London Underwriters Study New Commercial Crime Risks
Law360, London (March 11, 2020, 3:16 PM GMT) -- Underwriters in the London insurance market have established a forum for discussing commercial crime, tackling “fundamental issues” affecting the market including the withdrawal of capital as well as emerging risks.
The International Underwriting Association said Wednesday it has established a group that would look at new risks like social engineering fraud that cut across standard crime insurance policies and emerging areas like cyberinsurance.
Social engineering fraud, where a criminal poses as an employee and encourages someone else at the company to wire money, is a growing area of contention for insurers as it can be covered by both crime insurance and...
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