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Re/insurers’ silent cyber concerns ease in 2019, finds Willis Re survey

29th August 2019

The re/insurance sector is considerably less concerned about silent cyber exposures than it was in 2018, according to an annual global survey by Willis Re, the reinsurance division of broker Willis Towers Watson. Analysts believe that the fall in silent cyber claims expectations could stem from the absence of wide-scale cyber ... Read the full article

Cyber, IT security the “soft underbelly” of UK SMEs: Gallagher

29th August 2019

Analysis conducted by global insurance brokerage Gallagher has highlighted the vulnerability of Small and Medium Enterprises across the UK to what it describes as “crisis events”, a category that includes cyber-attacks, extortion, industrial espionage and terrorism. Gallagher says such events are costing UK SMEs billions of pounds a year and that ... Read the full article

Industrial cyber vulnerability could spell multi-billion dollar loss for re/insurers

23rd August 2019

Analysis by predictive cyber risk modelling firm Kovrr has warned of the potential for a multi-billion dollar loss to the re/insurance industry stemming from a recently discovered vulnerability in the IoT operating system of a major security company. Kovrr modelled two scenarios in which attackers exploit the URGENT/11 exposure in VxWorks, ... Read the full article

Bermuda to play key role in cyber coverage: Hannover Re’s Rentrup

16th August 2019

Cyber reinsurance is likely to become an increasingly critical area of growth for the Bermuda market, which will play a key role in the development of the coverage, according to Konrad Rentrup, President and Chief Executive Officer at Hannover Re Bermuda. “I can only stress how important this line is for ... Read the full article

Cyber may force reinsurers to redefine boundaries of war: Capsicum Re

9th August 2019

A new report by specialist reinsurance broker Capsicum Re has contended that cyber perils transcend traditional lines of business and challenge the very concept of war as it has historically been understood by the re/insurance market. Analysts argue that current war exclusionary language has been rendered unfit for purpose, due to ... Read the full article

Failure to screen for silent-cyber exposures could drive significant losses: S&P

8th August 2019

Analysts at S&P Global Ratings have called on insurers and reinsurers to better screen their insurance portfolios for non-affirmative cyber exposures or manage them, warning that failure to do so might result in significant losses in the future. In a recent report, S&P has said that economic and insured losses from ... Read the full article

Capital One cyber breach may have affected other major companies, say researchers

1st August 2019

It's been reported that the alleged hacker behind the Capital One data breach may have also hit other major companies, which if true, could result in the largest cyber loss event the insurance industry has ever seen. On July 29th, 2019 Capital One said that an individual accessed its IT systems, ... Read the full article

Willis Towers Watson appoints Peter Foster to lead global cyber team

29th July 2019

Global insurance and reinsurance broker Willis Towers Watson (WTW) has announced that Peter Foster has been appointed Chairman of Global FINEX Cyber and Cyber Risk Solutions. He has been with the broker for more than 14 years and WTW says that he has been instrumental in the development of its global ... Read the full article

HSCM-backed insurtech Corvus develops silent cyber offering for cargo

26th July 2019

Corvus Insurance, an AI-driven insurtech MGA backed by ILS and reinsurance investment manager Hudson Structured Capital Management (HSCM), has expanded its product line with an offering that focuses on silent cyber risks posed by cargo insurance policies. The offering, called Smart Cargo + Cyber, will allow brokers and their policyholders to ... Read the full article

Aon’s Roger Francis joins CFC as Cyber Claims Director

25th July 2019

Specialist insurer CFC has announced the appointment of Roger Francis from re/insurance broker Aon as its new Cyber Claims Director. In his new role, Francis will lead the firm's cyber claims and incident response division, and will also take oversight of CFC's cyber risk management services. He brings 15 years of information ... Read the full article

New Lloyd’s mandate to require clarity on silent cyber coverage

4th July 2019

Insurance and reinsurance marketplace Lloyd’s of London is to mandate that all policies clearly state whether they will provide affirmative coverage for cyber risks. From January 1, 2020, Lloyd’s underwriters will be required to clarify whether first-party property damage policies affirm or exclude cyber cover. For liability and treaty reinsurance, the requirements ... Read the full article

Australia opts to leave cyber cover out of Terrorism Insurance Act

21st June 2019

Australia has decided to leave out protection for cyber incidents from its Terrorism Insurance Act following a review into the $13.4 billion scheme, according to reports from itnews. Managed by the Treasury’s Australian Reinsurance Pool Corporation (ARPC), the Terrorism Insurance Act provides cover for losses involving commercial property, business interruption losses, ... Read the full article

“Little evidence” that reinsurance will respond to silent cyber events: GC’s Siobhan O’Brien

20th June 2019

There continues to be “little evidence” that reinsurance programs will respond as planned to a silent cyber event, despite recent regulatory efforts that have aimed to quantify exposure. This is according to Siobhan O’Brien, Head of the Cyber Center of Excellence for International and Global Specialties at Guy Carpenter, who outlined ... Read the full article

Hiscox releases free-to-use Cyber Exposure Calculator tool

18th June 2019

Global specialist insurer Hiscox has announced the launch of its Cyber Exposure Calculator, an online tool designed to help companies estimate the potential financial impact of a cyber attack. The calculator, which is free to use, provides a number of insights into the types of cyber attacks a business may face. Results ... Read the full article

US cyber premiums up 10% to $2.03bn in 2018: Aon study

17th June 2019

A new study by global re/insurance brokerage Aon indicates that cyber premiums grew to just over $2 billion in 2018, roughly a 10% increase from the prior year. Premiums from package business grew modestly, rising 6% year on year, while standalone cyber premiums grew 14%. Premiums for small commercial-focused cyber insurers ... Read the full article

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