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Cyberattacks are occurring with greater frequency and severity, and could have enormous impacts on huge swaths of the highly interconnected electric grid. Despite the serious risks posed by cyber attacks, insurance coverage for utility companies is often not comprehensive or too expensive, as reported by a recent EnergyWire article. The article goes on to explain that this is “partly because insurance underwriters have had trouble fleshing out risk assessments with hard numbers. Utilities are tight-lipped about their cyber vulnerabilities for fear of legal repercussions (and exposing themselves to new threats).” The Department of Homeland Security’s Cybersecurity Insurance Workshop Readout Report explains… [more]
View InsightCalifornia, New York, and Washington will require that large insurance companies, including some of the best auto insurance companies, operating within those states disclose how they respond, and plan to respond, to the risks posed by climate change. [New York Times] The U.S. in 2011 experienced a record number of natural disasters, and the costs of recovery – much of which will be borne by the insurance industry – are expected to exceed $50 billion. [New York Times] “We want to make sure that the financial soundness and stability of the insurance companies are not jeopardized by inadequate preparation for… [more]
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