Reinsurance News
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Coalition adds new Affirmative AI Endorsement to cyber insurance policies
27th March 2024
Active cyber insurance provider Coalition has added a new Affirmative Artificial Intelligence (AI) Endorsement to clarify what is covered by the company's US Surplus and Canada Cyber Insurance policies. According to the announcement, the endorsement expands the definition of a security failure or data breach to include an "AI security event," ... Read the full article
Munich Re’s HSB unveils cyber insurance coverage for autos
26th March 2024
Seeing cars and trucks as likely targets for hackers and cyber thieves, specialty insurer HSB has introduced Cyber for Auto, a new coverage aimed at helping consumers respond to new exposures. According to HSB, passenger vehicles built after 2020, and many older models, have sensors, computers, and other connected technology, meaning ... Read the full article
Health & safety takes over cyber as highest D&O risk for 2024: WTW
21st March 2024
Health & safety has emerged as the most important risk facing directors and officers (D&O) in 2024, with risk associated to cyber attacks falling to second place, according to broking and solutions company WTW and global law firm, Clyde & Co. Both firms recently released their latest Global Directors’ & Officers’ ... Read the full article
Mixed market outlook for cyber insurance in 2024: OAC
20th March 2024
Despite growth expected for cyber insurance in 2024, actuarial consultancy OAC - part of the Broadstone Group - predicts a mixed market outlook in the year as there are some areas of concern that could lead to a major loss event and have the potential for accumulation. According to ... Read the full article
New research shows UK SMEs are leaving themselves open to cyber threats: Cowbell
19th March 2024
A recent survey commissioned by Cowbell has revealed that the UK's small and medium-sized enterprises (SMEs) lack implementation of best practice cybercrime protocols and are severely unprepared to react to an incident, with only 19% having a recommended cyber incident response plan (IRP) in place. This comes as advancements within AI ... Read the full article
Ransomware attack on Change Healthcare pegged as “most significant” in sector history
15th March 2024
The American Hospital Association has named the suspected ransomware attack on Change Healthcare, a unit of insurance giant UnitedHealth Group's Optum division, as "the most significant and consequential incident of its kind against the U.S. healthcare system in history." Change Healthcare, which suffered the cyberattack on February 21st, reportedly handles 14 ... Read the full article
Insurance industry must be proactive as GenAI reshapes cyber landscape: Lloyd’s
12th March 2024
The impact of Generative Artificial Intelligence (GenAI) technology on the cyber landscape is expected to increase the frequency, severity, and diversity of attacks, and as the threats evolve, it's imperative that the insurance industry takes proactive steps, according to Lloyd's. A new report from Lloyd's, the world's oldest insurance and reinsurance ... Read the full article
Cyber insurance a focal point in the P/C industry: AM Best
8th March 2024
AM Best's recent market segment report highlights how the cyber insurance sector has become a focal point of growth and risk within the property/casualty (P/C) industry. The report notes that although pricing for cyber insurance stabilised in 2023, the demand for it remains stable. According to AM Best, “cyber insurance is ... Read the full article
BLUECYBER secures $1.5m investment and acquires ISMAC
7th March 2024
BLUECYBER, a managing general agent (MGA) specialising in cyber insurance, has secured a significant $1.5 million investment from venture capital firms Invisto and Bossa Invest, alongside support from investors within the insurance market. Eduardo Rocha, CEO of BLUECYBER, expressed enthusiasm about the investment, stating, “This investment reflects the investors' confidence in ... Read the full article
Coalition report reveals rising cyber threats amidst business vulnerabilities
22nd February 2024
Coalition, an active cyber threat insurance provider, has released its Cyber Threat Index 2024, offering insights into cybersecurity trends from 2023 and emerging threats for 2024. The index projects a substantial 25% increase in common vulnerabilities and exposures (CVEs) for 2024, totalling 34,888 vulnerabilities. Tiago Henriques, Head of Research at Coalition, ... Read the full article
Verisk and BGF invest in KYND to advance cyber risk management
16th February 2024
UK-based KYND, a provider of cyber risk management solutions, has secured an undisclosed amount in funding from data and technology provider Verisk, and BGF, an existing backer and experienced growth capital investors in the UK. Andy Thomas and Melanie Hayes founded KYND in 2018. Since then, it has developed a cyber ... Read the full article
CSC partners with cyber risk solutions NetDiligence
15th February 2024
Security and threat intelligence provider CSC has partnered with NetDiligence, a specialist in cyber risk solutions, to help mitigate cyber risks and support the cyber insurance ecosystem. With this agreement, CSC is now an available vendor to cyber insurance carriers, brokers, and clients on NetDiligence’s eRiskHub under the newly developed “pre-breach” ... Read the full article
Cyber insurance premiums set to surge, U.S. businesses bear majority: Triple-I
12th February 2024
In accordance with the Insurance Information Institute's (Triple-I) latest Issues Brief, global direct written premiums for cyber insurance are projected to escalate to $23 billion by 2025. U.S. enterprises are anticipated to contribute approximately 56% to this total, the report noted. The surge is attributed to two primary factors outlined in Triple-I's ... Read the full article
Descartes launches cyber risk parametric solution in France
1st February 2024
Insurtech Descartes has announced the launch of Cyber Shutdown Cover, a parametric solution dedicated to cyber risk in France. This new solution demonstrates the firm's ambition to gradually extend its scope to emerging risks beyond just natural hazards. "Our research team - which is constantly expanding - is also working on other ... Read the full article
Insurtech BOXX Insurance launches advanced cyber risk mitigation solution in partnership with AXA
30th January 2024
Insurtech firm BOXX Insurance, in partnership with AXA, has unveiled a cyber risk mitigation solution designed to offer vital support to small businesses. Recognising the pressing need for comprehensive protection against cyber threats for smaller enterprises, BOXX Insurance's user-friendly solution aims to assist businesses in predicting and preventing potential cyber attacks. Vishal ... Read the full article