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Inigo hires James Creasy as Head of Cyber Insurance
31st May 2023
Specialty insurer and reinsurer Inigo Limited has appointed James Creasy as its Head of Cyber Insurance. With a well-established background in cyber & technology insurance, Creasy will provide strategic insights that are necessary to protect Inigo's clients. He brings a strong level of expertise in underwriting from Axis Capital, one of the ... Read the full article
Mosaic partners with Safe Security to offer cyber insurance globally worth $20 million
12th May 2023
Mosaic has announced that it is underwriting primary cyber insurance globally and offering $20 million in capacity across its network of underwriting hubs. The specialty insurer has launched a new coverage in partnership with tech company Safe Security to embed real-time cyber-risk data into its underwriting process. Read the full article
FERMA urges collaborative approach to address evolving cyber insurance market
10th May 2023
Federation of European Risk Management Associations (FERMA) has called upon the insurance industry to adopt a more collaborative approach to cyber insurance in order to strike a balance between the risk appetite of the market and the coverage requirements of corporate buyers. FERMA has expressed concerns that the cyber insurance market ... Read the full article
We really need to understand what cyber insurance is: Matt Harrison, Moody’s RMS interview
3rd May 2023
As the cyber insurance and reinsurance market continues to develop and expand, with the risk also growing in popularity within the insurance-linked securities (ILS) space, Matt Harrison, Director of Product Management for Cyber at Moody’s RMS, highlights the importance of understanding exactly what cyber insurance is. Read the full article
Astaara increases underwriting capacity, boosts cyber insurance limit to $25mn
6th April 2023
Guernsey-based integrated insurance services and risk management advisory business, Astaara has increased its underwriting capacity and insurance limit from $12.5 million in 2020, to $25 million. Launched in 2020, Astaara's cyber insurance covers ports and terminals, as well as ships, shipowners and ship managers. The insurance is led by A-rated cyber ... Read the full article
Chat GPT & AI a growing concern for cyber insurance: Corvus’ Hedberg
24th March 2023
With the capabilities of Chat GPT and artificial intelligence (AI) continuing to advance, this technology is only going to get smarter and potentially more difficult to control as it can be used to facilitate security breaches and increase the scale of cyber-attacks, states Peter Hedberg, Vice President of Cyber Underwriting ... 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
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
CFC introduces policy encryption for cyber insurance
15th February 2023
Specialist insurance provider CFC has announced that it is introducing policy encryption for its cyber insurance policies, with the firm noting that it is the first provider in the industry to do so. CFC suggests that providing this additional layer of security for its customers is another critical step to keeping ... Read the full article
Cyber insurance premiums on the rise for UK businesses
9th January 2023
UK businesses are facing soaring cyber insurance premiums caused by higher claim risks at a time of heightened exposure to cyber-attacks, a survey by Mactavish, an independent insurance buyer and claim expert, has revealed. Mactavish surveyed companies with over a 10m turnover, across industries including technology, manufacturing, aviation and maritime sectors, ... Read the full article
Growth potential for cyber insurance market could be improved: CyberCube’s Bole
24th November 2022
There is a huge growth potential for the cyber insurance market, and more could be unlocked if re/insurers worked on a number of points to improve it, Rebecca Bole, CyberCube’s Head of Industry Engagement, suggested at AM Best's “Europe Insurance Market & Methodology Briefings”. Bole said: “I think that for future ... Read the full article
AXA XL expands Lawyer’s E&O offering with cyber insurance option
9th November 2022
AXA XL, the property & casualty and specialty risk division of AXA, has added Cyber Suite, a cyber and security insurance coverage as an option to its Lawyers' Errors & Omissions (E&O) insurance program. According to the announcement, this move aims to help lawyer firms minimise the high financial cost and ... Read the full article
Risk Strategies suggests cyber insurance market is beginning to stabilise
7th November 2022
According to Risk Strategies State of the Market update, the cyber insurance market is beginning to stabilise after years of steep rate increases, though insurers will continue to be on high alert through the remainder of the year and into 2023. The report notes that the pace of cyber attacks has ... Read the full article
Global cyber insurance pricing increases, outpacing other products: Marsh
2nd November 2022
In the first edition of its quarterly index that presents cyber data separately from financial and professional lines, Marsh has announced that cyber insurance pricing has increased again in Q3, outpacing other products. Cyber insurance pricing increased globally by 53% in Q3, while Property insurance pricing increased by 6%, Casualty insurance ... Read the full article
Quod Orbis & Liberty Specialty collaborate to study future of cyber insurance
11th October 2022
Quod Orbis and Liberty Specialty Markets (LSM) have released a white paper report exploring the prospective future of cyber insurance, alongside the role data can play to enhance the understanding of risk. According to the report, global cyber insurance premiums totalled $8bn in 2021, and are growing rapidly, with one estimate ... Read the full article
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