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Industry unsure what impact CrowdStrike outage will have on cyber insurance market, poll suggests

26th July 2024

According to a recent poll from Reinsurance News, the re/insurance industry appears to be unsure in regards to how big of an impact the recent CrowdStrike IT global outage will have on the standalone cyber insurance market. For those who need a reminder, the outage, which took place on July 19, ... Read the full article

Cowbell secures $60m Series C from Zurich for SMEs cybersecurity boost

26th July 2024

Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has announced the closure of a $60 million Series C equity round, funded by Zurich Insurance Group (Zurich), a global multi-line insurer. With this $60 million investment, Cowbell plans to enhance its operations to accommodate growing demand, increase its ... Read the full article

Proactive cyber insurance helps SMEs save thousands on security costs: CFC

25th July 2024

CFC, an insurance provider specialising in emerging risks and cyber coverage, has published an analysis on the costs SMEs incur when implementing cybersecurity services. The company's cyber team examined the expenses of various third-party cybersecurity solutions to determine the financial impact on SMEs when outsourcing these services. The analysis compared the same ... Read the full article

CrowdStrike event to cost cyber insurers up to $1.5bn: CyberCube

25th July 2024

Preliminary insured losses from the CrowdStrike IT outage for the standalone cyber insurance market are anticipated to fall between $400 million and $1.5 billion, according to CyberCube, a specialist modelling firm for cyber risks and exposures. For those unaware, the outage was caused by the security company CrowdStrike, which sent out ... Read the full article

Cyber insurance GDPW values over $15.7bn in 2023, Insuramore

24th July 2024

According to Insuramore's global rankings, cyber insurance gross direct premiums written (GDPW) valued at just over USD 15.7 billion in 2023, rising towards more than USD 16 billion if captive insurers are also included too. In a statement, Insuramore said, that with regards to the competitive structure of the market, this ... Read the full article

CrowdStrike event may impact product lines beyond cyber insurance: Guy Carpenter

22nd July 2024

Experts at the reinsurance broking arm of Marsh McLennan (MMC), Guy Carpenter, have said that while business interruption losses will be in scope for re/insurers, the magnitude of last week's global IT outage suggests that lines of insurance beyond cyber risk might also be impacted. After a software update for CrowdStrike's ... Read the full article

Poll suggests AI threats will drive the biggest cyber losses for re/insurers

17th July 2024

A recent poll from Reinsurance News suggests that AI-powered threats will drive the biggest losses across the cyber re/insurance market over the next two years. Hundreds of people from across the insurance and reinsurance industry responded to the poll. Of this, nearly half of respondents (45%) said that they expect AI-powered threats ... Read the full article

TransRe announces key promotions to enhance cyber underwriting and services

16th July 2024

To better support the underwriting of a growing line of business and enhance product and service offerings, TransRe, a global reinsurer, has announced the promotion of Tina Kališnik to Global Portfolio Leader, Cyber, and Diana Liu to US Cyber Underwriting Leader. Tina Kališnik, who joined TransRe in 2016, has played a ... Read the full article

QBE launches global cyber policy to enhance client resilience

16th July 2024

Global insurer QBE has launched QCyberProtect, a comprehensive and consistent cyber policy designed to enhance cyber resilience for a diverse range of clients across the globe. QCyberProtect offers customised coverage for losses from various cyber risks, including network security breaches, privacy liability, IT and non-IT business interruptions, and reputational loss. It provides ... Read the full article

AdvantageGo and FortifyData partner to enhance cyber risk analysis for underwriters

12th July 2024

AdvantageGo, a commercial re/insurance software provider and part of Coforge, has formed a strategic partnership with FortifyData, a cyber risk management solutions provider, aiming to enhance underwriters’ ability to analyse cyber risks. FortifyData’s platform identifies and evaluates cyber risks by directly assessing organisations. It provides a risk-based view of vulnerabilities and ... Read the full article

Specialty MGA UK bolsters its property, financial lines and cyber teams with senior hires

5th July 2024

Managing general agent (MGA) Specialty MGA UK has expanded its international property, financial lines and cyber teams with the appointment of Luke Bristow, Tony Loizides and Lisa Rowe as Senior Underwriters. Manoj Kumar, Chairman, MNK Group, commented on the appointments, "Luke, Tony and Lisa have a huge amount of experience and ... Read the full article

Active cyber insurance vital for effective risk management: Motta, Coalition

4th July 2024

Joshua Motta, Founder and CEO of Coalition, advocates for the necessity of active cyber insurance due to the shortcomings of traditional approaches, highlighted by erratic rate fluctuations and the inadequate readiness of organisations facing escalating cyber risks. Speaking at the Marsh McLennan Rising Professionals’ Forum, Motta pointed to the volatile rate ... Read the full article

Increased competition and capacity at mid-year cyber renewals: Aon

4th July 2024

Mid-year cyber renewals have signalled further improvements for buyers, with plenty of capacity and increased competition leading to positive outcomes for most insurers, according to insurance and reinsurance broker Aon. After a period of rapid price increases in 2021 and 2022, the cyber insurance market continues to see new capacity, resulting ... Read the full article

Lexasure and OneDegree launch cyber insurance for South/Southeast Asia

3rd July 2024

Lexasure Financial Group Limited (Lexasure), specialising in reinsurance, insurance, and insurtech solutions across South and Southeast Asia, joins forces with OneDegree Global (ODG), the technology division of OneDegree Group renowned for its IXT insurtech solutions and Cymetrics cybersecurity services. They revealed a joint cyber insurance solution at the ITC Asia conference ... Read the full article

Beazley names Lucien Mounier as Head of Europe, Cyber Risks

2nd July 2024

Specialist insurer Beazley has appointed Lucien Mounier as Head of Europe, Cyber Risks. Reporting to Alessandro Lezzi, Head of International Cyber Risks, Mounier will be responsible for the establishment and oversight of Beazley’s cyber portfolio and team across Europe. Having served as Beazley’s Head of Asia Pacific (APAC) for six years, ... Read the full article

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