View this article online: https://www.insurancejournal.com/news/national/2005/09/28/60255.htm
SVB Syndicate 1007, at Lloyd’s, announced the availability of identity insurance to help address the perils of identity theft.
For the past five years in America, identity theft has reportedly been the number one consumer complaint reported to the FTC and the problems continue to escalate as thieves become more sophisticated. FTC surveys indicate more than 9.3 million people were victims of identity theft in the United States last year, which has greatly increased the need for credible protection.
The new Lloyds’ program will reportedly help individuals better protect their identity assets with enhanced insurance coverage and fraud resolution services that help victims save valuable time, money, and frustration.
Jonathan Butcher of the SVB syndicate 1007 and who is the lead underwriter for the new Lloyd’s identity insurance facility, said, “Identity theft and information theft continue to present significant and growing exposures for individuals and organizations around the globe. Whilst our corporate insurance programs help protect organizations against many types of loss, we are now pleased to provide individuals with similar best-in-class protection. Our partnership with Identity Fraud Inc. allows individuals to obtain the enhanced identity protection by combining broad insurance coverage with professional victim resolution services.”
“We are very pleased to be partnered with Lloyds, the most historic and valued insurance marketplace in the world,” added Thomas Widman, president of Identity Fraud Inc. “This partnership recognizes the value of our VRS Elite™ victim resolution services, which dramatically helps individuals recover from identity theft. When we combine education, prevention techniques, broad insurance, and effective resolution services, we better combat identity theft and the burdens it creates.”
Indeed, the recent spate of identity thefts in America from seemingly secure firms indicates that information protection is difficult at best. Rogue inside employees are reportedly able to plunder data while external thieves use simple and sophisticated methods to steal personal information.
With laws like California’s SB 1386, which requires disclosure in cases of a data breach, a slew of large and small scale incidents exposing over 50 million records have been reported in recent months. Light is beginning to be shed on the facts surrounding data losses and indicate that the frequency of loss and thefts is high by any standard. Individuals are left fending for their own personal safety and protection from identity theft, which may only occur years after the original incident.
“As information theft and identity theft continue to grow and become more sophisticated, obtaining protection is both smart and prudent. Nearly everyday, there is a news article relating to data and identity theft. I think we must face the reality that data theft represents an exposure that is here to stay. I envision that the new program and insurance will become as common as homeowners, auto, and health insurance,” said Wendy Baker, president of Lloyd’s America.
This new Lloyd’s facility and the IFI partnership allows organizations to cost-effectively provide leading identity solutions to their customers and employees, with annual costs starting at a few dollars per person and depending on the scope of coverage.
In addition to IFI providing victim resolution services, Crawford Global Technical Services will be helping adjust claims in America, Canada, the UK, and EU.