Reinsurance News
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Insurers face exposure to Ukraine invasion in multiple areas: analysts
25th February 2022
The insurance industry is counting the cost of Russia’s invasion of Ukraine. According to multiple analysts, the market is exposed in a number of areas, including political risk insurance (PRI), aviation war, trade credit, and marine cargo/war. It is understood that the credit and energy insurance markets will also come under ... Read the full article
Ransoms demanded to ransoms paid on the decline: Corvus
1st December 2021
Corvus Insurance has released a new report, showing the insights and tools used by risk managers, IT departments, security researchers, and solution providers to hone their offerings and approaches to keeping organisations safe from evolving cyber threats. The report looked at ransomware which has quickly become a dominant force in cyber ... Read the full article
Climate change a growing concern for global re/insurers: PwC
8th November 2021
The PwC Insurance Banana Skins 2021 survey shows that cybercrime is ranked as the number one risk by carriers globally, while climate change tops the list for reinsurers amid a rise in natural catastrophe events. The latest global edition of the biennial survey includes responses from more than 600 industry leaders ... Read the full article
COVID fixation compromising insurers’ long-term goals: Aon
27th October 2021
A new study by Aon has warned that a focus on resolving the immediate challenges posed by the COVID-19 pandemic may be compromising re/insurers’ longer-term plans and goals. The 2021 edition of Aon’s Global Risk Management Survey found that cyber risk topped the list as the number one current and predicted ... Read the full article
Kovrr launches CRIMZON framework
8th October 2021
Cyber risk modeller Kovrr has launched its CRIMZON framework for comparing and managing accumulations of systemic cyber risk. Formerly named CRA-Zones, the CRIMZON framework expands re/insurance applications beyond identifying risk accumulation to include cyber threat assessment and trend analysis, deeper risk management and monitoring, as well as event response. The CRIMZON framework divides ... Read the full article
EIOPA sees “signs of deterioration” among reinsurers since pandemic
7th July 2021
The European Insurance and Occupational Pensions Authority (EIOPA) has observed “signs of deterioration” in the European reinsurance sector, which it says could have long-term implications for the EU protection gap. The comments came as part of a new Financial Stability Report from EIOPA that addresses key financial stability risks in the ... Read the full article
Corvus receives additional $15m through series C extension round
3rd June 2021
Boston-based insurtech firm Corvus Insurance has announced that after raising a total of $100 million through its Series C funding round, it secured an additional $15 million through an extension. The round was led by venture capital firms FinTLV and Aquiline Technology Growth (ATG), and brings the firm's overall funding to ... Read the full article
Munich Re’s Wenning urges public-private collaboration on systemic risks
29th April 2021
Joachim Wenning, Chief Executive Officer (CEO) of Munich Re Group, has urged governments and the private sector to pool their expertise and capabilities to tackle systemic risks such as pandemics. Speaking at Munich Re’s AGM this week, Wenning argued that, as a systemic risk, pandemic is fundamentally “beyond the boundaries” of ... Read the full article
Swiss Re CorSo and Coalition deepen collaboration
12th March 2021
Global reinsurer Swiss Re's commercial insurance arm, Swiss Re Corporate Solutions, has entered into a new multi-year agreement with cyber insurance and security firm, Coalition, to provide broad cyber insurance and technology errors & omissions insurance to SMEs throughout the U.S. and Canada. Coalition launched back in 2017 with backing ... Read the full article
Reinsurance price increases “absolutely essential” in 2021: Hannover Re
14th September 2020
Against the backdrop of ongoing COVID-19 losses and a low interest rate environment, Hannover Re has argued that continued reinsurance rate increases are “absolutely essential” next year. In a new release that was planned for this year’s cancelled Monte Carlo meet-up, Hannover Re says it anticipates “significant price increases” spanning the ... Read the full article
Munich Re endorses state-backed pools for pandemic risk
8th September 2020
Munich Re has argued that pandemic risks are “not insurable by the private sector alone” and has endorsed the use of state-backed risk pools to mitigate their impact. The reinsurer notes that the coronavirus pandemic has highlighted how vulnerable the world still is to very large risks, and says that more ... Read the full article
COVID-19 proves importance of Solvency II, says EIOPA
31st July 2020
According to the European Insurance and Occupational Pensions Authority (EIOPA), over the last few months the COVID-19 outbreak has further proved the importance of the Solvency II regulatory framework. The EIOPA argues that the framework has helped re/insurers to better align capital to risk, build-up resilience and enhance risk management practices, ... Read the full article
P&C industry has entered into a “new era of catastrophe losses” – KBRA
10th June 2020
The ongoing COVID-19 pandemic, coupled with the recent wave of civil unrest and the looming cyber risk threat, has altered the risk landscape for property and casualty (P&C) insurers and reinsurers, reports Kroll Bond Rating Agency (KBRA). As explained by KBRA, for the global P&C sector the definition of "catastrophe" has, ... Read the full article
CAC Specialty partners with Liberty Advisor Group
28th May 2020
Specialty insurance broker and investment banking platform CAC Specialty has entered into a new strategic partnership with consulting firm Liberty Advisor Group. Together, Liberty Advisor Group and CAC Specialty will work to create a new solution for insurance clients through a real-time data analytics platform. The platform will allow clients to analyse ... Read the full article
Lloyd’s has been too slow reacting to change: CEO John Neal
7th November 2019
Lloyd’s has not reacted quickly enough to changes in the risk landscape and must offer products and services that are more closely aligned with what customers want and need, according to Chief Executive of the marketplace John Neal. Speaking at a lecture today in Lloyd’s Old Library building, Neal emphasised the ... Read the full article