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Chubb Designs New Insurance Policies to Address Cyber Risks
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Chubb Ltd.(CB - Free Report) recently introduced two new policies — Cyber Enterprise Risk Management (Cyber ERM) and DigiTech Enterprise Risk Management (DigiTech ERM) — designed to fight cyber threats. Both policies will be available in wholesale and retail markets in the United States and Canada.
Data breaches, electronic thefts and vandalism, denial of service attacks and copyright infringement are certain challenges faced by companies big or small. Chubb has tailor-made various policies to address such risks. The three-way approach involving risk-transfer, loss mitigation and post-incident services would be quite effective in combating the continuously evolving world of cyber hazards faced by organizations.
Technological advancements in the new age have also paved the way for new methods of service delivery. The DigiTech ERM policy is armed with more than 30 years experience of addressing risks arising from technological exposures. This policy combines market-leading cyber insurance with extensive loss mitigation and incident response services, leading to a comprehensive enterprise risk management solution. Either of the policies does not require any minimum premium as these are based on the scope of risk coverage.
The policies would look into various issues such as loss of payment cards, business interruption, telephone toll fraud, copyright infringement, network extortion, computer frauds, funds transfer and social engineering fraud. Consultants, integrators of hardware and software, application service providers, data processors and software developers will stand to benefit from these enhancements. The insurer will reimburse losses up to a maximum of $100 million.
Chubb pursues strategic initiatives to boost its organic profile by focusing on cyber insurance that currently offers huge room for growth. The initiatives undertaken by the Zacks Rank #3 (Hold) property and casualty insurer are likely to drive improvement and boost overall results in the long run. The company has been expanding its business lines consistently to strengthen its position further and benefit from improving market conditions.
Share Price Movement
Shares of Chubb haveoutperformed the industry year to date. While Chubb’s shares have gained 7.04%, the industry has registered an increase of 4.83%. Strategic acquisitions and improved written premiums are expected to continue to drive its shares higher.
Atlas Financial Holdings engages in underwriting commercial automobile insurance policies in the United States. The company delivered positive surprises two of the last four quarters, with an average beat of 57.94%.
Markel Corporation markets and underwrites specialty insurance products in the United States and internationally. The company delivered positive surprises two of the last four quarters, with an average beat of 21.06%.
Mercury General Corporation engages in writing personal automobile insurance in the United States. The company delivered positive surprises in three of the last four quarters, with an average beat of 1.06%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>
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Chubb Designs New Insurance Policies to Address Cyber Risks
Chubb Ltd.(CB - Free Report) recently introduced two new policies — Cyber Enterprise Risk Management (Cyber ERM) and DigiTech Enterprise Risk Management (DigiTech ERM) — designed to fight cyber threats. Both policies will be available in wholesale and retail markets in the United States and Canada.
Data breaches, electronic thefts and vandalism, denial of service attacks and copyright infringement are certain challenges faced by companies big or small. Chubb has tailor-made various policies to address such risks. The three-way approach involving risk-transfer, loss mitigation and post-incident services would be quite effective in combating the continuously evolving world of cyber hazards faced by organizations.
Technological advancements in the new age have also paved the way for new methods of service delivery. The DigiTech ERM policy is armed with more than 30 years experience of addressing risks arising from technological exposures. This policy combines market-leading cyber insurance with extensive loss mitigation and incident response services, leading to a comprehensive enterprise risk management solution. Either of the policies does not require any minimum premium as these are based on the scope of risk coverage.
The policies would look into various issues such as loss of payment cards, business interruption, telephone toll fraud, copyright infringement, network extortion, computer frauds, funds transfer and social engineering fraud. Consultants, integrators of hardware and software, application service providers, data processors and software developers will stand to benefit from these enhancements. The insurer will reimburse losses up to a maximum of $100 million.
Chubb pursues strategic initiatives to boost its organic profile by focusing on cyber insurance that currently offers huge room for growth. The initiatives undertaken by the Zacks Rank #3 (Hold) property and casualty insurer are likely to drive improvement and boost overall results in the long run. The company has been expanding its business lines consistently to strengthen its position further and benefit from improving market conditions.
Share Price Movement
Shares of Chubb haveoutperformed the industry year to date. While Chubb’s shares have gained 7.04%, the industry has registered an increase of 4.83%. Strategic acquisitions and improved written premiums are expected to continue to drive its shares higher.
Stocks to Consider
Some better-ranked stocks from the insurance industry are Atlas Financial Holdings, Inc. , Markel Corporation (MKL - Free Report) and Mercury General Corporation (MCY - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Atlas Financial Holdings engages in underwriting commercial automobile insurance policies in the United States. The company delivered positive surprises two of the last four quarters, with an average beat of 57.94%.
Markel Corporation markets and underwrites specialty insurance products in the United States and internationally. The company delivered positive surprises two of the last four quarters, with an average beat of 21.06%.
Mercury General Corporation engages in writing personal automobile insurance in the United States. The company delivered positive surprises in three of the last four quarters, with an average beat of 1.06%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>