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Social engineering attacks on the rise but hacking & malware still dominate: Beazley

2nd November 2017

Social engineering attacks are on the rise across numerous industries as cyber attackers increasingly look to deceive in order to scam, according to London re/insurer Beazley's Q3 2017 Breach Insights report. The most prevalent cause of data breach during the first nine months of 2017 remains hacking and malware, which amounted ... Read the full article

Fidelis’ Radius MGA launches, begins operations from November 1st 2017

1st November 2017

Fidelis Insurance has launched its first managing general agent (MGA), Radius, and has announced that it will be led by Rob Ashton, who joins from reinsurer Hiscox Re. It was announced in July, 2017 that the specialist MGA would begin writing business from January 1st, 2018, but this has now ... Read the full article

Swiss Re Corporate Solutions adds Head of Casualty, NA, to Summerville’s role

31st October 2017

Swiss Re Corporate Solutions, the large primary commercial insurance arm of global reinsurer Swiss Re, has announced the appointment of Jeff Summerville as Head of Casualty, Financial & Professional Services, North America, effective immediately. Summerville has effectively managed Swiss Re Corporate Solution's Financial & Professional Lines businesses in North America since 2014, and ... Read the full article

Restoration costs of ransomware attacks triples since 2016

31st October 2017

Ransomware has become the new plague to run rampant through the cyber world, rising to the fifth most common malware type and causing the costs of restoring computer systems from such attacks to triple since 2016. Consequently, Head of BDO International Cybersecurity, Gregory Garrett, warned re/insurers to urgently assess their cyber ... Read the full article

Firms’ intangible assets still vastly unprotected: Aon & Ponemon Institute

26th October 2017

Many enterprises lag behind the protocols for doing business in the tech-era; firms recognise the growing value of intangible assets but continue to disproportionately spend four times more budget on insurance for Property, Plant and Equipment (PP&E) risks, according to a report by Aon and the Ponemon Institute. As historical tangible ... Read the full article

Dr. Pierre Wiart to lead RMS’ new Sydney office

25th October 2017

Global catastrophe risk modelling firm, RMS, has opened a new office in Sydney, Australia, and named re/insurance and insurance-linked securities (ILS) specialist, Dr. Pierre Wiart, as Managing Director of the new operation. The new office strengthens the firm's client support across the Asia-Pacific, and supports expansion in the Australian and New ... Read the full article

Emerging ransomware attack ‘Bad Rabbit’ hits Europe

25th October 2017

An emerging ransomware attack, Bad Rabbit, has infected systems across Russia and Ukraine and is spreading across the globe - even as firms are still recovering from recent widespread disruption caused by the devastating WannaCry and Petya cyber attacks. Bad Rabbit encrypts computers' contents and asks for a payment of 0.05 ... Read the full article

Premium growth forecast for German market: Hannover Re

23rd October 2017

Hannover Re forecasts modest market growth for its subsidiary, E&S Rueck, with rate increases for loss-impacted programmes and increased demand in cyber and telematics risks, in the upcoming January 1st renewals. Rate improvements are expected in motor insurance lines; prices for natural catastrophe covers are predicted to at least remain stable. "When ... Read the full article

“Disruption doesn’t bring opportunities, we have to earn them” – James Nash

23rd October 2017

“I believe there is substantial value creation potential in the future,” said Guy Carpenter's James Nash, at the Baden-Baden Reinsurance Symposium, “however, disruption does not automatically bring opportunities, we have to earn them. "We won't be able to capture this potential without transforming our industry and without extending our business models, ... Read the full article

Re/insurance clients need comprehensive risk management solutions: Munich Re

23rd October 2017

The recent hard-hitting natural catastrophes have emphasised the need for re/insurers to take a global view of risk management and offer clients more comprehensive solutions for risk mitigation and assessment, said Munich Re executives at the 2017 Baden-Baden industry conference. Hermann Pohlchristoph, member of Munich Re’s Board of Management, said; “the ... Read the full article

U.S. captive market thrives despite market pressure: A.M. Best

23rd October 2017

With the number of captives growing by 4.4% last year, the U.S. captive market enjoys an unparalleled position in the re/insurance value chain - disconnected from the competition and operating challenges felt by the rest of the sector it boasts strong financial positions and stable ratings, according to A.M. Bests’ U.S. captives ... Read the full article

WEF & re/insurers work to close emerging risks protection gap

19th October 2017

In a new World Economic Forum-led initiative, re/insurers, tech firms, and government representatives will collaborate to develop strategies for the management of emerging risks from fourth industrial revolution innovations. Innovations such as drones and driverless cars have the potential to unleash a new set of uninsured risk on societies in the ... Read the full article

Re/insurance solutions evolve to cover intangible corporate assets: Swiss Re

16th October 2017

Re/insurance product development and innovation around data and data analytics have expanded the scope of solutions from tangible to intangible assets, to cover a wider range of threats and improve corporate risk management, according to Swiss Re's latest sigma study. Companies are increasingly using novel insurance solutions to protect earnings, reduce ... Read the full article

Risk Cooperative gains Lloyd’s coverholder status

16th October 2017

Risk Cooperative, a specialized insurer with a proprietary cyber insurance facility with up to $10 million in stand-alone cyber insurance cover, has gained Lloyd's of London coverholder status. Risk Cooperative brings middle market customers and channel partners fast access to customizable cyber insurance solutions, working with a wide range of insurance ... Read the full article

Guidewire Software to acquire P&C insurance software provider Cyence

12th October 2017

Software provider to Property and Casualty (P&C) insurers, Guidewire Software, has entered into an agreement to acquire Cyence, a software provider that uses data science and risk analytics to expand P&C insurers' underwriting capabilities to include previously uninsured risks. Cyence offers a data listening and risk analytics solution that combines curation ... Read the full article