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Directors in the dark as cyber risks escalate

Nearly two-thirds of organizations consider cyber threats to be among their top five risk-1--management priorities, yet only 1-in-5 board members say they review their company's cyber risk reports, according to a new study released today. "Ownership of cyber risk needs to broaden and wider engagement of the executive suite is needed," said John Drzik, the president of global risk and digital for Marsh, when announcing the results in New York. The broker unit of Marsh & McLennan, in partnership with...

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Allianz Q4 P&C profit falls 9.6%

Operating profit at Allianz's P&C division fell by 9.6 percent to EUR1.31bn ($1.63bn) in Q4, after higher cat claims and operating losses at the company's commercial insurance unit. The Q4 P&C operating result missed the analyst consensus of EUR1.35bn, as provided by Baader Helvea. Allianz Global Corporate & Specialty, which sits within the P&C division, made an operating loss of EUR17mn for the fourth quarter, compared to a profit of EUR11mn a year earlier. The unit's Q4 combined ratio deteriorated...

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