The financial sector experienced notable impacts, with recovery costs averaging $2.58 million per incident in 2024, up from $2.23 million in 2023. Ransom demands in this sector varied widely, ranging from $180,000 to $40 million, with an average demand of $6.9 million. Additionally, the sector faced significant downtime costs, estimated at $32.3 billion since 2018.
Highlighting the importance of liability coverage, in relation to cyber risks and professional services, Cotton explained. “Cyber risks can go uninsured, even though many charities now hold sensitive data on employees, service users, and third parties,” she said. “Professional liability cover is another key area, particularly for charities providing professional services such as advice, guidance, or counselling. Without it, they could be exposed to claims of negligence that aren’t covered by public liability insurance. Trustee liability insurance also helps to protect trustees and senior staff from allegations in relation to their governance or financial management.”
“We are not very good in terms of being the fastest or the first mover,” Jain said, adding that Berkshire prefers to “wait and see until the opportunity crystallises.” His remarks suggest that the conglomerate, which is currently navigating profit pressure and a major leadership transition, is unlikely to make large-scale AI bets any time soon.
Gallagher commented on current conditions in the global property and casualty insurance market, noting a continued divergence between property and casualty premium trends. According to the company, commercial property renewal premiums declined 2%, while casualty increased 8% during the first quarter of 2025. Exposure changes, including mid-term endorsements, remained positive. The company also reported no significant impact on customer activity due to tariffs or geopolitical developments.
The increase, the company said, was mainly due to “expected higher stop loss medical costs” and the lingering impact of Medicare Advantage operations that Cigna has since divested. The sale of its Medicare businesses to Health Care Service Corporation (HCSC), parent of several Blue Cross and Blue Shield plans, closed in late March. That transaction included Medicare Advantage, Medicare Part D, supplemental benefits and CareAllies, a medical services administration business.
“A huge congratulations to our new partners. It has been a privilege witnessing their growth and progression over the years. At Kennedys, our people are our greatest competitive advantage, and [the] promotions underscore the breadth and depth of our talent. As they begin their new roles, they will each play an instrumental part in further strengthening our global reach, enhancing the value we deliver to clients, and shaping the path forward as we continue to navigate the evolving demands of business,” she said.
As well as coverage, regulatory compliance is essential for drone users.
Speaking on regulation, Jackson said: “We would suggest ensuring that clients comply with the regulations set by aviation authorities such as the Civil Aviation Authority (CAA) in the UK, the Federal Aviation Administration (FAA) in the US, or other relevant bodies. These regulations cover aspects such as drone registration, pilot certification, operational limitations, and safety requirements.”
Jackson also warned that clients should be strongly advised to take up essential coverage:
“Many jurisdictions mandate specific insurance coverage for drone operations. For example, in the UK, drone insurance must comply with EC 785/2004, which sets out requirements for third-party liability insurance for aircraft, including drones.”
The appointments underscore TMHCC’s broader ambition to grow its specialty lines presence across international markets. Headquartered in Houston, Texas, TMHCC is part of the Tokio Marine Group — a global insurer established in 1879 and listed with a market capitalisation of $70 billion as of December 2024. TMHCC operates across the US, UK, continental Europe and Mexico, with strong financial backing. Its insurance entities hold high-grade ratings including ‘A++’ from AM Best, ‘A+’ from S&P Global Ratings and ‘AA-’ from Fitch.
The ransomware-style attack, suspected to be the work of the Scattered Spider group, appears to have targeted critical backend servers, possibly compromising authentication files and deploying encryptors to lock virtual machines. Though details remain scarce, the incident may have originated months earlier, highlighting the often undetected gestation period of such breaches.
“Interestingly, some of these companies – such as Johnson & Johnson, Herbalife, and Monsanto – reached their highest stock price sometime after the scandal broke out, suggesting that they managed to fully overcome the setback,” vpnMentor said.
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