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BERMUDA | RSS PODCAST

Cyber risk among insurance hot topics

Mark Chudleigh

A leading Bermuda law firm will today kick off a conference designed to focus on hot topics in the insurance and reinsurance world.

And the Sedgwick Chudleigh-organised seminar will zoom in on major threats like cyber crime, insurance arbitration, insurance risk from fracking, hydraulic fracturing for oil and gas deposits, as well as medical insurance issues and labour law.

Sedgwick Chudleigh managing partner said: “The topics are chosen through a collaborative process and an evolving one because very often we don’t know what topics are hot until shortly beforehand.

“The arbitration presentation I am giving is in response to feedback we have received in prior years that people wanted to hear more about the arbitration process.”

Mr Chudleigh added that the seminar series, now in its 13th year, had attracted a record 160 registrations — beating the previous record set last year.

He added: “We have had cyber security liability issues on the programme for the last three years and that particular issue is steaming hot this year.

“In the last 12 months, we have had Sony, the Ashley Madison site hacking among many other cyber attacks.

“I’m proud we did a good job identifying this before it was a big issue — and now it’s bigger than ever.”

Cyber crime and risks will be highlighted by Cinthia Granados Motley, from Sedgwick Chicago.

Mr Chudleigh said: “She will discuss cyber liabilities and exposures that all companies and professionals now face, as well as current regulatory trends and steps companies should be taking to prevent, mitigate and promptly manage costs in the event of a security incident.

“The subject of fracking will be covered by Greg Lahr of Sedgwick New York who will provide an update legislation and litigation surrounding hydraulic fracturing in the US and abroad and address recent pollution concerns and insurance coverage issues.”

Mr Chudleigh said seven speakers from Sedgwick lawyers from Bermuda, the UK and the US will cover different topics of interest to the Bermuda business world.

He added: “The great majority of the audience are from the Bermuda insurance market and we have some people coming in to Bermuda for it or people who are here for other reasons who are coming along.

“We’re very pleased at the numbers — last year was our prior record, although we did have some dropouts because it was held between Hurricanes Fay and Gonzalo.”

Other topics up for discussion at the event, which starts at the Bermuda Underwater Exploration Institute (BUEI) at 2pm, include product liability, director and officer (D&O) liability insurance and current threats to liability insurers of North American risks.

Sedgwick Chudleigh is part of the international Sedgwick network, which specialises in litigation and the resolution of complex and high value claims affecting the insurance and reinsurance industry.