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18 September 2014
Chicago
Reporter Stephen Durham

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NRRA to focus on cyber risk

Leaders in the risk retention sector of the insurance industry are to focus on cyber security as a major issue at the National Risk Retention Association (NRRA) conference in Chicago.

“The threat from hackers penetrating private data on policyholders held by risk retention groups has grown tremendously over the last few years. No company is too small to be exposed to cyber attacks,” said Sanford Elsass, NRRA chairman.

More than half the 250 risk retention groups (RRGs) in business today are engaged in some form of healthcare from physicians and hospitals to long-term care facilities. These policyholders have extensive databases of private information on thousands of individuals, which is at risk of cyber attacks.

A major feature of the conference will be a panel of security experts who will advise attendees how to develop breach and recovery plans to protect their members.

Today, RRGs collectively generate more than $2.6 billion in annual premium.

Another priority of the conference will be to chart a course for growth of the RRG sector in the face of increasing competition from traditional insurance companies.

A major panel of economists, industry executives and regulators will address how to navigate uncertain markets over the next few years.

The conference programme will include a variety of panels and workshop sessions devoted to managing risk retention and purchasing groups and regulatory compliance including: how to lower reinsurance costs, enterprise risk management, enhancing capital, compliance with new state regulations, and boards' best practices.

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