Reinsurance News
Your search for “cyber attack”
Lloyd’s of London investment in Axio to support company growth and benefit the market
8th February 2024
Re/insurance marketplace Lloyd’s of London has announced investment in Axio to support further development of insurance solutions within the London insurance market. According to the announcement, the investment is a direct result from Axio’s selection into, and participation in Lloyds’s Lab Cohort 10, where it successfully piloted an extension of the ... Read the full article
DeNexus set to launch Bermudian subsidiary this year
7th February 2024
DeNexus, a provider in cyber risk modeling for industrial networks, has announced plans to launch its subsidiary, DNX Intermediaries (Bermuda) Ltd, this year. This announcement came as DeNexus also announced significant investments from energy and insurance companies to meet the escalating global demand amid evolving cyber threats to critical infrastructure and ... Read the full article
Coalition appoints Mark Bird to lead UK Incident Response division
15th January 2024
Coalition has announced the appointment of Mark Bird as the head of Coalition Incident Response UK Ltd. (CIR), the company's affiliate incident response and cyber forensics organisation. Bird, a former Acting Sergeant in the police cybercrime unit, brings over 16 years of experience in investigating cybercrime with the West Midlands Police. Mark ... Read the full article
Global survey reveals heightened business challenges amid unprecedented risks: Aon
29th December 2023
The ninth edition of Aon's Global Risk Management Survey highlights that conducting business has not become any easier since 2021; rather, it has become more volatile and uncertain. The survey, based on responses from nearly 3,000 participants across 61 countries and territories, delves into the shifting landscape of risks and the ... Read the full article
Property insurance market braces for year-end challenges: Aon
20th November 2023
In a recent report by Aon, the Global Insurance Market Insights for Q3 2023 sheds light on the key challenges facing the Property insurance market as the industry approaches the crucial year-end period. As insurers gear up for the peak reinsurance renewal season and the conclusion of the Atlantic hurricane season, ... Read the full article
Failure to attract or retain talent becomes key business risk: Aon
9th November 2023
Human capital issues have become a key business risk fueled by the competition for talent and workforce shortages among other issues, a recent Aon report has revealed. Failure to attract and retain talent reached the highest ever ranking position in Aon’s 2023 Global Risk Management Survey, as it took fourth position ... Read the full article
US P&C carried reserves at year-end 2022 redundant by $4.7bn of reported surplus: AM Best
25th October 2023
According to global ratings agency AM Best, the US property & casualty (P&C) segment reported its 17th consecutive year of favorable reserve development based on 2022 calendar year results, however, the $3.6 billion in favorable reserve development reported for last year was nearly one-third of the level reported in 2021. The agency ... Read the full article
Survey shows confidence in UK financial system remains stable, while concerns shift: BoE
18th October 2023
The latest Systemic Risk Survey conducted by the Bank of England reveals that market participants maintain a high level of confidence in the stability of the UK financial system. The survey, which collected responses from 56 firms, representing a robust 65% response rate, offers a comprehensive overview of market sentiment regarding ... Read the full article
Aon launches FI Protect 360 Insurance Solution for financial institutions
27th September 2023
Aon plc, a leading global professional services firm, has unveiled its groundbreaking insurance solution, FI Protect 360, in collaboration with several prominent London market insurers. This innovative offering is tailored to address the critical operational risks confronting modern financial institutions (FIs) comprehensively, revolutionising risk management decisions in the industry. In today's financial ... Read the full article
83% of US businesses actively looking to seek additional insurance policies: Arthur J. Gallagher
11th August 2023
83% of business owners have expressed worries about specific events or losses that have the potential to affect their business, with another 83% stating that they are either actively looking, or very likely to seek additional insurance policies to provide greater protection. Global brokerage, Arthur J. Gallagher & Co., recently commissioned ... Read the full article
EMEA reinsurance profits under pressure amid “perfect storm”: S&P
16th November 2022
Analysts at S&P Global Ratings note in a new report that EMEA insurers are facing a “perfect storm” of capital market volatility, recessionary risks and heightened inflation, even as rising interest rates support investment income. But Credit Analyst Volker Kudszus notes that these risks are not expected to “fundamentally question business ... Read the full article
Fraudulent instruction claims are on the rise, says Beazley
1st November 2022
According to data released in Beazley’s new Cyber Services Snapshot report, fraudulent instruction as a form of cyber attack is on the rise, despite an overall decline in incidents. The data from the report suggests that professional service firms experienced more fraudulent instruction and almost as many business email compromise incidents ... Read the full article
Bleak outlook for Europe as inflation to remain high in 2023: Munich Re
20th October 2022
According to a report from Munich Re, inflation is set to remain high in 2023, leading to a bleaker economic outlook for Europe as mixed crises are causing unprecedented levels of complexity in the business environment for re/insurers worldwide. Thomas Blunck, a Member of the Board of Management, commented, "The outlook ... Read the full article
Over a quarter of firms have suffered data breaches costings millions: PwC
12th October 2022
A new report from PwC says that 27% of companies have suffered a data breach leading to costs between $1m and $20m in the last three years. The survey, which the financial giant says was conducted amongst 3,500 senior executives in sixty-five countries, found that 34% of North American firms reported ... Read the full article
Lipman outlines opportunities for development in Lloyd’s Canada market update
12th October 2022
Marc Lipman, Attorney in Fact in Canada for Lloyd’s Underwriters and president of Lloyd’s Canada, provides a market update outlining opportunities for growth and development in the region's (re)insurance sector. At the end of 2021, premium income to Lloyd’s from Canada grew by 22%, with Lipman noting that Lloyd's underwrote over ... Read the full article