> The post <a href="https://www.insurance-advocate.com/2015/06/30/cybersecurity-measure-defeated-in-senate-amid-procedural-spat/">Cybersecurity Measure Defeated in Senate Amid Procedural Spat</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p2"><span class="s1">Senate Democrats defeated a bill designed to strengthen cybersecurity measures, objecting to Republican efforts to attach the proposal to a larger defense-policy bill, <i>The New York Times</i> <a href="http://www.nytimes.com/2015/06/12/us/politics/senate-rejects-measure-to-strengthen-cybersecurity.html?_r=0"><span class="s2">reports</span></a>. </span></p> <p class="p2"><small> </small><span class="s1">The <i>Times</i> article, “Senate Rejects Measure to Strengthen Cybersecurity,” written by Jennifer Steinhauer, notes that the cyber measure is similar to one that passed the House in April. But the article adds that Democrats objected to Senate Majority Leader Mitch McConnell’s decision to attach the measure to a broader bill that Democrats oppose, which would allow military spending to exceed caps by tapping into $38 billion in war funds.</span></p> <p class="p2"><span class="s1">The failure to pass the cybersecurity measure, notes the article, comes amid news of compromised data for at least 4 million current and former government workers, in an attack apparently targeting Social Security numbers and other personal information.</span></p> <p class="p2"><span class="s1">Read the full <i>New York Times</i> article <a href="http://www.nytimes.com/2015/06/12/us/politics/senate-rejects-measure-to-strengthen-cybersecurity.html?_r=0"><span class="s2">here</span></a>.</span></p>The post <a href="https://www.insurance-advocate.com/2015/06/30/cybersecurity-measure-defeated-in-senate-amid-procedural-spat/">Cybersecurity Measure Defeated in Senate Amid Procedural Spat</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Hurricane Risk Rising Along with Property Values; Sea Levels</title> <link>https://www.insurance-advocate.com/2015/06/30/hurricane-risk-rising-along-with-property-values-sea-levels/</link> <dc:creator><![CDATA[Phil Gusman]]></dc:creator> <pubDate>Tue, 30 Jun 2015 02:36:34 +0000</pubDate> <category><![CDATA[Commercial Insurance]]></category> <category><![CDATA[Current News]]></category> <category><![CDATA[Personal Insurance]]></category> <category><![CDATA[Risk]]></category> <guid isPermaLink="false">http://gator4211.hostgator.com/~cinnww/insurance-advocate.com/?p=3802</guid> <description><![CDATA[<p>Take the growing number and value of coastal properties, add in rising sea levels and you have a recipe for a major and increasing risk associated with hurricane storm surge, a recent AIR Worldwide report outlines. “Because hurricane storm surge—which is an abnormal and often substantial increase in sea level—can penetrate miles inland from the […]</p> The post <a href="https://www.insurance-advocate.com/2015/06/30/hurricane-risk-rising-along-with-property-values-sea-levels/">Hurricane Risk Rising Along with Property Values; Sea Levels</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1"><span class="s1">Take the growing number and value of coastal properties, add in rising sea levels and you have a recipe for a major and increasing risk associated with hurricane storm surge, a recent AIR Worldwide report outlines.</span></p> <p class="p1"><span class="s1">“Because hurricane storm surge—which is an abnormal and often substantial increase in sea level—can penetrate miles inland from the coast, considerable value is at risk, as it seems the appetite for ocean views is unabated,” the report states.</span></p> <p class="p1"><span class="s1">AIR says in “<a href="http://www.air-worldwide.com/Publications/AIR-Currents/2015/The-Growing-Value-of-U-S--Coastal-Property-at-Risk/"><span class="s2">The Growing Value of U.S. Coastal Property at Risk</span></a>” that the largest risk factor is increasing property value along the U.S. coastline. </span></p> <p class="p1"><span class="s1">“People love living by the sea for the many economic and recreational opportunities coastal living offers,” AIR says, noting that 14 of the world’s 17 largest cities are along coasts. </span></p> <p class="p1"><span class="s1">In the U.S., AIR notes the percentage of insured value in coastal counties has actually remained flat from 2004 to 2012 — 38 percent of the total exposure in Gulf and East Coast states, making up 16% of the total values of properties in the country — but the total insured values have increased considerably along with the increase across the country as a whole. For the 18 Gulf and East Coast states, estimated insured value along the coast grew from $7.2 trillion in 2004 to $10.6 trillion in 2012.</span></p> <p class="p1"><span class="s1">“Historically, the insured value of properties in coastal states has grown at an estimated compound annual rate of about 7%,” AIR says in the report. “That translates to a doubling every decade of insured values and potentially insured losses.”</span></p> <p class="p1"><span class="s1">Rising sea levels compound the hurricane risk to these Gulf and East Coast states because of the increased effects of storm surge. AIR says the oceans rose about 7.5 inches on average between 1901 and 2010 worldwide, “and the current global mean rate is very likely slightly more than 1/16 inch each year.”</span></p> <p class="p1"><span class="s1">AIR adds that much of the coastline for Gulf and East Coast states is less than 10 feet above mean sea level — and sinking in some cases due to natural geological movements and the extraction of underground stores of water, oil and gas.</span></p> <p class="p1"><span class="s1">These factors mean significant and growing hurricane risk for the coastal states. AIR says, “Storm surge is one of the principal causes of coastal inundation, and it can create severe devastation many miles inland in low-lying coastal regions. As sea levels rise, average high tides will become higher.</span></p> <p class="p1"><span class="s1">“The height achieved by any given storm surge above those high tide levels and the extent of inland inundation caused by it will increase.”</span></p> <p class="p1"><span class="s1">Currently, AIR estimates over $17 billion in insured property values for the 18 Gulf and East Coast states that fall within its maximum modeled surge extent.</span></p> <p class="p1"><span class="s1">“The rising level of the oceans, the growing coastal population, the additional development associated with it, and the possible increasing severity of storms mean that people and property are increasingly at risk,” AIR says, adding that coastal communities can deal with the issues in three ways:</span></p> <ul> <li class="p1"><span class="s1">Defend the shoreline with man-made or natural barriers;</span></li> <li class="p1"><span class="s1">Adapt by raising structures and infrastructure above projected flood levels;</span></li> <li class="p1"><span class="s1">Retreat.</span></li> </ul> <p class="p1"><span class="s1">AIR notes manmade defenses can be expensive — often too expensive for less-affluent communities — and can disrupt natural shoreline processes.</span></p>The post <a href="https://www.insurance-advocate.com/2015/06/30/hurricane-risk-rising-along-with-property-values-sea-levels/">Hurricane Risk Rising Along with Property Values; Sea Levels</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Willis Bolsters FINEX Cyber Practice with 5 Appointments</title> <link>https://www.insurance-advocate.com/2015/06/30/willis-bolsters-finex-cyber-practice-with-5-appointments/</link> <dc:creator><![CDATA[Phil Gusman]]></dc:creator> <pubDate>Tue, 30 Jun 2015 02:35:32 +0000</pubDate> <category><![CDATA[Commercial Insurance]]></category> <category><![CDATA[Current News]]></category> <category><![CDATA[Risk]]></category> <category><![CDATA[Technology and Insurance]]></category> <guid isPermaLink="false">http://gator4211.hostgator.com/~cinnww/insurance-advocate.com/?p=3874</guid> <description><![CDATA[<p>Willis North America added five senior appointments to its FINEX (financial and executive risk) Cyber/ E&O Practice: Adeola Adele is executive vice president and cyber thought leader, based in New York. She is responsible for thought leadership strategy and developing relevant content highlighting trends, issues and advice to help organizations manage cyber risk exposure. She […]</p> The post <a href="https://www.insurance-advocate.com/2015/06/30/willis-bolsters-finex-cyber-practice-with-5-appointments/">Willis Bolsters FINEX Cyber Practice with 5 Appointments</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1"><span class="s1">Willis North America added five senior appointments to its FINEX (financial and executive risk) Cyber/ E&O Practice:</span></p> <p class="p1"><span class="s1">Adeola Adele is executive vice president and cyber thought leader, based in New York.<span class="Apple-converted-space"> </span>She is responsible for thought leadership strategy and developing relevant content highlighting trends, issues and advice to help organizations manage cyber risk exposure. She joins Willis from Marsh USA, and previously worked in private practice as an employment and insurance coverage lawyer.</span></p> <p class="p1"><span class="s1">Jim Devoe is senior vice president and cyber product leader, based in Hartford, Conn. He will help develop coverage solutions to address cyber exposures and focus on delivering analytical expertise, including coverage reviews and analysis of claim trends to support Willis’s cyber clients. He joined Willis in 2013 as a cyber broker serving national accounts and has over 35 years of experience in the cyber insurance and E&O marketplace. </span></p> <p class="p1"><span class="s1">Gamelah Palagonia is senior vice president and cyber risk specialist, based in New York.<span class="Apple-converted-space"> </span>She will deliver cyber products, services and consultation to Willis’s national and multinational clients. Gamelah is a certified privacy professional and expert having founded Privacy Professionals LLC, a cyber risk advisory firm.</span></p> <p class="p1"><span class="s1">Rebecca Pearson is senior vice president and cyber team leader for FINEX’s California Region, based in San Francisco. Se serves as a subject-matter expert on cyber, technology, telecommunications, errors and omissions and media liability risks. She joins Willis from Wells Fargo Insurance Services.</span></p> <p class="p1"><span class="s1">Jason Warmbir is vice president and cyber team leader for FINEX’s Midwest Region, based in Chicago. He will focus on aligning resources from across Willis’s global platform to deliver risk-management solutions to Willis’s cyber clients. Prior to joining Willis, he served as a cyber underwriting manager at ACE USA.</span></p>The post <a href="https://www.insurance-advocate.com/2015/06/30/willis-bolsters-finex-cyber-practice-with-5-appointments/">Willis Bolsters FINEX Cyber Practice with 5 Appointments</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> </channel> </rss>