Tornadoes Mississippi

Tornadoes in Mississippi:

Insurers have paid more than $31.6 million on 2,801 claims from tornadoes that hit Mississippi during January 2017.

The Mississippi Insurance department expect insured damages to reach the $100 million mark, with $50 million in uninsured losses.

A powerful tornado tore a 31 mile path across Mississippi killing four people and destroying more than 1200 homes. The most damage was in the towns of Hattieburg and Petal. At least 20 deaths were reported.

The Federal Emergency Management Agency (FEMA) said more than $51.7 million had already been approved.

The Mississippi Insurance Commission asked the insurance industry to expedite payments for living expenses for affected individuals.

More than 1,200 homes were damaged in eight total counties. 549 were destroyed or sustained major damage as a result of these tornadoes.

4 insurance companies including Allstate and the Hartford set up a help centre at Petal to assist storm victims. The units issued living/emergency expense payments to those people who were displaced.

It is estimated that insured damages would be about $100 million and uninsured losses more than $50 million.

Georgia was affected by storms, including tornadoes on January 21 and 22. Fifteen deaths were reported. The storms caused $100 million in damage.

The Georgia Department of Insurance urged the insurance industry to respond as quickly as possible to the affected individuals.

“Individuals in these areas have suffered devastating losses and should receive special consideration with regards to their insurance claims,” Hudgens said. “I have notified the larger insurers and expect them to first and foremost take care of the immediate needs of their policyholders. This includes providing direct emergency funds for basic necessities such as food and shelter.”

Mr. Hudgen of the Department also asked the insurance industry to exercise leniency in dealing with affected individuals. He referred to individuals whose premiums may appear tardy. This may be due to disruption of services such as mail, telecommunication as well as loss of property.

Fitness data

People can earn cash from their health insurance company. They would wear a fitness tracking device. They would then share data with their health insurance company.

United Healthcare has devised a strategy for clients. People can choose to wear a fitness tracking device  under certain coverage plans.  They then share their data with the insurance company.

Qualcomm Life analyses the data.  This company processes medical data from wireless sensors. Doctors, hospitals and insurance companies can subsequently receive the data. Active participants are able to earn as much as $1500 towards healthcare services each year.

People are very interested in wearing fitness trackers.  Those devices will help people increase life expectancy.  Health devices will eventually be able to diagnose illnesses. Furthermore fitness data could be used unfortunately to deny coverage or increase rates.

A fitbit tracker could warn a person of the presence of a virus. For example, if the device measures a decrease in the number of steps, plus an elevated resting heart rate.

An insurance company could send a message to the patient if it has access to that data. The patient could be directed to go to a doctor or urgent care clinic. Therefore the patient would be on the mend sooner.

There are clinical trials underway using fitbit data. The trials deal with a number of conditions. These conditions are diabetes, cancer, arthritis and cystic fibrosis.

When these studies are made public, researchers and doctors will thus be able to identify signals of specific diseases. The devices can help individuals change their daily habits to become healthier. Insurance companies would save money. They could therefore pass savings to their clients.

Unfortunately, the devices could also provide reasons for denying coverage to the inactive and unhealthy or increasing insurance premiums.

Data Breach Insurance

There has been no shortage of data breaches recently.   Therefore data breach insurance seems to be extremely important.  Data breach response costs accumulate very quickly. Target’s December 2013 data breach response costs were reported to be $148M.

Cyber insurance assists in curbing the heavy costs of data breach by offering coverage.   It takes care of Public Relations and forensics investigations.   This insurance deals with breach notification mailings, Furthermore cyber insurance deals with credit monitoring, regulatory defense, penalties and fines.

 Business interests also rely on you to safeguard their personal information. Data Breach Insurance is therefore necessary.  Your business reputation is endangered when sensitive data is divulged.

The Hartford offers Data Breach insurance.  Breach coverage can therefore equip you with connections to professionals.   They are able to assist you.   Furthermore professionals  help you adhere to regulatory prerequisites.  Professionals give advice on how to assist in the prevention of a data intervention.  The Hartford also manages a breach dilemma if one should occur.

When a breach occurs:

The Hartford Data Breach Insurance policy conditions guarantee that response expense coverage is available.   This  ensures that confidence in your business or practice is restored rapidly.   In most states, defences and liability expenses are also covered if you are prosecuted because of a breach exposure.

The costs associated with a breach are covered. Examples are  notification to individuals, public relations management, litigation and liability expenses . You will be advised by professionals. They will  assist you with the applicable rules and regulations to avoid or manage civil litigation and other penalties.

Hiscox Brokers offer US Privacy and Data Breach Insurance which is designed to cover privacy, data and network exposures. This policy provides adjustable indemnification for costs pertaining to breach feedback.

Coverage:  Data Breach Insurance:

  • For both the first-party and third-party accountabilities.
  • For defense expenses and indemnity.
  • Provides full limits for contentious costs.
  • Grants full limits for credit or identity safeguard expenses.
  • Covers both heedlessness and breach of contract demands.
  • Provides you with complimentary pre-loss breach intervention services.
  • Provides a minimum hourly covered business interruption loss amount also as a benefit.

Cyber Data Risk Managers LLC provide a sampling of annual premiums in different sectors of the economy:

  • Healthcare IT Provider: Revenue: $1.2 million, Limit: $5 million ~ Premium: $15,900
  • Healthcare SaaS Provider (Startup): Revenue: $1.5 million, Limit: $5 million ~ Premium: $30,420
  • Electronic Health Records Company: Revenue: $5 million, Limit: $1 million ~ Premium: $8,010
  • Data Hosting Provider (Startup):  Revenue: $200K, Limit: $1 million ~ Premium: $2,750

Most owners of small technology businesses have a general idea of the data security measures. This involves establishing and updating passwords, using firewalls, maintaining Data Breach Insurance, and encrypting sensitive data.

But what happens when it comes time to get rid of your old equipment?

 Failing to follow through on data disposal, however, can lead directly to a costly data breach. Data breach insurance can protect you in this instance.

Technorati reports that criminal organisations will pay hundreds of dollars for trashed hard drives.  They extract information stored on them. This data can be used to steal identities, commit fraud and particularly bribe victims.

If you are not disposing of your company equipment in a responsible manner, your customers’ information could be exposed to embezzlement.  Therefore this  means you could be liable for any compensation involved. Data Breach Insurance protects you.

How to properly Dispose of Computer Equipment

Erase valuable information. If you plan to leave the hard drive unscathed for future use, be sure to get rid of any important information because this could compromise your business or its clients. You can do this by degaussing (i. e. passing hard drives through a strong magnet). You could therefore overwrite existing data with new information

Destroy your hard drives. If you do not intend for the hard drive to be re-used, you can eradicate the possibility of data being recovered from the hard drive.    Shredders are the most high tech way to do this.   However pounding with a rock or drilling a hole through the center will also accomplish the goal.

Double check the company you hire to perform the recycling. Ensure that they have certification from the EPA (Environmental Protection Agency).  Furthermore certification guarantees that recyclers meet both environmental standards and efficiently destroy sensitive information.

Have the work done on site. If you really want to make sure safety standards are met for destroying your company’s equipment, employ a company that will bring portable shredders into your office.   You can thus watch the whole destruction process.

How Americans get hurt

How Americans get hurt:

Amino found how Americans get hurt. The study pinpointed which injuries were common in a particular state.

Do ski crashes cause the ankle injuries in Maine? Residents of Oklahoma often sprain their rotator cuffs. Could this be due to lassoing?

Insurance claims were analysed. These claims were dated from 2012 to 2016 . As a result, the study looked at injuries specific to each state. Bruising and open wounds are the most common injuries in every state.  However, the exception was Colorado. In Colorado, falling was the most frequent injury.

Tennessee residents have the most car accident injuries.  Because the rate is 2.5 per cent,  this figure is 1.6 times higher that the national frequency.

Suffocation was the most common injury in Colorado, Idaho, Nevada, New Mexico, Utah and Wyoming. As a result of high altitudes, people experience hypoxemia. This is low blood oxygen caused by exertion at high altitudes.
Furthermore, suffocation was 1.8 times more common in Idaho. In Utah this affliction was 3.1 times more common.  Thus the other four states fell somewhere in the middle.

Claims related to fighting and brawling were much higher in New York state. There were 296,000 medically documented fights between 2012 and 2016.  35,000 of these fights happened in New York.

Massachusetts has the highest youth concussion rate. according to a 2016 report from Blue Cross Blue Shield. These concussions are football-related.

Animal drawn vehicle accidents are common in Idaho, Montana, Nebraska, North Dakota and Wyoming. From 2012 to 2016 there were 43,000 animal drawn vehicle accidents.

Also riding an animal in these states results in many accidents where residents are hurt.

Sprained knees are common in Alaska, as well as New Hampshire and New York.

Motor vehicle accident injuries occurred mainly in Arkansas, Arizona, California, Georgia and Tennessee.

Furthermore, spine dislocations were common in Minnesota, South Dakota, Vermont, Washington and Wisconsin.

Internet of Things

Robotic vehicles, eyeglasses that email and trash cans that call for pick up. These are some of the aspects of the Internet of Things.

The race into the Internet of Things is on.  Google and Bayerische Motoren Werke AG are only two of the companies in this race. As a result  there is concern by the Department of Transportation and the Federal Trade Commission.    Devices may be vulnerable to hacking.  This could lead to the misuse of personal data.  Furthermore, they could cause physical harm to the owners of these devices.

The McKinsey Global Institute, a research arm for New York-based consulting firm McKinsey and Company Inc., stated the following. The market for wireless, inter-connected devices could create between $2.7 trillion and $6.2 trillion of economic value by 2025.

A computer security company  in Tacoma, Washington, stated that  devices connected to the Internet may involve hackers.  These hackers could remotely take control of appliances inside homes.    Furthermore create vehicles to kill people. This is the dark side of the Internet of Things.

Former U. S. Vice President Dick Cheney said in CBS’s “60 Minutes” program that the defibrillator he had implanted in 2007 had its wireless feature disabled because he feared terrorists could use it to kill him.

In February 2015, a revelation was revealed that hackers could remotely seize control of over a million Chrysler automobiles.   A stark warning threfore that life in an ultra-networked world could be very dark and dangerous.

Two network engineers, Charlie Miller and Chris Valasek used an Internet-connected computer to take control of a Chrysler Jeep Cherokee driving down a highway in St. Louis. A reporter for the technology magazine “Wired” sat helpless in the driver’s seat.  Miller and Valasek activated the windshield wipers, turned the radio and air conditioning up full blast and disengaged the car’s transmission to thus make the vehicle undriveable. All this was done from Miller’s basement, 10 miles away.

Robot insurance

Finding cost-effective robot insurance can be a difficult process.

Scott Eckert, CEO of Rethink Robotics thus suggests ways to obtain affordable robot insurance.

Understand the Difference

Insurance companies need to understand the difference between a traditional robot and the latest models.  Older robots are not able to analyse the environment.  This means high risk. Traditional industrial robots have to be cage-protected.  However, the latest robots are sensor driven.

Rethink Robotics created Baxter, a robot designed for use with human workers. Insurance agents were invited to a demonstration of Baxter at work.  He functioned alongside human co-workers. Baxter has human detection capabilities. Furthermore, he is also able to sense possible collisions in the workplace.

As a result of this demonstration, Rethink Robotics was able to therefore obtain secure,  liability insurance protection.

Regulations

Robotic makers and insurers should work together and thereby develop regulations for the industry. By developing rules, the industry will exercise certain risk management principles. The consequence is that the stricter the regulations, the cheaper the insurance premiums will be.

Risk Assessment

The evaluation of a risk depends on its frequency and severity. Thus assessing risks for robot insurance is difficult.
Robot insurance risk estimates are challenging due to: –

* the technical intricacy of these devices;
* insufficient data regarding risks and accidents;
* the unpredictability regarding liabilities of the manufacturer and end-user of robots.

Robot manufacturers have experienced problems obtaining robot insurance. A Europe-based company told Robotics Business Review that as a result, a project designed to test a humanoid robot in an urban environment had to be abandoned.

Certain insurance companies have voiced concerns about the size and type of risk a malfunctioning autonomous robot could pose. The result would be damage to property and hence people in an urban setting.

In conclusion, more and more robots will be in our work and home environments in the future.  These machines are going to present challenges for insurers in spite of efforts by designers and safety experts.

Medical malpractice

Medical malpractice is professional negligence by act or omission by a health care provider.  The treatment provided falls below the accepted standard of practice in the medical community and causes injury or death to the patient.

The Need for Purchasing Insurance:

Physicians are very aware of the need for buying medical malpractice insurance. They are less familiar with many of the details. The insurance business is complex.  As a result few physicians understand the vocabulary.  Medical practitioners must have professional liability insurance.  This protects their assets and careers.

Insurance is big business.   Billions of dollars are spent annually.  Although this is a small part of the almost $300 billion in total U. S. tort litigation costs, it is equal to about 3% of total health care costs.

MPLI:

Medical professional liability insurance (MPLI) is bought to protect a physician or health care institution.  The physician is therefore protected from the results of a patient’s claim for negligence. Medical malpractice insurance is purchased through an agreement called the policy.

The insurance company agrees to financial responsibility.    As a result the agreement covers  legal fees and payment of claims against the physician.  There is a fixed maximum dollar amount of coverage (liability limit).  However only for a specified length of time.

Excluded coverage:

The policy specifies certain excluded coverage. This condition lists actions not covered by medical malpractice insurance, i. e. intentional misconduct – acts that fall outside of the actual practice of medicine.

Insurance companies want to insure as many physicians as possible therefore they spread the risk.  The premiums are based on considerations of numerous issues.  For instance physician speciality and practice patterns.  Also to be considered are past claims history and geographical location.  Insurers  consider “experience ratings”.  A history of medical malpractice claims will result in higher premiums.

Calculating premiums:

Premiums are calculated using complex formulations.  Dollars  however have to be set aside in reserves and costs of business.  Further considerations are desired financial margins and any returns on invested premium dollars.  Insurers believe a predictor of future claims is a history of past claims.  Premium dollars are thus invested in order to generate additional reserve dollars and maximise investment income.

Reinsurance:

Insurers also buy insurance, called reinsurance. Reinsurance is thus  a sharing of loss between insurers. A primary insurer assigns part of its total loss exposure to the reinsurer.  In a world filled with risks and unpredictable jury awards,  secondary insurers are thus hard to find. If available, rates are high, requiring primary insurers to collect more in premium dollars to bolster reserves.

Prior to the 1970s, medical malpractice insurance was entirely provided through occurrence policies. Occurrence policies cover all claims that arise from incidents that take place during a given policy period.

Claims Made policies:

There is a new insurance product referred to as “claims made”.   Claims made policies allow insurers to more accurately adjust premiums.   They reserve dollars based on trends and projections in various markets and business lines.

Claims have to be asserted against a physician before the end of the insurer-insured relationship.  The incident being reported must have occurred after the physician first purchased a policy.  The policy typically does not cover “prior acts”.

Policy cancellation:

The physician and the insurer have a right to non-renew or cancel a policy.   Therefore appropriate notice has to be given. This notice is typically 90 days. Insurance companies must act in good faith and have a “cause”. Some reasons for cancelling a policy include false or fraudulent statements on an insurance application. Changes in a medical practice that creates unacceptable exposure to claims. Furthermore, failure to comply with the business relationship, i. e. not paying a premium, or loss of a licence to practice medicine.

Different coverage:

Some medical malpractice policies only cover direct patient care and exclude care outside of geographical boundaries, i. e. state or nation. Some policies allow for coverage in work related activities.  Medical malpractice insurance may assist with legal expenses related to adverse actions against the physician’s credentials or licence.

New York is again the highest state in terms of per capita payouts at $36.15 paid out for every individual residing in the state. The northeast as a whole had a per capita payout rate of $28.20, which is more than 3 times greater than the next highest region (the Midwest).

Insuring Tow Trucks

Drivers of tow trucks engage in a world fraught with danger. When repossessing vehicles, they face angry drivers. The road conditions may be poor due to rain, snow and potholes. This results in dangerous driving. Circumstances which require the use of heavy equipment causes havoc and danger on US freeways.

Less and less insurance companies therefore are willing to write business for tow truckers. As a result the tow truck business is in a state of distress.

The American Transportation Insurance Group (ATIG) opened its doors in 2001. The president and CEO, Chip Thompson, stated that this speciality insurance is at its worse. Since 2001 ATIG has specialised in the higher risk transportation market. In particular, garage, towing, trucking and repossession market.

ATIG are losing one out of every four customers. Tow truck companies are closing down.

There is a constant increase in the costs of litigation and healthcare. Tow truck companies are facing these snags. Most of the U. S. commercial auto insurance market has faced difficulties in recent years.

This market has reflected underwriting losses for five consecutive years. According to Fitch ratings, it is the most under performing product segment in the U. S. property/casualty insurers market.

“It’s the perfect storm for garage and commercial auto in the last six months and I don’t see it letting up anytime soon,” Thompson said.

In September 2016, Progressive stopped writing insurance for the tow trucks. Others followed suit. Eight or nine carriers pulled out of this sector.

Reasons vary. Certain carriers made a profit and then pulled out. Other carriers lost money and thus exited. Some carriers decided they did not want this business any longer.

The industry was aware that Progressive is very technologically sharp. They understand the risks. For example, the rates per the ZIP code per the risk per street. Therefore most carriers felt that if Progressive does not forsee a profitable future in this sector, neither would they profit.

Progressive is upholding their duty to current policy holders. However, they are not writing new accounts. They expect to affect small changes to their current program. This will result in Progressive forging ahead once again in the new business arena.

Chip Thompson (ATIG) says that he has people putting cameras inside the trucks. They face outward and inward. Drivers eating or talking on the phone whilst driving are treated with zero tolerance.

He added that a focus must be put on driver training. In addition, he said, if you have insurance which is semi-affordable, protect it for all you are worth.

Cyber attacks – power grid

Cyber Attacks – power grid

There is current concern regarding cyber attacks into the US power grid.

The Washington Post reported the following.   Russian hackers accessed the US power grid through a Vermont utility. The Vermont utility subsequently denied it. The utility  said that the attack was not linked to the grid. Furthermore, suspected hackers were not Russian. The media spread the story however.

The US power grid is sensitive.   Poor weather conditions do cause outages. However, there is serious concern.  It involves the potential hacking of the system. The utility’s control system is linked to the internet.

Businesses would  suffer heavy economic losses due to an outage

Therefore, businesses need to manage the potential business interruption risk. The only way to take care of this danger is by means of insurance.

Tripwire had an energy study in 2016 .  The study was conducted by Dimensional Research on cyber security challenges . These challenges face  organisations in the energy sector.

“It’s tempting to believe that this increase in attacks is horizontal across industries, but the data shows that energy organizations are experiencing a disproportionately large increase when compared to other industries. At the same time, energy organizations face unique challenges in protecting industrial control systems and SCADA assets.”

Tim Erlin, director of IT security and risk strategy for Tripwire.

Nearly 80% of respondents said that the amount of successful cyber attacks had increased in the previous 12 months.
However, almost 90% of the said respondents said they had not detected cyber attacks.

Electric generators could overload.  The immediate result would be fires and explosions.  Utility customers would lose billions. There was a 2014 analysis by the Federal Energy Regulatory Commission. They announced that successful attacks on just nine of the 55,000 US power grid substations could cause nationwide blackouts for weeks or even months.

The High cost of Natural Catastrophes

Natural catastrophes cost about $39.5 billion in 2016. This figure is higher than the previous highest record of $60 billion in 2012.

The above information excludes man-made disasters. Between 2011 up until 2015 the losses were $120 billion to $23 billion respectively.

The regions show low insurance penetration as the economic losses in the regions are much higher.

Winter storm Jonas was called the storm of the century. This is only one of the natural catastrophes that cost approximately $1 billion in damages. Airports near Baltimore had snow reaching a height of 74 cms. Glengary, West Virginia had 107 cms of snow. As a result 49 people died due to car accidents and hypothermia.

A 6.4 magnitude earthquake in Taiwan killed 116 people. The fatalities were caused by the collapse of a high-rise building. NT$25 billion was allocated for reconstruction.

In August 2016 565,070 acres of land had been burned in California. The Blue Cut fire cost Southern California’s shipping industry $1 million dollars per day.

Louisiana had a flood when six rivers broke a record on the water level. Another one of the natural catastrophes that took the lives of thirteen people. The estimated cost of this flood is in the region of $8 billion.

Another catastrophe occurred in August 2016 when Central Italy was shaken by a 6.22 magnitude quake.  As a result 240 people were killed. The cost of this disaster is estimated at 34 million Euros.

In November 2016 New Zealand had a 7.8 magnitude quake near Christchurch. Hence two hours after the quake, tsunami waves over 3 meters in height pounded the coast. Prime Minister John Key expected the damage to run into a couple of billion New Zealand dollars.

Japan was rocked by a 6.9 quake on November 21, 2016. The Fukushima’s quake was initially measured at 7.3 but later downgraded to 6.9. This area was rocked by a devastating quake in 2011 from which the residents have not yet recovered. The cost of this quake has not yet been fully calculated.

Jobs hated by insurance companies

1. Fishing industry:

Number one on the list of jobs hated by insurance companies is the fishing industry. Statistically speaking, for every 100, 000 individuals working in the fishing industry, nearly 131 of them will die each and every year while on the job. Compare that to 0.45 deaths per 1, 000,000 for someone who works in the business or financial sector.  It is easy to see why disclosing on a life insurance application that you work in the fishing industry can raise a few red flags.

In addition it should be noted that not all of the individuals that die while working in the commercial fishing industry are on boats. There are many different occupations within the fishing industry as a whole. There are  occupations such as fish farming and fish processing, which can also be quite dangerous.

These deaths are generally a result of a combination of severe weather conditions and extreme fatigue.  Any one fisherman usually puts in a 21-hour shift. This is why it is one of the jobs hated by insurance companies. Common causes of fishing related deaths include vessel disasters, falls overboard and onboard injuries.

2. Loggers:

If the Discovery Channel has decided to do a show about your line of work, you are probably going to have a difficult time buying life insurance. This is one of the jobs hated by insurance companies.

An alarming fact is that 97 people out of every 100, 000 who die each year are loggers. Loggers work with heavy, moving weights and the use of tools such as chainsaws and heavy equipment. In addition they are on uneven and sometimes steep or unstable terrain. Loggers also deal with severe environmental conditions.  Such conditions are inclement weather and severe heat or cold. An injured logger is often far from professional emergency treatment.

3. Aircraft Pilots:

Statistical data in this area generally lumps all aircraft pilots together when they report that there were approximately 69 deaths per 100, 000 pilots last year.

The definition of an aircraft pilot is someone who flies a commercial airliner, a private plane, a blimp, a hot air balloon, a hang glider or flies a plane for recreational purposes. Other details needed to assess a pilot:
– what type of instrument rating the pilot has;
– how many hours are flown per year;
– which countries are visited when flying.

High stress and long hours take their toll on commercial airline pilots.  Search and rescue pilots as well as flight engineers fall under one of the jobs hated by insurance companies.  Test pilots court risk while pushing equipment to the brink.  Crop dusters are exposed to a hash of chemicals as they fly low near power lines and other hazards.

Pitfalls a pilot may encounter when taking out life insurance:
– paying a flat extra fee for being a pilot;
– having exclusions added to the life insurance policy which would void coverage if death occurred while piloting an aircraft.

4. Miscellaneous extraction workers:

The term “miscellaneous extraction workers” is an extremely broad term.  It generally refers to any professional that is involved in the extraction or removal of natural resources from the ground and/or sea.  It is also one of the jobs hated by insurance companies.

Extraction workers will generally be working with or around heavy, dangerous drilling equipment as well as large construction vehicles. Job titles that will often fall under miscellaneous extraction workers might be: –

– oilfield or platform worker
– large scale construction demo removal specialist

The life insurance industry has taken special notice of these types of professions which is why it will be more difficult to find coverage as an “extraction worker”.

5. Number five on the top ten most dangerous jobs hated by life insurance companies hate is iron and steel workers.

With a death toll of 42 out of every 100, 000 people, it is clear that working in the iron and steel industry is a dangerous place to be. These jobs will often times be overlooked when it comes to applying for life insurance. There is a danger in that applicants are not always honest about their occupation.  They run the risk of a company not paying out a death benefit because the applicant was not above board on his application.

6. Roofers:

The only issue life insurance companies have with insuring roofers is whether they do residential or commercial roofing. Commercial roofing is regarded as higher risk than residential and therefore will increase the premium.

7. Garbage collectors:

With nearly 33 deaths per 100, 000 garbage collectors die about four times more than firefighters and thus are loaded when buying life insurance.

8. Farmers and Ranchers:

With a death toll of approximately 24 per 100, 000 workers, working as a farmer or rancher can be dangerous. Both job descriptions have to normally work with large, heavy equipment such as tractors, combines, hay balers, field cultivators, ammonia sprayers and semi-tractor trailer rigs. Any of these could cause a serious injury or loss of life. Also working with livestock such as cattle or hogs can even have its dangers. Cattle have been known to kick in a similar fashion to a horse or mule with extreme force and strength.

9. Drivers/sales workers and truck drivers:

Driving accidents account for most accidental causes of death in the United States. The death rate for these workers is approximately 24 out of every 100, 000. The high risk factor applies to drivers of hazardous waste or explosives.

10. Power Line installers and repairers:

23 people for every 100, 000 in this occupation die on the job. The hazards of this type of work include working with high voltage electricity, often at great heights as well as being physically demanding.

Surfing Insurance

Whether a surfer is travelling with a surf company or alone, here are the main reasons for taking out surfing insurance.

* The insurance provides medical cover in case of injuries;
* These policies cover a surfer against personal liability if a surfer hurts somebody else
* A surfer’s board is covered for board damage.

A number of providers offer this type of insurance, for example:-

* World Nomads:

Surfing insurance is available to travellers from over 150 countries. This insurance is designed for adventurous travellers.  It covers  overseas medical evacuation, baggage and activities.  Examples are surfing, skiing and snowboarding.

Surfing is fun but also dangerous. Medical cover is the most important part of surfing insurance. Simple medical treatment abroad can cost a small fortune. A surfer may have to be airlifted. It maybe from some tropical surf spot.  Furthermore smashing into a reef can be accidental.  Extreme sports are often excluded under basic cover. The activity of surfing has to be specified.

A surfer needs protection against hurting someone else.  This insurance provides Personal Liability Cover.

Rogue baggage handlers may result in the loss or damage of a surf board. The insured should check that surf gear is covered for its true value, i. e. particularly expensive surf boards.

A surfer may have questions that need answers about his insurance:

Am I covered if I get bitten by a shark or bash into coral?

The policy provides cover for such encounters. An insurance provider, however, may reject a claim if surfing took place at a known shark breeding ground or on a dangerous reef.

Am I insured if someone surfs over me?

Yes. In this instance you are covered.

Does travel insurance cover me if I surf Mavericks?

Because  a surfer puts himself at risk his  ability to claim may be affected. The insurer will therefore thoroughly investigate all claims to determine if a surfer put himself in danger.

Unfortunately, the surfer cannot obtain insurance against flat spells.

 

 

Insurers’ Vulnerabilities

Catastrophic Insurers’ Vulnerabilities:

A test on January 31st 2017 examined the insurers’ vulnerabilities.

A combination of a cyber attack, U. S. hurricanes and the failure of a reinsurer could therefore result in extreme insurers’ vulnerabilities in the insurance industry. These tests showed that Insurers could furthermore lose up to 120 per cent of their net capital base. The loss could be in the region of $200 billion. However, in spite of this they would not be put out of business.

Simulations:

Catastrophe simulations were performed in London in November 2016. These were staged by nine insurers and reinsurers. The simulations dealt with a cyber attack on power grids across 15 U.S. states. Furthermore, a 16 per cent downward trend in global stocks. In addition a category 5 hurricane over Miami and Florida. Also, a failure of a major reinsurer.

These tests were led by Robert Childs, the chairman of insurer Hiscox. Observers of the simulation to test vulnerabilities were the Prudential Regulation Authority, the U. K. Finance Ministry and various rating agencies.

The amount that would be lost would be more than twice the size of losses caused by Hurricane Katrina. Furthermore, at least four times larger than the World Trade Centre insured loss.

The following recommendations are to be adopted by the London Market:

1. To ensure that customers are offered efficient internal processes to react efficiently to market-turning crises.
2. Also form crisis management training programmes.
3. Ensure as well that a dynamic response has been tested and is in place.
4.  In addition have plans to raise additional capital following a critical event.

In conclusion, the London Market is to maintain its leading position and expertise in the global marketplace by strengthening Lloyd’s position and proactive stakeholder interactions.

Home Cyber Attacks

The Risk of Home Cyber Attacks:

Eighty per cent of US consumers have connectedness through a home data network. This is increasing the risk of home cyber attacks.

A survey from The Hartford Steam Boiler Inspection and Insurance Company found that connected devices include music systems, smart televisions, security cameras, door locks, alarms, lighting and home automation.

New targets:

Up until now, home cyber attacks have been fairly uncommon. However, criminals are always on the look out for new targets. Basic measures such as changing passwords are neglected by homeowners thus paving the way for an increase in home cyber attacks.

Once criminals have access, they can steal personal and financial information. They can hold computer files for ransom. Furthermore anything from webcams and smart TVs can be hijacked.

Unless you secure your router, you are a target for cyber crime. They will use your internet service for free and use your network for criminal activities.

For your protection you should : –

1. Change the name of your router. The default ID, called a service set identifier (SSID) is assigned by the manufacturer. Change your router to a name that is unique to you.
2. Change the pre-set password on your router.
3. When you choose your router’s level of security, opt for WPA2 or WPA. They are more secure than the WEP option.
4. Some routers allow for guests to use the network via a separate password. If you have many visitors to your home, its a good idea to set up a guest network.
5. Firewalls help keep hackers from using your computer to send out your personal information without your permission. While anti-virus software scans incoming email and files, a firewall is like a guard. It is watching for attempts to access your system and block communication with sources you do not permit.