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Coalition raises $250m in Series F funding to support its cyber insurance solution
8th July 2022
Coalition has announced that it has raised an additional $250 million in Series F funding to accelerate its rapid growth, power international expansion, as well as broaden the services it offers to help organizations manage digital risk. The funding round closed in June, with participation from Allianz X, Valor Equity Partners, ... Read the full article
Cyber insurance prices set to increase for energy companies
29th June 2022
Energy and utility companies have become the main target for cyber attacks, according to a recent report by re/insurance broker Gallagher. Given the growing threat of such attacks, demand for cyber insurance from these companies has skyrocketed in recent months, the broker noted. According to the report, in response to a surge ... Read the full article
Cyber insurance pricing rises amidst multiple factors – Marsh
14th June 2022
The latest UK Cyber Insurance Trends Report from Marsh states that pricing in the sector rose quickly in Q3 and Q4 2021, while the market focuses on addressing systemic risk. However, Marsh said that efforts to tackle this through exclusionary language have caused frustration for clients, while the ongoing war that ... Read the full article
Cyber insurance gap ‘disproportionately high’ – Munich Re
20th May 2022
The insurance gap for cyber products is ‘disproportionately high’, says Munich Re in a new report. The 26-page work, the Munich Re Global Cyber Risk and Insurance Survey 2022, posits that while global cyber premiums are currently $9.2bn annually and are set to reach $22bn in the next three years, the ... Read the full article
US cyber insurance payouts increase, amid rising claims: Fitch
19th May 2022
Analysts at Fitch Ratings have said, that cyber insurance has become the fastest growing segment for US property & casualty (P&C) insurers as evolving threats have “boosted” the demand for coverage, with insurers actively raising prices in response to rising claims. In the analysts latest report on the US cyber insurance ... Read the full article
At-Bay launches new cyber insurance program, backed by Trisura & HSB
16th May 2022
Cyber insurance provider At-Bay has announced the launch of a new cyber insurance program backed by two leaders within specialty insurance – Trisura Specialty Insurance Company and The Hartford Steam Boiler (HSB). Trisura serves as the new issuing carrier for the cyber and tech errors and omissions (E&O) program, while HSB ... Read the full article
79% of policyholders believe cyber insurance is worth the cost: Cowbell Cyber
14th April 2022
Findings from Cowbell Cyber’s first ever cyber insurance report dedicated to small and medium sized enterprises (SMEs) – Cyber Round Up, highlighted that 79% of policyholders believe that cyber insurance is worth the cost. In January 2022, Cowbell surveyed its policyholders – SMEs with up to $250 million in revenue, to ... Read the full article
Cyber insurance in P&C industry grew by 22% in 2020: Fitch Ratings
25th March 2022
According to rating agency Fitch Ratings the Cybersecurity and Identity Theft Insurance Coverage Supplement reported that cyber insurance direct written premiums for the property & casualty (P&C) industry grew by 22% in 2020 to over $2.7 billion. Cyber insurance continues to be viewed as a growth market for P&C insurers, as ... Read the full article
Reinsurers could unlock the cyber insurance market: S&P
30th September 2021
In a recent report, S&P Global Ratings says the demand for cyber coverage has increased significantly since before COVID-19 and that a stronger partnership between insurers and reinsurers could help strengthen coverage, give greater balance sheet protection against frequent, high-severity losses Analysts estimate that primary insurers pass 35%-45% of global cyber ... Read the full article
AXIS and Elpha Secure enter cyber insurance partnership
17th March 2021
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, and Elpha Secure, a cyber security company have entered a strategic partnership to provide cyber insurance and software protection to small businesses to help improve their cyber security. Elpha Secure offers Elphaware, a Software as a Service (SaaS) application used ... Read the full article
Munich Re, AGCS & Google Cloud partner on cyber insurance solution
2nd March 2021
Munich Re, Allianz Global Corporate and Specialty (AGCS) and Google Cloud have announced a collaboration designed to provide customers with increased cloud security and potentially bring down costs. The Risk Protection Program builds on Google Cloud's engineered-in security toolset and consists of two parts. First, a diagnostic tool called Risk Manager enables ... Read the full article
Coalition expands to excess cyber insurance market
28th July 2020
Cyber insurance and security company Coalition has announced that it will enter the excess cyber insurance market to help protect middle market businesses. Coalition will extend its reach beyond offering primary insurance coverage to provide brokers with excess cyber liability and technology errors & omissions insurance for middle market accounts in ... Read the full article
Top 20 U.S. cyber insurance companies
28th July 2020
Top US cyber insurers by premiums written This table displays the top 20 property and casualty insurance carriers underwriting cyber risks in the United States. This top 20 U.S. cyber insurers directory is based on research data from rating agency A.M. Best. Listing the top U.S. cyber insurance companies, this directory provides a ... Read the full article
US cyber insurance market’s loss ratio up 10% on claims frequency: Aon
17th June 2020
The loss ratio for the U.S. cyber insurance market increased by 10 percentage points year-on-year in 2019 to approximately 45%, as insurers both small and large felt the effects of an increase in ransomware attacks, reports insurance and reinsurance broker Aon. The fifth edition of Aon's annual U.S. Cyber Insurance Profits ... Read the full article
Norsk Hydro claims a further $20.2mn from its cyber insurance in Q4
7th February 2020
Aluminium manufacturing giant Norsk Hydro has announced that during the fourth-quarter of 2019, it recognised NOK 187 million (USD 20.2 million) of insurance compensation in relation to the cyber-attack on its operations in March, 2019. The firm detected unusual activity on its servers that disabled part of its smelting operations, leading ... Read the full article
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