Representatives of the London (re)insurance market are optimistic that the UK Chancellor of the Exchequer will include significant provisions for the sector in this year's budget, which is scheduled for 18 March.
RSA group general counsel Derek Walsh has denied former executive Philip Smith's claims that the UK multi-line insurer knew about the misuse of reserves at its Irish subsidiary.
The number of US-based Marsh clients purchasing standalone cyber insurance increased by 32 percent last year compared to 2013, according to a cyber trends report published by the broking heavyweight last week (12 March).
Renewal rates for cyber insurance rose by as much as 10 percent for retailers due to increased loss activity in 2014, according to a Marsh report on cyber trends published yesterday (12 March).
