05/31/2022 · 12 min read
Premiums for key technology risks have more than doubled in the last 10 years – but price only tells part of the story. Terms and conditions and limits are also getting more stringent and tech companies must adapt their programs to control costs while still managing risks. Innovative companies need to find ways to adjust to control costs while still managing risks.
Marsh leaders offered advice and solutions for designing and effective risk management solution during the 2022 Silicon Valley Technology Risk Forum.
Cyber is a game played against an adversary and requires different approaches than other risks. Insurers tend to focus on these points during the underwriting process.
The advance of technology companies into real world products and services such as digital health, augmented reality, autonomous vehicles and other new business models brings new casualty concerns. There are three areas where tech companies should focus when it comes to casualty insurance:
Tech companies are facing three areas of concern regarding property coverage – rising valuations, supply chain increasing concentration and fragility in the supply chain. The factors driving rising concerns about these areas include:
Tech companies are constantly innovating, changing, building an acquiring – it drives their growth and their potential D&O liabilities. Tech companies have seen a steady increase in the number of federal securities litigation in the last five years. In 2021, 31% of all federal securities ligations were related to technology companies.
Review this session to learn more about the current state of the market in our replay from 2022’s Silicon Valley Tech Risk Forum below.
Ctrl Alt Delete: Strategy Reset in a Tough Market – 2022 Tech Risk Forum Replay
Tech risk specialists discuss how innovative companies are adjusting to this new insurance market, with surging premiums and more stringent terms and conditions.
FINPRO Practice Leader
Managing Director, QSG Casualty Tech & Life Science Placement Leader, Marsh
Senior Client Advisor
Managing Director, FINPRO