Data security

The risk specialist says property losses from 37 catastrophes last year were the fourth-highest cost, and highest frequency in the past decade.

A new report from TowerGroup says the financial meltdown represents unique interdependencies and negative forces that insurers must be ready to deal with when it comes to litigation.

An Insurance Information Institute forum assesses the year past and the year ahead.

Expectations of mounting regulations may well signal a boon for solutions for risk management and compliance.

Consultant Watson Wyatt says risk management and reform are among life insurers’ key concerns this year.

The content management and workflow systems provider is teaming with INSTEC and OneShield on separate projects.

The firm estimates that reinsurers will enter 2009 with 15% to 20% less economic capital than in 2008.

The insurer appointed Russell Johnston president and CEO of AIG Environmental, one of the largest pollution liability insurance providers.

In a collection of essays, actuaries ponder the role of risk management in the financial crisis.

According to a new Impact Forecasting LLC report, approximately 86% of Californian homeowners do not have earthquake coverage, despite most of them having mortgaged their homes.

For the time being, tech takes a back seat to cost minimization and operational efficiency, which are at the top of the operational agenda for many in financial services, according to the New York research firm.

National Association of Mutual Insurance Companies (NAMIC) says the Federal Trade Commission’s (FTC) decision to order nine major insurance companies to provide data for a study of credit-based insurance scoring and homeowners insurance is unnecessary and a waste of money.

The 10-year moving average of insured catastrophe losses costs continued to rise in 2008, increasing by 7% over 2007—from $35.5 billion to $38 billion.

Swiss Re says the catastrophes led to overall financial losses of $61 billion across the globe, with property insurers contending with losses totaling $25 billion.

London - According to the latest report by independent market analyst Datamonitor, global financial institutions, in response to evolving marketing conditions, are beginning to view operational risk (OpRisk) as a means of providing a more proactive management decision-making framework.

Waltham , Mass. – For the second consecutive year, worries about bribery topped the list of crucial concerns addressed by global corporations, according to a 2008 study conducted by Integrity Interactive Corp., a Waltham , Mass. , firm that helps global corporations manage and reduce risk of compliance failures.

Chicago — Taking a step toward putting its financial house in order, New York-based American International Group (AIG) has sold its specialty insurance subsidiary HSB Group to Munich Re for $742 million in cash. The transaction marks the first major divestiture for beleaguered AIG after it agreed to accept a bailout from the U.S. Treasury.

Zurich, Switzerland — Acknowledging the need to improve its capital position, insurance giant Swiss Re has secured $1.5 billion in loans from New York-based JP Morgan. The insurer says the loan will guarantee it access to financing at competitive rates for years to come.

Karen Clark tells INN that insurers should not rely solely on near-term catastrophe modeling in light of overestimating the previous three hurricane seasons.

A survey from Application Security Inc. finds that nearly 60% of organizations keep the majority of confidential data in databases, with 56% having had a data breach in the past year.