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Norsk Hydro claims first $3.6mn from its cyber insurance
23rd October 2019
Aluminium manufacturing giant Norsk Hydro has announced that it has claimed approximately USD 3.6 million (NOK 33 million) from its insurers in the third-quarter of 2019 following the cyber-attack on its operations in March. After detecting unusual activity on its servers that disabled part of its smelting operations on March 19th, ... Read the full article
Cyber insurance to drive innovation, take industry by storm: Appleby’s Tim Faries
14th June 2019
The structures and products developed to tackle cyber risk over the next five years will take the global re/insurance market by storm and drive forward innovation, according to Tim Faries, Bermuda Managing Partner at global law firm Appleby. In a conversation with Faries at Appleby’s Bermuda offices, he explained how the ... Read the full article
CFC launches cyber insurance platform
28th May 2019
Specialist insurer CFC Underwriting has announced the launch of a new cyber insurance platform that enables brokers to access and “self-serve” the company’s cyber insurance products for SME clients. The platform will be available on 1 June 2019. Developed by CFC’s in-house technology and innovation team, the platform reportedly boasts an ... Read the full article
Cyber insurance market growth slows in 2018, says Fitch
20th May 2019
Growth in the cyber insurance market slowed dramatically in 2018 when compared with the previous year. However, analysts at Fitch Ratings expect a desire for improved risk management and pricing will benefit the sector over the long-term. In total, the U.S. property and casualty (P&C) industry's total direct written cyber premiums ... Read the full article
Cyber insurance surges as risk awareness grows: Marsh report
29th April 2019
Over the last five years, the number of Marsh’s US clients purchasing cyber insurance has doubled, from 19% in 2014 to 38% in 2018, according to a new report by the global re/insurance broker. The report indicates that as risk awareness has grown, cyber insurance products have evolved to address a ... Read the full article
Partnerships essential for cyber insurance success, says GlobalData
4th April 2019
While cyber insurance penetration increased by 14% among UK small and medium sized businesses (SMEs) in 2018, the market is far from saturated and considerable growth should be expected over the coming years, according to a report published by data and analytics firm GlobalData. GlobalData believes that the complexity and continuous ... Read the full article
Sompo International expands U.S cyber insurance capabilities
11th December 2018
Bermudian property and casualty re/insurer Sompo International Holdings has announced an expansion of its cyber insurance capabilities with the introduction of a U.S team focused on cyber offerings, an enhanced cyber and professional liability product, and an expanded suite of cyber risk management services. The new U.S-based underwriting team will be ... Read the full article
XL Catlin to offer first on-demand cyber insurance product
25th July 2018
XL Catlin has partnered with cloud-based Insurtech firm Slice Labs to create what it claims to be the first ever on-demand cyber insurance product for small and medium-sized businesses. The subscription and usage-based product will be built on the Slice Insurance Cloud Services platform and is to include services designed to ... Read the full article
Cyber insurance premiums to dominate by 2021, says Aon
8th June 2018
By examining insurance purchased by corporate, public sector and not-for-profit organisations between 2013 and 2017, Aon Inpoint - Aon’s data, analytics, engagement and consulting team - has predicted that by 2021 the most rapid growth of premiums will be seen in cyber insurance products, with a global market worth estimated at ... Read the full article
Cyber insurance must tackle ‘hidden costs’ of franchise value impact: JLT Re
1st June 2018
JLT Re has reported that cyber re/insurance must be expanded to better account for the ‘hidden costs’ of franchise value impact following a cyber breach, which often outstrip the reported losses of affected organisations by mid to high single-digit multiples. Many re/insurers already offer cyber liability policies that account for reputational ... Read the full article
Berkshire Hathaway won’t be a pioneer in cyber insurance: Warren Buffett
5th May 2018
Speaking at the annual shareholders meeting of his conglomerate Berkshire Hathaway Inc. today, Warren Buffett said that he doesn't believe anyone understands cyber risk well enough today, so his firm will not seek to be a pioneer in underwriting cyber insurance. Cyber risks are seen as an enormous opportunity by many ... Read the full article
ISO’s cyber insurance programme implemented in 42 states and U.S. territories
9th April 2018
Verisk ISO's new cyber insurance programme, which features rating information and advisory loss costs along with an array of cover options, has been implemented in 42 states and U.S. territories. The programme is designed to help insurance companies expand into the growing cyber market, which is forecast by Verisk analytics to ... Read the full article
Companies’ uptake of standalone cyber insurance to surge in 2018
12th January 2018
In 2018 uptake of standalone cyber insurance policies is expected to surge as companies respond to the growing cyber threat and regulators more strictly enforce and coordinate cybersecurity regulations, according to Aon's 2018 Cybersecurity Predictions report. As firms increasingly feel the heat of cyber attacks with reduced earnings, operational disruption and ... Read the full article
If cyber insurance were bigger, 2017 would really hurt
27th November 2017
As the market for cyber insurance grows the amount of exposure in the re/insurance industry is increasing, so reinsurance companies are also finding their portfolios more exposed making the ability to hedge that exposure vital, according to Tom Johansmeyer, Assistant Vice President, PCS Strategy & Development at ISO. While you were ... Read the full article
Equifax to catalyse cyber insurance development: Lloyd’s CEO Inga Beale
19th September 2017
Consumer credit reporting agency Equifax has become one of the latest victims of large-scale cyber hacking after the firm reported a data breach had exposed personal information of 143 million Americans and up to 400,000 UK customers earlier this month. The firm is undergoing a Federal Trade Commission investigation of the ... Read the full article
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