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UK cyber market stable, trade credit facing challenges

2nd September 2022

The cyber market in the UK has remained “stable and modestly” favourable in this year’s second quarter, while the Trade Credit market has become more challenging in the same period, according to Aon’s latest Q2 Market Dynamics Outlook: The United Kingdom. According to the re/insurer, the cyber markets’ stable condition has ... Read the full article

UK councils suffering up to 11m cyber attacks a year: Gallagher

1st September 2022

New research from Gallagher suggests that UK councils are suffering a collective 10,000 cyber-attacks each day. The research, originating from a FOIA request from the firm, found that 2.3m attacks had been reported by 161 local authorities. However, Gallagher maintains that the actual number is much higher. It said that scaling ... Read the full article

Reinsurance capacity not keeping up with cyber demand: S&P

31st August 2022

S&P Global Ratings says in a new report that while the demand for cyber risk protection is growing, the capacity for reinsurance in this sector is not keeping the same pace. At the same time, S&P said, the conditions for insurance-linked securities (ILS) investors are improving after several difficult years due ... Read the full article

BRP partners with CyberCube to fuel growth

31st August 2022

Baldwin Risk Partners (BRP) has announced a partnership with cyber risk analytics specialist CyberCube, to power its cyber growth. With the partnership, BRP has gained access to a wide range of products and services including Broking Manager, CyberCube’s consulting service Concierge, and learning platform CyberCube Academy. BRP note that this will enable ... Read the full article

Cyber insurance study suggests businesses lack ransomware insurance

22nd August 2022

A recent BlackBerry Cyber Insurance Coverage study shows that businesses are growing increasingly concerned about how they will meet ransomware demands. Only 19% of those surveyed have ransomware coverage limits above $600,000, while 59% hoped the government would cover damages when future attacks are linked to other nation-states. Shishir Singh, Executive Vice ... Read the full article

Lloyd’s sets out requirements for state-backed cyber-attack exclusions

18th August 2022

In a recent market bulletin, Lloyd’s, the oldest insurance and reinsurance marketplace in the world, has set out requirements for state-backed cyber-attack exclusions in standalone cyber-attack policies. In the report, the market affirmed that they remain strongly supportive of the writing of cyber-attack cover but recognise that cyber-related business continues to ... Read the full article

Cowbell Cyber appoints Julia Cederroth as senior director of reinsurance

17th August 2022

Cowbell Cyber, a cyber insurance provider for small and medium enterprises (SMEs), has appointed Julia Cederroth as senior director of reinsurance. Prior to joining Cowbell, Cederroth served as vice president and cyber treaty broker at Gallagher Re as a member of the Global Treaty Broking team and Cyber Center of Excellence. ... Read the full article

Capacity stabilizing across GB cyber market: WTW

16th August 2022

New analysis from broking firm WTW shows that capacity stabilized for most cyber re/insurance market segments in Great Britain (GB) during Q2, with increased competition noted in some areas as available capital grows. Looking at key developments in the GB market, analysts observed significant changes during the second quarter of 2022, ... Read the full article

“Cyber growth more about rate adjustments than contracts.” – S&P Global Ratings

12th August 2022

The growth in the cyber insurance market is due more to rate adjustments than increases in the volume or size of contracts, says S&P Global Ratings. Despite being the fastest-growing sector, Manuel Adam, analyst at the firm, said that the market dynamic reflects a growing number of (re)insurers' hesitancy to underwrite ... Read the full article

CyberCatch & Ridge Canada announce partnership to enable SMO’s to obtain cyber insurance

12th August 2022

Cyber security software-as-a-service (SaaS) company CyberCatch has announced a strategic partnership with Ridge Canada Cyber Solutions Inc. (RCCS) to enable Canadian small and medium organisations (SMOs) to obtain cyber insurance. Approximately, there are 1.2 million SMOs in Canada and the majority of them do not have cyber insurance, or those that do are ... Read the full article

Ransomware and Ukraine war the big risks for cyber insurance: CyberCube

12th August 2022

Ransomware continues to be largely responsible for the insurable cyber losses experienced by companies, with the maritime sector and satellite infrastructure being more likely to be targeted by cyber criminals, according to a recent report. Additionally, CyberCube’s H2 2022 Global Threat Briefing analysed the cyber activity following Russia’s invasion of Ukraine ... Read the full article

Cowbell Cyber links up with Swiss Re

11th August 2022

Cowbell Cyber is partnering up with Swiss Re to bring insurance to firms using Amazon Web Services (AWS) and have revenues of up to $750m. According to the two firms, the program grants customers access to Cowbell Factors which provide a relative rating of an organization's risk profile against the company's ... Read the full article

Cybersecurity revenue in insurance sector to grow at 10%: GlobalData

10th August 2022

Cybersecurity revenues in the insurance sector are set to grow at a compound annual growth rate of more than 10%, from $6.4 billion in 2020 to $10.6 billion in 2025, according to data and analytics company, GlobalData. According to GlobalData’s report, ‘Cybersecurity in Insurance’, insurers must navigate the theme cautiously or ... Read the full article

Hudson Insurance appoints Cyber Practice Leader

9th August 2022

Market-leading specialty insurer Hudson Insurance Group has appointed Emily Lowe as Senior Vice President and Cyber Practice Leader for HudsonPro. Within this newly created role, Lowe will be spearheading the development of an Excess Cyber facility for large accounts, while also overseeing Hudson’s overall cyber portfolio. All in all, Lowe brings 15 ... Read the full article

Safety National hires Steven Anderson as Director of Cyber Underwriting

8th August 2022

Safety National, a multi-line specialty re/insurer and member of the Tokio Marine Group, has appointed Steven Anderson as Director of Cyber Underwriting. He will be based out of Safety National’s Dallas, Texas, office. Anderson brings nearly 30 years of industry experience with him towards the role, which includes extensive insight across the ... Read the full article