Capsicum Re unveils ransomware solution

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Insurers are facing something of a “perfect storm” at the moment. Amid the coronavirus pandemic, they have been hit with an increased frequency of ransomware events, longer periods of business interruption and larger extortion payments – prompting one reinsurance broker to attempt to come up with a solution.

Capsicum Re has now unveiled a modelling solution that can quickly quantify ransomware exposure threats. Known as Gh0st, it helps clients and markets quantify realistic scenarios so they can model probable maximum losses (PMLs) and attritional losses.

The solution has been developed in-house and sees clients input their affirmative cyber policies

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Some premiums could double as hard market moves in

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After witnessing several years of decreases, commercial insurance buyers are facing rate increases not seen in almost two decades, adding to the hardships many are already experiencing amid the COVID-19 pandemic.

Industry experts expect price hikes to double for some premiums as insurers try to mitigate the impact the coronavirus on their revenue.

The outbreak has created a double whammy for insurers, with combined customer claims predicted to exceed US$100 billion and the volatile financial markets hitting reserves hard.

The industry had already seen a marked rise in insurance and reinsurance prices even before the pandemic struck, partly as a

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Willis Towers Watson to sell financial advisor

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Willis Towers Watson is selling its Swedish financial advisor, Max Matthiessen, to Nordic Capital for an undisclosed sum.

“We are very proud of what Max Matthiessen has accomplished and are confident that Max Matthiessen will continue to grow and expand their capabilities in order to deliver first-class client solutions with Nordic Capital as the new owner,” said Willis Towers Watson’s Nordics head Johan Forsgård.

“Willis Towers Watson and Max Matthiessen will have ongoing relationships in certain aspects of the business where we remain closely aligned and we look forward to continuing to work together.”

The Stockholm-headquartered business has been active

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Insurance companies speed up innovation amid pandemic

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These are uncertain times. After weeks of lockdown, social distancing and government-mandated ‘stay at home’ orders, jurisdictions around the world are slowly announcing their proposed economic and social recovery plans for when their countries shake the grasps of the deadly COVID-19 pandemic.

Most countries are offering very cautious and phased approaches, without any specific timelines, where they plan to slowly and methodically lift restrictions and re-open businesses and services to the public. It is not certain how long this recovery process will take or what the world will look like post-COVID-19. There’s a lot of chat, especially in the business

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