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The Hindu
21-05-2025
- Business
- The Hindu
Spurt in premiums for war, political violence cover post Pahalgam attack
Following the terrorist attack at Pahalgam in April and the subsequent ceasefire earlier this month, insurance premiums for war and political violence cover available for Indian companies have risen 'significantly,' according to insurance brokers. Though Indian insurers are not offering any property insurance policies for war and conflicts to Indian corporates, policies covering war and political violence are being made available from international reinsurers which had been issued with stricter limits and conditions. Deepak Madan, Head Commercial Lines, Large Account Practices at Prudent Insurance Brokers said, 'Property insurance policies for war and conflict-related situations are typically excluded from insurance cover so there was no impact at all in premium. And thus geopolitical tensions usually do not influence premium rates.' 'But several companies had purchased war and political violence coverage which is a reinsurance-backed cover, available primarily through international markets. The availability and terms of coverage also vary according to the property's location, particularly in high-exposure areas such as Jammu and Kashmir and other border regions,' Mr. Madan said. Hari Radhakrishnan from Insurance Brokers Association of India (IBAI) said since the geopolitical risk had gone up considerably due to various conflicts such as Ukraine, Gaza, Iran and wider Persian Gulf, and Indo-Pak., there had been a downstream impact on insurance and reinsurance markets. 'Since these conflicts can affect oil prices or commodity prices, there can be impact on underwriting and claims in the form of increased costs, increased restoration periods, logistical challenges. Insurers and reinsurers have to factor these into their operating considerations,' he said. He said since the Indo-Pak. conflict is new and still developing even though there is a pause in active hostilities or live action, the impact might be less visible in the immediate term but could be more visible on a longer-term basis. On the impact on the supply chain due to disruptions caused by geopolitical developments, he said, 'When there are supply chain disruptions, certain insurance products such as trade credit insurance, contingent business interruption covers [coverage for suppliers and customers premises] , see a demand spike which is also being witnessed.'
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Business Standard
12-05-2025
- Business
- Business Standard
Indo-Pak tensions trigger rise in war insurance cover enquiries from firms
The heightened tension between India and Pakistan in recent weeks has prompted an increase in enquiries regarding 'war cover' from Indian companies and individuals alike, said industry insiders. That said, insurance brokers pointed out that 'war' is typically excluded from insurance coverage, except in the case of marine and aviation policies. According to insurance experts, commercial lines, including property, fire and other segments, do not cover 'war', as war on land is historically a standard exclusion. However, 'war cover' may be bought under marine hull and cargo, and aviation segments. The geopolitical tensions between the two countries have led customers to enquire more about war cover for infrastructure. Insurers believe that if war is covered under commercial lines, it would trigger higher claims for insurance companies, resulting in losses. They also say such events are difficult to predict, making modelling challenging for insurers. 'Post the India-Pakistan tensions, there have been a few inquiries from our clients on war cover. Unfortunately, there has been no solution. Globally, war is a standard exclusion in other policies – property, liability, etc. So if damage occurs due to war-like situations, it will not be covered. Insuring critical infrastructure involves huge sums, and if damaged, can severely affect an insurer's balance sheet. Hence, these are intentionally excluded,' said Rushik Patel, Associate Director – Liability, Edme Insurance Brokers. As policyholders' queries on war cover increase, insurance companies are also looking to offer alternative solutions, including protection against political violence or standalone terrorism cover. Political violence provides cover for war-like situations, and in the current case, war was not declared. It also provides cover for sabotage and terrorism. There is also standalone terrorism cover. If policyholders want insurance beyond these, they will have to approach the international market. 'There has been significant anxiety in recent days, and that has led to multiple enquiries. Clients want to assess whether the current war-like situations are covered under their existing policies. If not, they're seeking to understand what alternative solutions are available. Corporates are looking at alternative solutions including political violence cover or standalone terrorism cover,' said Deepak Madan, Head – Commercial Lines, Large Account Practices at Prudent Insurance Brokers.
Associated Press
10-02-2025
- Business
- Associated Press
Prudent Insurance Brokers Partners with AccuKnox for Zero Trust Application, Cloud, and AI Security
Prudent Insurance Brokers Partners with AccuKnox for Zero Trust Application, Cloud, and AI Security 'We conducted an in-depth proof of concept (POC) with several top-tier vendors over an extended period, and Accuknox excelled in all areas. We are pleased to embark on this partnership with AccuKnox' — Manoj Kern, CIO, Prudent Insurance Brokers MENLO PARK, CA, UNITED STATES, February 10, 2025 / / -- AccuKnox, Inc., a leading provider of Zero Trust CNAPP (Cloud Native Application Protection Platform) with a highly differentiated capability to address advanced attacks using its run-time security engine. AccuKnox integrated ASPM/CNAPP solution provides the industry's most comprehensive Code to Cloud; Build security. AccuKnox is an integrated platform that is made up of the following modules: This platform secures modern Cloud, natively integrates to CI/CD for DevSecOps and VM security with a special focus on automation and prioritization. AccuKnox streamlines vulnerability triage minimizes alert fatigue problems, and delivers inline security capabilities as opposed to post-attack mitigation. Use Cases Quick Org Onboarding with Risk Assessment Detect critical issues in your Multi-cloud Detect Compliance Posture across 30+ compliance Automated Zero Trust Cloud Security (Public, Private, Hybrid, Air-gapped) Vulnerability Management & Prioritization Run-time security, Micro-segmentation Application Firewalling, Kernel Hardening Drift Detection & Audit Trail Continuous Diagnostics & Mitigation GRC – CIS, HIPAA, GDPR, SOC2, STIG, MITRE, NIST compliance Securing Mission-Critical Workloads like Vault Securing AI workbenches like Jupyter Notebooks AccuKnox CNAPP offers the following Key Differentiators Inline Security (as opposed to Post-attack security) Secures modern workloads (Kubernetes) and traditional workloads (VMs) Multi-Cloud, Private, Air-gapped Cloud Security KIEM – Kubernetes Identity & Entitlement Management IAC – Infrastructure As Code scanning ASPM – Ability to perform checks in CI pipeline (DAST, SAST, SCA) AskADA – LLM-powered DevSecOps ModelKnox – AI/ML Security Supporting Quotes 'We are thrilled to partner with a leader like Prudent Insurance and support them in securing their Applications, Cloud, and AI/Models and support them in their path towards market leadership. Their vision is of a Platform approach to Application and Cloud Security is in alignment with other industry leaders. Such an approach reduces the attack surface, decreases operating expenses, and delivers better security outcomes. ', said Nat Natraj, CEO, of AccuKnox. 'At Prudent, we advocate for a comprehensive end-to-end methodology in application and cloud security. This approach emphasizes automation and prioritization while enhancing collaboration across teams. Adopting a consolidated security framework strengthens our capabilities to deliver robust protection that aligns with our business objectives. Recently, we conducted an in-depth proof of concept (POC) with several top-tier vendors over an extended period, and Accuknox excelled in all areas. Their integrated offering, which combines application security posture management (ASPM), vulnerability prioritization, cloud-native application protection platform (CNAPP), run-time security and Governance Risk and Compliance (GRC), clearly established them as the leading choice. Accuknox's AI-assisted remediation module further solidified their position as a clear winner. We are pleased to embark on this partnership with them', said Manoj Kern, CIO, Prudent Insurance Brokers. About AccuKnox AccuKnox provides a Zero Trust CNAPP Security platform that secures Public Clouds, Private Clouds, Edge/IoT & 5G assets. AccuKnox is funded by leading Cyber Security Investors like National Grid Partners, MDSV, Avanta Venture Partners, Dolby Family Ventures, DreamIT Ventures, 5G Open Innovation Lab, and Seedop. AccuKnox was formed in partnership with SRI International (previously Stanford Research Institute) and has seminal patents on different aspects of Zero Trust security. Nat Natraj +1 5105798785 X LinkedIn YouTube Legal Disclaimer:
