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Insurance industry grapples with rising cyber crime threat, climate change concerns: PwC

11th September 2023

In the "Insurance Banana Skins 2023" report, a joint effort by PwC and CSFI, the global insurance industry's primary concerns have been revealed, with mounting fears over cyber crime and escalating worries regarding climate change. The insurance industry faces its foremost challenge in the form of cyber crime. This threat encompasses ... Read the full article

Separating first party cyber reinsurance can increase participation, says Lockton Re

11th September 2023

Global reinsurance broker Lockton Re has released a new report which discusses the benefits of breaking the cyber peril into requisite parts, an approach the broker says can potentially improve the access to capital and expertise. Titled 'The All Risk Cyber (ARC) Challenge: An Assessment to Simplify Cyber Reinsurance,' Lockton Re's ... Read the full article

PERILS & CyberAcuView team up to launch US Cyber Industry Loss Index

10th September 2023

Zurich-based catastrophe insurance data provider, PERILS and CyberAcuView, the independent US-based organisation set-up by leading cyber insurers for the benefit of the cyber insurance market, have announced the launch of a US Cyber Industry Loss Index. According to the announcement, the Cyber Industry Loss Index reports affirmative US primary cyber market ... Read the full article

Dozen insurtechs to join Lloyd’s Lab new Asia Pacific climate, cyber and sustainability cohort

7th September 2023

Re/insurance marketplace Lloyd’s has announced the 12 insurtech firms set to join the 11th cohort of its innovation hub, the Lloyd’s Lab, which will focus on climate, cyber and sustainability in Asia Pacific. The new theme introduced this year will focus on developing solutions to some of the biggest risks faced ... Read the full article

Cyber reinsurance prices stabilise as demand surges: Moody’s survey

6th September 2023

In a recent Moody's survey, it has been revealed that cyber reinsurance prices are finally finding stability after years of significant increases. This development comes as insurers brace for the possibility of further rises in cyber loss costs, prompting a growing number of them to seek increased reinsurance protection. The shift ... Read the full article

Cowbell continues UK expansion with launch of adaptive cyber insurance programme

6th September 2023

Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), is set to further expand its footprint across the UK market with a new senior appointment, as well as the launch of its AI-powered cyber insurance programme. In 2022, 54% of SMEs across the UK experienced some form of ... Read the full article

Nation-state cyber threats to push boundaries of war exclusion language: CyberCube

4th September 2023

"Nation-state cyber threat actors conduct themselves in ways that push the cyber (re)insurance industry to consider the limitations and strengths of current war-exclusion language deeply," according to cyber risk analytics specialist CyberCube. These comments stem from a new report in which CyberCube examined selected nation-state cyber hot zones to gain insight ... Read the full article

Aon teams with Rubrik to help companies maintain cyber resiliency

1st September 2023

Aon, a leading global professional services firm has collaborated with Rubrik, the Zero Trust Data Security company, to help businesses maintain cyber resiliency against modern threats. By working together, Rubrik will be able to expand its portfolio of data protection solutions available to the Rubrik Transform Partner Ecosystem. At the same time, ... Read the full article

Reinsurance vital for development of sustainable cyber market: S&P

30th August 2023

As cyber insurance remains the fastest growing sub-sector of the global insurance market, S&P has underlined the importance of reinsurance in the development of a sustainable and effective market. According to S&P, primary carriers ceded around 50% to 65% of their cyber insurance premiums to reinsurers in 2022, depending on the ... Read the full article

Amie Watson to head Trium Cyber London office

29th August 2023

Trium Cyber, a Lloyds of London cyber insurance specialist, has announced the appointment of Amie Watson as Head of International Underwriting. In her new position, Watson will establish Trium’s presence in London by building out the company’s international platform. “Amie is a well-known and highly regarded underwriter of cyber risk and an ... Read the full article

Cyber insurance market regains profitability, reaching $12bn in annual premiums by 2022: S&P Global

29th August 2023

Following a phase of escalating rates and more stringent terms, the global cyber insurance market has resurged into profitability, with annual premiums reaching around $12 billion by the end of 2022, as reported by S&P Global Ratings. Projections suggest that this growth will persist, with premiums predicted to rise by 25%-30% ... Read the full article

Mosaic names David Drogin SVP, Head of US, Cyber

21st August 2023

Mosaic Insurance has appointed David Drogin to lead the growth of its US cyber business. Drogin joins Mosaic's New York office as Senior Vice President, Head of US, Cyber, and will report to the Global Head of Cyber, Yosha DeLong. Drogin is a senior cyber insurance professional and lawyer with almost two ... Read the full article

CyRisk confirms participation in Munich Re Specialty’s cyber risk management program

21st August 2023

CyRisk, a cyber management and data analytics firm has officially announced its participation in Munich Re Specialty's Reflex Cyber Risk Management program. In the first quarter of 2023, Munich Re Specialty Insurance launched its proactive cyber risk management program offering complementary risk control services for its US insureds with CyRisk's team ... Read the full article

Zurich Holding Company of America acquires cyber firm SpearTip

15th August 2023

Zurich Holding Company of America, a subsidiary of Zurich Insurance Group, has acquired SpearTip, a cyber counterintelligence firm that helps protect clients against cyber threats through proactive and response services. According to the firm, this acquisition expands the cyber risk mitigation services available from Zurich Resilience Solutions, a global division of ... Read the full article

Howden brings together PI, Crime & Cyber Liability into one policy

10th August 2023

Howden, the global insurance group has launched a "blended insurance product" that brings together Professional Indemnity, Crime and Cyber Liability into one policy and under one limit. According to the firm, the product brings a different approach to insurance for financial institutions, offering potential cost savings and improved efficiencies. The product has ... Read the full article

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