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Howden declares a ‘digital pandemic’ as ransomware attacks rise 170%

5th July 2021

Insurance broker Howden has released a report examining today’s cyber insurance market, one it says is being driven by rampant ransomware attacks, higher rates and shifting regulation. Declaring a ‘digital pandemic’, Howden says ransomware is now the predominant cyber threat confronting businesses of all sizes, with 170% more attacks having taken ... Read the full article

“Cyber market needs to catch up fast”: Verisk’s Bethany Vohlers

22nd June 2021

Recent attacks on the Colonial Pipeline and on the meat processor JCS have highlighted the ongoing threat of cyber attacks to national infrastructure and the global supply chain, and shown that there is an urgent need for the cyber market to “catch up” with the risk. This is according to Bethany ... Read the full article

Cyber industry loss ratio at record-high 67% in 2020: Aon

21st June 2021

A new report on the US cyber market by re/insurance broker Aon shows that the overall industry loss ratio jumped up by 22.0 percentage points last year to reach a record high of 67.0%. Analysts attributed that increase primarily the growing severity of ransomware claims, which included heightened incident response costs ... Read the full article

P&C insurers to increase cyber pricing in 2021: Fitch

11th June 2021

A new report by Fitch Ratings has shown that U.S. property and casualty (P&C) insurers that provide cyber insurance coverage are taking significant pricing and underwriting actions in 2021. This is in response to a spike in cyber claims with immediate improvement unlikely this year. The report showed that cyber insurance direct ... Read the full article

Premiums for standalone cyber policies grew over 28% in 2020: AM Best

25th May 2021

According to a new report by rating agency AM Best, the ransomware attack on US energy firm Colonial Pipeline has impacted the cyber insurance segment, with premiums for standalone cyber policies growing beyond 28% in 2020. The report highlighted that the higher rate of growth for standalone policies gives an indication ... Read the full article

Further challenges ahead for cyber insurers, warns Fitch

21st April 2021

Analysts at Fitch Ratings note that a higher propensity of cyber incidents will likely hinder a near-term reversal of claims cost trends, suggesting increasing profit pressure for cyber insurers. During 2020, property / casualty (P/C) insurers that write cyber cover reported substantially higher claims losses than in prior years, reports Fitch. Over ... Read the full article

Mosaic announces cyber underwriting team

29th March 2021

Global specialty insurance company Mosaic will begin underwriting cyber insurance globally next month through teams based in Chicago and London. Mosaic’s Cybersecurity & Privacy coverage is designed to protect diverse industry types and focus on supporting insureds’ abilities to prevent an attack and to also respond and minimise damage in the ... Read the full article

QOMPLX acquires cybersecurity firm Hyperion Gray

23rd March 2021

Risk analytics provider QOMPLX has closed an acquisition of cybersecurity intelligence firm Hyperion Gray. Hyperion Gray’s team of software engineers, data scientists, and offensive security experts have now joined the QOMPLX team as members of its cybersecurity and analytics teams. “Hyperion Gray’s unique approach to cybersecurity and intelligence furthers QOMPLX’s work for ... Read the full article

Cyber insurer Coalition raises $175m

19th March 2021

Coalition, a cyber insurance and security company, has raised $175 million in a new funding round led by Index Ventures, with participation from General Atlantic and existing investors. The round, which valued Coalition at $1.75 billion, is expected to help the company accelerate its growth ambitions and global expansion. To date, Coalition ... Read the full article

There’s more to do but demand for cyber reinsurance is growing: Chatterjee, Envelop Risk

12th March 2021

In a recent interview with Reinsurance News, Ari Chatterjee from Envelop Risk discussed how the cyber re/insurance market has changed in recent years and why demand for protection is projected to rise. “The development of the cyber reinsurance market actually sped up quite a lot in the recent past and one ... Read the full article

Munich Re backs cybersecurity service by Deep Instinct

12th March 2021

Munich Re is backing a new performance guarantee and ransomware warranty from cybersecurity specialist Deep Instinct. Following a due diligence on Deep Instinct’s technology, Munich Re decided to provide insurance for the guarantee and warranty via its new product, aiSure. Deep Instinct says the backing will enable it to guarantee the performance ... Read the full article

Volante Global launches cyber ransomware solution

24th February 2021

International managing general agent platform Volante Global has announced the launch of a new cyber ransomware solution designed to combine ransomware cover with the latest in cyber security technology. At the core of Cyber Lockout is a multi-layered cyber security solution called Trident Lockdown, provided by GBMS Tech, which is built ... Read the full article

AmTrust adds two to cyber team

1st February 2021

New York-based insurer AmTrust Financial Services has added Jeffrey Batt and Michelle Ingrassia to its cyber insurance team. Batt, who has been appointed as Vice President, Head of Cyber Strategy & Innovation, arrives from M&T Bank where he was the Cyber Insurance Practice Leader. Previously, he was Vice President in the Marsh ... Read the full article

Cowbell Cyber launches Prime Plus cyber line

13th January 2021

AI-powered cyber insurance provider for small to mid-sized businesses, Cowbell Cyber, has announced the availability of its excess cyber coverage line, Prime Plus. This new line of insurance offers businesses up to $1 billion in revenue access to an additional $10 million in excess limits. Prime Plus provides organisations with additional financial ... Read the full article

Cyber the next key market for insurance growth: City of London Corporation

16th December 2020

The City of London Corporation, in association with Accenture, has released a report that identified cyber-insurance as one of the next key markets of growth for London. The report noted that cyber-attacks are one of the greatest risks to the worlds economy and is becoming a normality in post-pandemic life, especially ... Read the full article