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U.S. cyber insurance growth continued in 2022 with direct premium up 50%

13th June 2023

According to AM Best, the U.S. cyber insurance market's strong growth continued in 2022, with direct premium increasing by 50% to $7.2 billion. In its Market Segment Report titled, US Cyber: First Hard Market Cycle Brings a Return to Profitability, AM Best states that direct premiums written (DPW) have tripled in ... Read the full article

Mosaic launches cyber risk assessment initiative

9th June 2023

Global specialty insurer, Mosaic, and tech company Safe Security have launched a new initiative to incentivise clients with broader coverage and premium rating credits of up to 30% for sharing cutting-edge assessments of their cyber-risk profile. According to the announcement, Mosaic x SAFEinside customers will benefit from insurance premiums directly linked ... Read the full article

Reinsurance support plays a large role in the cyber insurance market: Moody’s

8th June 2023

According to analysts at Moody's, reinsurance support plays a large role in the cyber insurance market, as primary insurers continue to reinsure cyber risk through quota share arrangements to obtain expertise and capital protection. Citing Gallagher Re's 1st View Emerging Equilibrium published in January this year, Moody's notes that reinsurance pricing ... Read the full article

Tokio Marine Kiln establishes standalone Cyber & Enterprise Risk Division

5th June 2023

Tokio Marine Kiln (TMK), part of global insurance group Tokio Marine, has announced the establishment of a dedicated Cyber & Enterprise Risk division as part of its strategic expansion in the cyber market. The newly formed division, led by Laila Khudairi, brings together Cyber, Technology, and Intellectual Property specialisms, previously housed ... Read the full article

Corvus Insurance unveils new cyber risk prevention solution, Corvus Signal

30th May 2023

Cyber MGA Corvus Insurance has unveiled Corvus Signal, a risk prevention solution which the firm says has been shown to reduce cyber breach frequency and cost by up to 20%. Corvus states that the announcement comes amid increasing market activity and interest in combining cyber insurance with risk management services. "Corvus Signal ... Read the full article

Global cyber and E&O insurance market shifts to buyer-friendly environment in 2023: Aon

24th May 2023

The global cyber and errors & omissions (E&O) insurance market has transitioned into a buyer-friendly environment in early 2023, following a period of substantial rate increases, suggests professional services firm Aon. This shift is attributed to several market factors that have contributed to a more favourable rate landscape for businesses worldwide. The ... Read the full article

Vulnerable organisations 33% more likely to experience cyber claims: Coalition

18th May 2023

Policyholders with even one unresolved critical vulnerability are 33% more likely to experience a cyber claim, according to a recent report by cyber insurance provider Coalition. The 2023 edition of the Cyber Claims Report also confirmed human error or inaction as the top exploited attack vector, with organisations using end-of-life software ... Read the full article

Beazley report urges layered cybersecurity strategies to combat surging software vulnerability exploitation

17th May 2023

Specialist re/insurer Beazley has released its latest Cyber Services Snapshot report, emphasising the critical importance of implementing a layered "Defence in Depth" cybersecurity strategy to safeguard organisations against the escalating exploitation of software vulnerabilities. The report presents a comprehensive analysis of global incidents handled by Beazley's Cyber Services, shedding light on ... 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

State-backed cyber exclusions at Lloyd’s could cause disputes: RPC

11th May 2023

Proposals by Lloyd’s of London to exclude state-backed cyber attacks from standard cyber insurance policies could lead to disputes between insurers and the businesses they insure, according to analysts at international law firm RPC. Lloyd’s is proposing that state-backed attacks are excluded from standard cyber insurance policies to reduce the insurance ... 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

Munich Re warns of increasing cyber risk accelerated by AI, IoT, geopolitical conflict

2nd May 2023

Munich Re has warned that future cyberattacks will be accelerated by key technology trends such as artificial intelligence (AI), the "metaverse," and expanding IT, Internet of Things (IoT), and operational technology (OT) worlds. While these technologies offer great opportunities for society, businesses, and governments, they also create new attack surfaces, vulnerabilities, ... Read the full article

Coalition launches next generation Cyber Risk Management Platform

2nd May 2023

Cyber insurance provider Coalition has launched the next generation of its cyber risk management platform, Coalition Control. The platform combines cyber risk monitoring, assessment, and quantification tools with third-party risk management and AI-powered assistance to provide unparalleled risk management capabilities to organizations of all sizes. "Releasing the next generation of Coalition Control ... Read the full article

Cowbell and Qualys expand cyber risk partnership

28th April 2023

Cyber insurance provider Cowbell has expanded its partnership with Qualys, a specialist in disruptive cloud-based IT, security and compliance solutions, adding an attack surface intelligence feed from Qualys' External Attack Surface Management (EASM) to assess customer cyber risk. Qualys EASM leverages the Qualys Cloud Platform to assess features from the cyber ... Read the full article

Economic & cyber hailed as biggest risks surrounding D&O: WTW & Clyde & Co

25th April 2023

According to a new survey from brokerage WTW and global law firm Clyde & Co, economic and cyber risks, particularly those associated with data loss and ransomware, are causing increasing concern for Directors and Officers (D&O). The Director’s and Officers’ Liability survey identifies the key risks that surround Directors across the ... Read the full article

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