At-Bay’s Post

The Importance of Cyber Insurance in a Digital World 💡 In our tech-driven world, cybercrimes are on the rise, making it crucial to shield ourselves from evolving threats. A recent incident involving Vibhu Shankar, a seasoned advocate, losing Rs 1.51 lakh in a cyber fraud scheme, underscores the urgency of embracing cyber insurance. Deception Unveiled: Vibhu Shankar fell prey to an intricate scam promising massive returns in a gold and diamonds investment scheme. Despite a cautious approach, he lost his initial investment due to deceptive tactics. Why Cyber Insurance Matters: - Financial Protection: Cyber insurance covers losses from cybercrimes, such as fraudulent transactions. In Shankar's case, it could have reimbursed his Rs 1.51 lakh loss. -Legal Support: Providing legal assistance, cyber insurance aids in pursuing legal action against fraudsters, as evident in Shankar's FIR filed under IPC 420 and 406. -Cybersecurity Education: Policies often include resources to educate individuals, enhancing their ability to recognize and prevent cyber threats, reducing susceptibility to scams. -Peace of Mind: Cyber insurance acts as a safety net, ensuring financial security and peace of mind in an increasingly digital landscape. Conclusion: Vibhu Shankar's unfortunate experience emphasizes the necessity of staying protected against cyber threats. Cyber insurance not only shields against financial losses but also equips individuals to confidently navigate the digital realm. Don't wait until it's too late—invest in cyber insurance to fortify your finances and peace of mind in today's digital age. For any insurance-related queries or services,please contact Ullat Bhagyanath Menon. Alternatively, you can leave your queries in the comment section below. https://lnkd.in/gE44ZNra #cyberinsurance #cybersecurity #insurance #insuranceadvisors #insurancebroker #informativepost

#IBTV: Get ready for a dynamic discussion on the intersection of technology and insurance brokerage! Join us for our Power Panel featuring industry leaders from Cyber Data-Risk Managers , Dixon Insurance Services, Clear Insurance, and Lockton Australia. Gain valuable insights into the evolving landscape of the insurance industry. https://hubs.la/Q02lph6R0 #TechImpact #InsuranceBrokers #PowerPanel #IndustryLeaders

Join us on 11/9 for our panel discussion regarding the current state of the commercial insurance market, and what to expect in 2024. Register below!

The best kind of bet is where people win no matter what. Lawrence Metelitsa and made one of those bets at the Centurion One Capital Corp LA Summit last week. $500 will go to #SaveAChildsHeart (Celtics-Lawrence) OR Mighty Oaks Foundation (Mavs-Chaz) depending on who wins The Finals. Love that CHURCHWELL INSURANCE AGENCY and Lucosky Brookman LLP are companies living out generosity even over a basketball game. For D&O Insurance, E&O Insurance, Cyber Liability, and more…Churchwell Insurance Agency’s Executive Liability Team protects what your executive team builds. #despac #veteranowned  #spacattorney #uplist #ipo #crosslist #directlisting #dpo #nyse #nasdaq #cboe #spac #cfo #ceo #insurance #exectiveliability #DandOInsurance #microcaps #securitieslitigation #securitiesregulations #cyberinsurance #protectingwhatyourbuilding #ChurchwellInsuranceAgency

Join the Brown & Brown team to learn more about the Property, Casualty, Executive Risk, and Cyber marketplace challenges and trends going into 2024.

Tune in on November 9th to hear our anticipated trends and challenges for P&C for 2024! #BandB #Insurance #Property #Casualty #ExecutiveRisk #Cyber #RegisterNow

Register for our 2023 market trends review and learn what lies ahead in 2024…

There are a number of challenging areas that continue to impact the hard Property market: 1) Catastrophic Losses - In 5 of the last 6 years, CAT events have caused annual insured losses of over $100 billion globally. Last year alone, global insured losses approached $140B. 2) Reinsurance - Inflation and the economic environment has made reinsurers more selective. In early 2023, the gap between reinsurance supply vs demand was estimated at $60B (3X what it was the previous year). 3) Underinsurance - Inflation has driven the cost of material and service up but just 43% of business owners say they have increased their policy limits to accurately reflect what it would take to replace their insured property now. You don’t want to come up short after a loss but premiums will reflect those higher values. 4) Property Replacement Cost – Construction costs have continued to increase over the last 3 years. Structural steel is up 55%, the price of lumber is up 35% and machinery and equipment costs have increased 18%. Contractors continue to grapple with material shortages and supply chain disruptions as well. 5) Skilled Labor Shortage – Wages and salaries make up nearly half of reconstruction costs and have collectively increased 15% over the past 3 years. Even with higher pay, 9 out of 10 contractors are struggling to find skilled labor and projects are delayed as a result. Higher rebuilding costs and longer delays might trigger an increase in business interruption loss. 6) Property Rate – For years, escalating loss trends have outpaced rate increases, primarily because of the costs of CAT losses. Underwriters are expected to increase rates again this year.   This just touches on the evolving Property landscape. If you want to learn more about this, Casualty, Executive Risk and Cyber market expectations… don’t miss the chance to register for this virtual panel discussion – this Thursday, 11/9. Link below!

POI data is revolutionizing the property insurance industry, offering unparalleled insights for risk assessment and fraud detection. Discover how Quadrant's Geolancer is reshaping the landscape with accurate, recent, and granular data. 🏠 https://hubs.la/Q01ZntdK0

We had an extremely interesting conversation with Mark Geoghegan for The Voice of Insurance podcast. He notes that Kita is building "one of the most exciting new classes of insurance to emerge since cyber". He's right - it's exciting and it's sometimes overwhelming but, most of all, it's necessary: we strongly believe that it is only through robust, transparent and trustworthy mechanisms such as insurance, ratings and MRV that the carbon market can grow to the scale it needs to. Kita CEO and co-founder, Natalia Dorfman, and Head of Insurance, James Kench, CFA, discussed with Mark the background to our company, the risks and challenges that carbon credit buyers, sellers and intermediaries face, the role of our policies in reducing these risks and the potential for insurance to apply its "multiplying effect": driving more investment towards high-quality carbon solutions. Have a listen at the link below. #carboninsurance #carbonmarkets #insurance