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Q2’24 to see hardening Auto rates while Cyber experience softening: CAC Specialty

15th May 2024

The overall trend for Auto Liability and Umbrella & Excess for the second quarter of 2024 is a hardening market with rates forecasted to go up to 15%, while markets like cyber are softening with rates going down to 0%, according to CAC Specialty. The insurance broker’s report on the State ... Read the full article

New cyber insurance capacity is increasingly matching fast-growing demand, S&P

13th May 2024

A recent analysis by credit rating agency S&P Global Ratings has revealed that new cyber insurance capacity is increasingly matching fast-growing demand, particularly within the United States, and greater competition is said to be leading to decreasing retention levels, as well as lower costs for coverage. Cyber insurance remains one of the ... Read the full article

Re/insurance industry must recalibrate cyber risk approach to reach untapped potential

9th May 2024

As per a new report from Howden Re, the reinsurance and risk advisory arm of the Howden Group, while perceptions of heightened systemic risk within the cyber re/insurance class have been persistent, the rewards offered are often underestimated relative to natural catastrophe exposure. Howden Re's report, Re-framing cyber risk: navigating threats ... Read the full article

WTW adds new features to global cyber facility to keep ahead of market trends

8th May 2024

Global insurance and reinsurance broker WTW has unveiled strategic enhancements to its global cyber facility, CyXS facility. The broker launched CyXS in January 2023, aiming to provide capacity and efficiency for clients around the world. Now, WTW has introduced new features for the cyber facility, designed to meet the needs of ... Read the full article

AXA XL unveils coverage for SEC cyber incident reporting requirement costs

7th May 2024

AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has introduced a new cyber insurance endorsement designed to help public organisations manage the costs associated with the U.S. Securities and Exchange Commission's (SEC) updated cyber incident reporting requirements. Michelle Chia, Chief Underwriting Officer for ... Read the full article

Resilience enhances cyber risk solutions with new integrated features

2nd May 2024

Resilience, a cyber risk management firm, enhances its Essential Solution for Cyber Insurance and Edge Solution for Cyber Risk Management by integrating two new features that empower clients to consistently monitor and prioritise their efforts in mitigating and transferring cyber risk. One of the new features is Breach & Attack Simulation ... Read the full article

Aon introduces new cyber solutions product to support mid-market clients

2nd May 2024

Aon, a global insurance and reinsurance broker, has introduced Cedar, a new cyber solutions product aimed at providing long-term stability and support for mid-market clients globally. Cedar is underwritten by Aon Underwriting Managers and a team of cyber underwriters, backed by A+ rated Lloyd’s carriers. Developed through collaborative planning and execution across ... Read the full article

QCC report forecasts doubling of global cyber insurance market by 2030

30th April 2024

As per the QualRisk Cyber Insurance Center (QCC) 2024 Global Market Report (GMR), the international cyber insurance market is expected to double by 2030. Daniel Kasper, CEO of QCC, noted that while the US has been the major driver of cyber insurance premiums in the past decade, the bulk of the ... Read the full article

MOVEit & Change Healthcare attacks designated as cyber catastrophe loss events by PCS

29th April 2024

Verisk's Property Claim Services (PCS), a provider of industry loss estimates and loss data globally, has designated the MOVEit cyber attack and the Change Healthcare cyber attack as PCS Cyber Catastrophe Loss Events, as reported first by our sister publication, Artemis. For PCS to designate these cyber attacks as PCS Cyber ... Read the full article

Marsh enhances Cyber ECHO facility with additional $25m layer of capacity

29th April 2024

Insurance broker Marsh's Cyber ECHO facility, which is underwritten by Lloyd's insurers and enables clients to access capacity for complex cyber and technology risk exposures in any territory licensed by Lloyd’s, now provides up to $125 million of excess insurance capacity. Marsh today announced an additional $25 million layer to its ... Read the full article

CatX partners with CyberCube to enhance its cyber capabilities

29th April 2024

CatX, the digital marketplace that connects (re)insurers and brokers with alternative capital, has announced it will enhance its capabilities through a new collaboration with CyberCube. The partnership will reportedly enable the integration of CyberCube’s Portfolio Manager, a scenario-based catastrophe model that empowers portfolio-level insights for senior leadership decision-making, into CatX’s marketplace. CatX's ... Read the full article

NSF aims to enhance terrorism and cyber risk insurance modelling

29th April 2024

The U.S. National Science Foundation (NSF) aims to catalyse research in areas that enhance the insurance sector's capacity to model and underwrite terrorism and catastrophic cyber risks. To achieve this goal, the NSF has issued a Dear Colleague Letter (DCL) to the Industry-University Cooperative Research Center (IUCRC) program. This DCL is jointly ... Read the full article

Moody’s and Bitsight launch new cyber risk solution

26th April 2024

Cyber risk manager Bitsight and Moody’s have launched a new cyber risk solution that will cover over 300 million organisations worldwide. The Implied Cyber Threat (ICT) is an offering built on Bitsight's cyber risk analytics engine and Moody's Orbis company database. It was designed to provide cyber risk insights and valuable market ... Read the full article

Hiscox Re & ILS and Ariel Re launch cyber catastrophe consortium

25th April 2024

Hiscox Re & ILS and Ariel Re have launched CyberShock, a new cyber catastrophe consortium designed to improve certainty of coverage in the cyber insurance space. This new consortium will offer up to USD 50 million of per-programme capacity providing bespoke, event-based coverage for cyber insurers globally. Through CyberShock, carriers are expected ... Read the full article

Major cyber catastrophe loss could accelerate market development: Lockton Re

24th April 2024

Lockton Re, the global reinsurance arm of the privately held independent insurance broker, has highlighted how a large cyber catastrophe event could have its benefits by pushing the market to work collaboratively and drive innovation and product development. In a new analysis, "A Kaleidoscope of Possibilities: Preparing for Ivan Wiper," the ... Read the full article