Reinsurance News

Your search for “cyber”

Relay announces partnership with CyberCube

7th October 2022

Relay Platform, a technology solutions provider enabling the digital transformation of commercial insurance placements, has partnered with CyberCube, a cyber risks analytics provider, on the cyber quoting experience. This new partnership aims to enable brokers and agents who use Relay to gain access to the CyberCube cyber insurance report directly within ... Read the full article

Top 20 U.S. cyber insurers all saw premium growth in 2021

6th October 2022

Of the approximately $4.8 billion of U.S. cyber insurance premiums underwritten in 2021 by the property & casualty (P&C) industry, more than 81% came from the top 20 cyber insurers in the U.S. marketplace, led by global insurer Chubb. Based on research data from rating agency AM Best, ... Read the full article

Mosaic adds excess tech E&C coverage to cyber product offering

4th October 2022

Mosaic Insurance’s cyber division has launched excess capacity and coverage for a new product aimed at protecting technology sector companies from rapidly emerging liability risks. The insurer now offers excess technology errors and omissions (E&O) as companion cover to cyber for businesses ranging from AI, virtual reality, edtech, and IT consulting ... Read the full article

Aon adds industry expert Katherine Kuehn as MD, Cyber Solutions

4th October 2022

Insurance and reinsurance broker Aon has hired Katherine Kuehn from vArmour as Managing Director (MD) within its Cyber Solutions division, where she will build upon her network to develop and provide innovative solutions in the cyber risk space. In her new role, Kuehn will leverage her network of key cyber, government ... Read the full article

Security budget cuts may escalate cyber risk, warns Fitch

30th September 2022

Fitch Ratings has warned of a potential increase in cyber risk as corporate and infrastructure cybersecurity budgets across the US come under increasing pressure due to poor revenue outlooks. Analysts note that cybersecurity spending is often viewed as an added cost rather than an essential business expense, with ROI metrics difficult ... Read the full article

Cyber continues to top Travelers Risk Index

29th September 2022

For the third time in four years, cyber threats have been found to be the top overall concern for business decision makers, according to the 2022 Travelers Risk Index results. Of the 1,200 survey participants, more felt that today’s business environment is riskier compared to a year ago, and more than ... Read the full article

Insurers back call for more to be done against cyber attacks: ICA

29th September 2022

As cyberattacks increase in frequency and severity, the Insurance Council of Australia (ICA) has welcomed analysis from the Actuaries Institute on cyber risk and the role of re/insurance in protecting against the impacts of cybercrime. In a recent report, the ICA announced its support for the finding in the Actuaries Institute ... Read the full article

Aon appoints Adam Peckman as head of Cyber Solutions, Asia Pacific

27th September 2022

Aon plc has appointed Adam Peckman as head of Cyber Solutions, Asia Pacific. Under Peckman's leadership, Aon’s Cyber Solutions in Asia Pacific will bring together cyber broking, security advisory, incident response and risk consulting capabilities across Singapore, Hong Kong, Japan, Australia and New Zealand. At the same time, Peckman will also retain ... Read the full article

C&F promotes Nick Economidis to Senior VP of Cyber Insurance

21st September 2022

Crum & Forster (C&F) has announced the promotion of Nick Economidis to Senior Vice President of eRisk. Economidis joined C&F as Vice President of eRisk in 2018, aiding with business line growth and the expansion of its tech and cyber underwriting group. He holds more than three decades of underwriting experience, including ... Read the full article

Cyber to become a prominent line for Swiss Re in future

20th September 2022

Senior executives are “certain” that cyber will become a prominent line of business for Swiss Re in the long term, even as the reinsurer opts to stay underweight in this class for the present moment, until more data becomes available. Speaking at a media briefing at the 2022 RVS event in ... Read the full article

CyberCube announces partnership with EXL

16th September 2022

CyberCube is collaborating with data analytics firm EXL to develop cyber insurance solutions for the P&C insurance industry. The firms said in a joint statement that they would help deliver the framework insurers need to develop comprehensive cyber risk policies through a wide range of risk measures, including industry specific threat ... Read the full article

Cyber claims cost for small businesses up 58% between H1 2021 and H1 2022

16th September 2022

The cost of a cyber claim for small business owners increased by 58% in H1 2022, compared to the same period the year before. That statistic comes in insurance provider Coalition’s twelve-page 2022 Cyber Claims Report: Mid-Year Update, which says that the average cost of such a claim has now reached ... Read the full article

Reinsurers risk irrelevancy if cyber demand isn’t met: Munich Re

15th September 2022

Senior executives at Munich Re have warned that the re/insurance industry “might lose relevance” if it doesn’t find ways to meet the growing demand for cyber cover with new products and services. Speaking at the reinsurer’s 2022 RVS briefing in Monte Carlo this week, CEO of Reinsurance Torsten Jeworrek noted that ... Read the full article

Asta-managed Trium Cyber gets green light from Lloyd’s

14th September 2022

Asta, the leading third-party managing agent at Lloyd’s, has announced that Trium Cyber, a new risk carrier backed by Jim Stanard’s Pelican Ventures, has received ‘in principle’ approval from Lloyd’s. Trium Cyber expects to write $50m of gross premiums during its first year of operations, commencing January 2023. Its executive team includes ... Read the full article

Russian sovereign internet creates cyber risks for re/insurers: CyberCube

12th September 2022

A sovereign Russian internet could lead to cybercriminal safe havens, giving greater confidence that large-scale attacks can be carried out without consequences, says a new report by cyber risk analytics expert CyberCube. The report examines the rise in the use of wiper malware by Russian threat actors, which, unlike ransomware, has ... Read the full article