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Mulberri and Acronis partner to provide embedded cyber insurance for US SMBs
22nd April 2024
Mulberri, an AI-driven insurance platform, and Acronis, a provider of cyber security and data protection solutions, have partnered to provide cyber insurance to US-based small & medium-sized businesses customers. Through this partnership, Acronis customers can opt-in for Mulberri’s embedded Cyber Insurance directly through the Acronis platform. It also enables Acronis and Mulberri ... Read the full article
D&O and cyber insurance premiums beginning to level off: BRP Group
19th April 2024
After several years of significant increases in insurance costs, followed by weighty decreases over the past 18 months, organisations are beginning to see a leveling off in premiums for both Directors & Officers (D&O) and cyber insurance, according to BRP Group, Inc. The independent insurance distribution firm recently released its third ... Read the full article
Coalition adds new Affirmative AI Endorsement to cyber insurance policies
27th March 2024
Active cyber insurance provider Coalition has added a new Affirmative Artificial Intelligence (AI) Endorsement to clarify what is covered by the company's US Surplus and Canada Cyber Insurance policies. According to the announcement, the endorsement expands the definition of a security failure or data breach to include an "AI security event," ... Read the full article
Munich Re’s HSB unveils cyber insurance coverage for autos
26th March 2024
Seeing cars and trucks as likely targets for hackers and cyber thieves, specialty insurer HSB has introduced Cyber for Auto, a new coverage aimed at helping consumers respond to new exposures. According to HSB, passenger vehicles built after 2020, and many older models, have sensors, computers, and other connected technology, meaning ... Read the full article
Mixed market outlook for cyber insurance in 2024: OAC
20th March 2024
Despite growth expected for cyber insurance in 2024, actuarial consultancy OAC - part of the Broadstone Group - predicts a mixed market outlook in the year as there are some areas of concern that could lead to a major loss event and have the potential for accumulation. According to ... Read the full article
Cyber insurance a focal point in the P/C industry: AM Best
8th March 2024
AM Best's recent market segment report highlights how the cyber insurance sector has become a focal point of growth and risk within the property/casualty (P/C) industry. The report notes that although pricing for cyber insurance stabilised in 2023, the demand for it remains stable. According to AM Best, “cyber insurance is ... Read the full article
CyRisk launches Privacy Risk Insights Underwriting platform for cyber insurance industry
15th February 2024
CyRisk, an innovator in cyber risk management and data analytics, has introduced its latest solution, the Privacy Risk Insights Underwriting platform. Designed to meet the escalating demands of the cyber insurance sector amid a surge in privacy claims, this state-of-the-art tool leverages advanced artificial intelligence to provide unparalleled insights into privacy ... Read the full article
Cyber insurance premiums set to surge, U.S. businesses bear majority: Triple-I
12th February 2024
In accordance with the Insurance Information Institute's (Triple-I) latest Issues Brief, global direct written premiums for cyber insurance are projected to escalate to $23 billion by 2025. U.S. enterprises are anticipated to contribute approximately 56% to this total, the report noted. The surge is attributed to two primary factors outlined in Triple-I's ... Read the full article
WTW launches cyber insurance solution for SMEs in North America
2nd February 2024
Global insurance broker WTW has launched a new cyber insurance solution tailored for small and medium-sized enterprises (SMEs) spanning industries across North America. This solution is tailored for businesses with annual revenues under $50 million, including start-ups and pre-revenue accounts. The firm states that this new cyber solution is crafted to ... Read the full article
mShift partners with CyberCube to revolutionise cyber insurance analytics delivery
5th December 2023
Millennial Shift Technologies Inc. (mShift) has announced a strategic partnership with CyberCube, a leading cyber risk analytics platform. The collaboration aims to automate the delivery of cyber insurance analytics through an integrated solution that enhances workflow efficiency for insurance professionals while delivering an enriched client experience. mShift, a digital platform designed to ... Read the full article
Geneva Association emphasises need for partnerships to address cyber insurance gaps
16th November 2023
The Geneva Association has released a report warning that the increasing frequency of cyberattacks, coupled with geopolitical tensions, is exposing significant gaps in cyber insurance coverage. The report reveals a 38% surge in cyberattacks globally in 2022 compared to the previous year, underscoring the need for innovative solutions to address the ... Read the full article
Cyber insurance market attractive despite ransomware uptick: JP Morgan
13th November 2023
Despite ransomware frequency picking up following a slowdown in 2022, analysts at JP Morgan still see the cyber insurance market as an "attractive area with strong profitability and good exposure growth potential in the coming years." Citing data released by Aon, JP Morgan said that ransomware attacks picked up 176% in ... Read the full article
Stable cyber insurance pricing, rising casualty rates in Europe’s insurance market: Marsh
7th November 2023
In the latest Marsh Global insurance market index report for Europe, property insurance pricing saw a 7% increase, slightly down from the prior quarter's 8%. The rise was attributed to the impact of catastrophic events and secondary perils like floods, storms, wildfires, and hail. Insurers adjusted their exposures, line sizes, and increased ... Read the full article
Coalition launches Active Cyber Insurance in Australia
6th November 2023
Coalition has introduced its suite of Active Cyber Insurance products in Australia. This insurance offering is designed to go beyond risk transfer, actively assisting organisations in understanding their cyber risk profiles, enhancing their cybersecurity defenses, and proactively preventing future cyberattacks, the company said. In recent years, Australia has witnessed numerous high-profile cyber ... Read the full article
Many SMEs are being left with a gap in coverage for cyber insurance: Cowbell’s Cooksley
3rd November 2023
With the insurability gap within the small and medium-sized enterprise (SME) market continuing to grow as cyber attacks and the digitisation of work processes increase, one key issue that surrounds this, is that the cyber insurance products offered do not always match up with the financial losses that businesses may ... Read the full article