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GFIA flags trillion dollar protection gaps in pensions, cyber
21st March 2023
A new report by the Global Federation of Insurance Associations (GFIA) has flagged some of the most pressing insurance protection gaps facing the world currently, and explored ways to help close them. Among the largest annual global protection gaps identified by GFIA were a $1 trillion gap for pensions, $900 billion ... Read the full article
Berkshire (BHSI) promotes Ruddlesdin to Head of Professional Indemnity & Cyber, UK
20th March 2023
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Ben Ruddlesdin to Head of Professional Indemnity & Cyber (UK), where he will continue to be based in London. In his most recent role at the firm, Ruddlesdin served as Senior Underwriter, PI & Cyber. Overall, he brings nearly 10 years of industry experience towards ... Read the full article
AXA XL backs newly launched cyber underwriter Intangic MGA
17th March 2023
AXA XL has backed the launch of Intangic MGA, a data science-driven, London-based cyber Managing General Agent (MGA), that offers innovative cyber insurance cover for large public corporations headquartered in the UK. The MGA is led by an executive team that possess a unique combination of expertise from insurance, data science, ... Read the full article
Relm Insurance partners with cyber risk manager NetDiligence
15th March 2023
Specialty insurer Relm Insurance has announced a new partnership with NetDiligence, a provider of cyber risk readiness and response services, to deliver a suite of cyber risk monitoring solutions. Solutions will be provided to policyholders via automated enrolment through NetDiligence’s eRiskHub platform, which is designed for the prevention, reporting, and recovery ... Read the full article
Peak Re targets global cyber expansion with help of CyberCube
15th March 2023
Hong Kong-based global reinsurance company, Peak Re is targeting to expand its presence in the global cyber market with help of cyber risk analytics specialist CyberCube. According to the announcement, Peak Re - which has a global portfolio with a heavy presence in its core Asian markets - will licence CyberCube’s ... Read the full article
Coalition enters excess cyber insurance market in UK
14th March 2023
Cyber insurance provider Coalition is set to enter the excess cyber insurance market in the United Kingdom, to help protect businesses with enhanced coverage. By doing this, the firm will be able to help more businesses obtain the coverage they need to protect themselves from digital risks. The firm has confirmed that ... Read the full article
Lloyd’s has a duty to lead in cyber: Patrick Tiernan
13th March 2023
Patrick Tiernan, Chief of Markets at Lloyd’s, says the insurance and reinsurance marketplace has a duty to provide leadership in the cyber market and ensure sustainable underwriting practices. With the cyber market set to continue it’s rapid growth, it is “encumbent on Lloyd’s to be a leader in this space,” Tiernan ... Read the full article
Volume of ransomware & extortion attacks to continue in 2023: CyberCube
7th March 2023
In a new report from CyberCube, the risk analytics specialist anticipates that there will be further attempts to compromise IT supply chains and geopolitical targets such as government agencies and non-government organizations. In CyberCube’s Global Threat Briefing, the firm identifies areas that the re/insurance and broking community needs to focus on ... Read the full article
Cyber attack surface widened by new ways of working, says Coalition
6th March 2023
London decoy computers were attacked 91 million times in January, of which 77 million were attempts to hack into remote desktop connections used by employees working out of office, according to new data from cyber insurer Coalition. Computers specially configured to make cyber criminals think they were small businesses operating in ... Read the full article
CyberCube launches add on module for Broking Manager SaaS solution
6th March 2023
Cyber risk analytics provider CyberCube has announced the launch of Prep Module Version 1.0, an add-on module of Broking Manager, the firms Software-as-a-Service (SaaS) solution designed specifically for insurance brokers. The firm explained that the add-on module, when paired with Broking Manager will help improve a broker’s overall ability to prepare ... Read the full article
Cyber risk management impacts insurance pricing and credit ratings: S&P
2nd March 2023
Despite a growing interest in cyber insurance, the organisational structures, workplace culture, and wider risk management ecosystems that combine to minimise cyber threats are still often lacking, cyber experts told S&P Global Ratings. They also highlighted that insurers are assessing their clients’ cyber preparedness to determine the cost of their premiums, ... Read the full article
Saiber & CYMAR form partnership to address cyber insurance needs within the UAE
2nd March 2023
Smart Port technology company, Saiber Innovation Technologies and Ports & Terminals cyber insurance specialist CYMAR Management Ltd., have announced a strategic partnership to address the demanding cyber insurance needs of the global maritime and logistics sector in the UAE. The announcement of this partnership comes as the UAE has steadily been ... Read the full article
ASML appoints Jonny Groves as Head of Cyber
23rd February 2023
Argenta Syndicate Management Limited (ASML), a subsidiary of Argenta Holdings Limited, has announced the appointment of Jonny Groves to the role of Head of Cyber, effective immediately. In his new role, based in London, Groves will be responsible for leading Argenta’s global cyber business while overseeing its underwriting and business development. He ... Read the full article
NAIC cites climate, data, cyber & innovation among priorities for 2023
21st February 2023
The National Association of Insurance Commissioners (NAIC) has cited climate risk, data/AI, and cybersecurity and innovation among its strategic priorities for 2023. Each year NAIC members finalize and announce the company’s priorities for the full-year. In terms of climate risk, NAIC stated that increased risks pose a threat to the lives, property, ... Read the full article
Now is the time for cyber ILS: Lockton Re
21st February 2023
In a joint report with CyberCube and Envelop Risk, Lockton Re has highlighted how Insurance-Linked Securities (ILS) can support additional re/insurance capacity for cyber risk, and why it now has the momentum to succeed. Lockton Re's report, 'Unlocking Potential', notes that there have been discussions for many years on the potential ... Read the full article
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