EUROP handled the payment of an indemnity of 282,126.84 USD to one of its clients using parametric insurance (also known as index insurance). The cover had been structured, underwritten and placed by Europ for its client.
Author Archives: euro6807
EUROP handled the payment of parametric insurance indemnity
EUROP handled the payment of an indemnity of 131,130.05 USD to one of its clients using parametric insurance (also known as index insurance). The cover had been structured, underwritten and placed by Europ for its client.
EUROP handled the payment of parametric insurance indemnity
EUROP handled the payment of an indemnity of 480,490.65 USD to one of its clients using parametric insurance (also known as index insurance). The cover had been structured, underwritten and placed by Europ for its client.
EUROP Insurance Brokers launches Cyber Insurance specialty services in Ukraine
Faced with numerous requests from IT companies in Ukraine and the growing risk of cyber attacks worldwide, we have decided to launch specialty services for cyber insurance structuring and placement. Click the following link to find more information about our dedicated services for cyber insurance available to Ukrainian companies.
Cyber Risk Insurance
The booming usage of computers and mobile devices worldwide has gone together with an increasing number of cyber attacks. Those attacks have affected companies in sectors as varied as energy, transport, health, financial services, IT, retail or governmental organizations. No company is now immune. With rising cyber threats, companies should be particularly attentive to protecting their business against cyber risks.
What is cyber insurance?
Cyber insurance covers cyber risks, that is: the losses relating to damage to, or loss of information from, IT systems and networks.
What are the risks covered?
In conjunction with EUROP Insurance Brokers’ strategic partners, we provide cyber security risk assessments and cyber insurance program design, placement and localization to the specifics of the Ukrainian market. The range of insurances we arrange is commonly offered in a modular policy format and can cover a multitude of risks that fall into first party and third party risks.
First-party insurance covers the assets of your own business. It may include:
- Digital asset (data or software) loss or damage from cyber-attacks like, for instance, viruses, malware, stolen devices, phishing, or web-based attacks;
- Business interruption from network downtime or failure of software or systems;
- Cyber extortion, where third parties threaten to damage or release data if money is not paid to them;
- Reputational damage arising from a breach of data that results in loss of intellectual property or customers;
- Theft of money or digital assets through theft of equipment or electronic theft;
- Privacy and security breach response related expenses, including legal and public relations, notifications, forensics, and call centre services costs.
Third-party insurance covers the assets of third parties, typically your customers. It may include:
- Security and privacy breaches, and the investigation, defense costs and civil damages associated with them;
- Loss of third party data, including payment of compensation to customers for denial of access, and failure of software or systems;
- Media liability, to cover investigation, defense costs and civil damages arising from defamation, breach of privacy or negligence in publication in various media.
How to get Cyber Insurance in Ukraine?
We have access to a variety of specialist re-insurers on the London market with very broad policy wordings. Policies can be localized and fronted by a range of carriers in Ukraine.
We are your disposal to discuss how we can help protect your business from the growing threats of cyber risks. Call us (+380 67 214 56 24) or send us a message (info@europbrokers.com).
Political Violence Insurance
The recent events in Eastern Ukraine have shown how important it is for companies to protect their business against all kinds of unpredictable political violence risks.
Why Political Violence Insurance?
- Geopolitical instability & unpredictability
- Low frequency but high severity
- Traditional PDBI insurance (Property Damage & Business Interruption) excludes political violence risks
- A large and well-developed political risk insurance market exists for those specific risks
Types of Political Risks
- Political Violence: The risk of terrorism, sabotage, riots, strikes, civil commotions, malicious damage, insurrection, revolution, rebellion, mutiny, civil war or war. Political violence can be quantified using measures of political stability, peacefulness and specific acts of violence.
- Other Political Risks (also insurable): Currency inconvertibility and non-transfer. Expropriation, nationalization, confiscation.
Insurance coverage
Political Violence insurance pays compensation for two types of losses:
- Assets: Damage to covered tangible assets
- Business Income: Income losses resulting from damage to assets caused by political violence
Risks are covered at 99,99% by Western re-insurers (London market). Fronting is ensured by local carriers in Ukraine.
Products
- T1: Sabotage and Terrorism. Designed to provide stand-alone coverage where Terrorism and/or Sabotage is excluded from the Property All Risks Policy. Typically purchased in developed countries where there is no perceived threat of civil unrest and/or armed conflict.
- PV1: Strikes, riots, civil commotion and malicious damage, insurrection, revolution, rebellion, mutiny, coup d’etat. This product eliminates doubt over whether say a riot is covered or not under the Property All-Risks Policy as this policy would respond first in any event. Covers both political and civil unrest.
- PV1-W: Insurrection, revolution, rebellion, mutiny, coup d’etat, war and civil
war. The most comprehensive wording available and one which protects clients from all listed perils. This wording is designed specifically for political hot spots, where there is a substantial threat of both political and civil unrest, and a real threat of a cross border incursion by a foreign power.
Call us (+380 67 214 56 24) or send us a message (info@europbrokers.com) for a free consultation on how we can help you protect your business from political violence risks.
EUROP Insurance Brokers launches Grainsurance agricultural insurance services
Following the success and growth over the years of its client portfolio in the agriculture industry, EUROP Insurance Brokers has launched Grainsurance, a specialized agricultural insurance service.
Grainsurance provides information about agricultural insurance in Ukraine and full assistance in structuring, placing and handling losses for the following types of insurance:
- Crop yield insurance
- Winterkill insurance
- Farm & Equipment insurance
- Livestock insurance
IFC conference: “Planning PPPs for Agri-Insurance from the Western Balkans to Central Asia”
EUROP Insurance Brokers had the pleasure to take part in the conference “Planning PPPs for Agri-Insurance from the Western Balkans to Central Asia” organized by IFC / The World Bank Group, which took place in Kyiv on June 9-11, 2015.
Day 1 focused on the main results, experience and challenges faced during implementation of the Ukraine Agri-Insurance Development project. In particular the following topics have been addressed:
- Agricultural insurance overview in Ukraine and its further development
- Development of public-private partnership for agriculture insurance in the region
- Modern technologies in agricultural insurance (index insurance, portfolio insurance, synthetic weather data grid, on-line platforms, etc)
- Agri-insurance as means to access finance
Speakers included WBG experts, Ukraine government representatives (the Ministry of Agriculture, the State Regulator), private sector representatives (local insurance companies, input suppliers, banks, farmers, NGO’s).
Day 2 presented the current state of agri-insurance PPP development in Eastern Europe and Central Asia countries, followed by opportunities and needs for development. Selected speakers from participating countries have outlined the current state of development, and described the development needs.
During Day 3, Watts & Associates Inc. (USA) has described the lessons learned of their experience with proxy insurance in agriculture.
EUROP Insurance Brokers thanks Gary Reusche and his whole team for the quality of the presentations and the load of information received during those three intensive days.