Reinsurance News
business interruption
Coalition introduces enhanced business recovery endorsements for cyber incidents
16th April 2026
Coalition, an active insurer focused on preventing digital risks, has announced Enhanced Business Recovery Endorsements aimed at protecting revenue, accelerating settlements, and supporting businesses following cyber incidents. During its Activate conference, Coalition unveiled a suite of endorsements, including Key Customer Coverage, Rapid Review, Cashflow Lifeline, and a reduced waiting period for ... Read the full article
Cyber business interruption demands equal attention as other cyber risks: IUA
12th February 2025
Cyber business interruption (BI) risks should be given the same priority as information technology (IT) security controls and ransomware threats, according to a new report released by the International Underwriting Association (IUA). The report, produced in partnership with Baker Tilly, examines claims data from recent years and finds that while understanding ... Read the full article
IAG to release A$200m of COVID-19 business interruption provision
3rd February 2025
Following a Federal Court case management hearing on December 5, 2024, regarding the class action filed against its subsidiary, Insurance Australia Limited (IAL), IAG has announced plans to release A$200 million from its A$380 million COVID-19 business interruption provision. The Federal Court of Australia’s case management hearing also ordered that the ... Read the full article
Cyber attacks considered top business concern for 2025: Allianz
15th January 2025
Cyber incidents are considered the top risk for companies globally in 2025, according to the Allianz Risk Barometer. Business interruption is also a main concern for companies of all sizes, remaining in second place, with natural catastrophes ranking third. Geopolitical turmoil, impact of government and regulatory change, and fear of trade wars ... Read the full article
Cyber insurance losses from CrowdStrike outage to be driven by business interruption: Moody’s
29th July 2024
Cyber insurance losses related to the CrowdStrike outage will be driven by business interruption, Moody’s has highlighted in a recent report, who also warned that determining final losses for the industry will be a lengthy process due to cyber insurance policy language not being standardised. Caused by a flawed software update ... Read the full article
CrowdStrike outage “a wake-up call” for world’s exposure around technology: W.R. Berkley CEO
23rd July 2024
The CrowdStrike outage is a wake-up call for the systemic exposure that exists around technology, but it will prove manageable for the insurance and reinsurance industry, W. Robert Berkley, Jr., President and CEO of W. R. Berkley stated as he shared some comments on the event. Caused by a security update ... Read the full article
Global IT outage won’t have lasting impact on rated universe: Morningstar DBRS
22nd July 2024
Despite expecting the July 19 global IT outage to cause widespread disruption across a variety of corporate and financial sectors, including an influx of cyber business interruption claims, Morningstar DBRS does not anticipate a lasting impact on its rated universe. In a recent report, the firm's analysts noted that the outage ... Read the full article
BI claims the likely focus of insured losses from Microsoft IT outage, say analysts
19th July 2024
Following today's Microsoft Cloud outage, analysts currently expect business interruption claims to drive the bulk of insurance industry losses, and question whether this could be the litmus test for cyber underwriters, notably UK headquartered, specialist insurer Beazley. One of the largest-ever IT outages hit companies across the world today, causing significant ... Read the full article
Business owners worried insurance would not cover specific loss or event: Gallagher
12th June 2024
Business owners are focusing on preparing for the unforeseeable as they worry their business insurance will not cover specific losses, a recent study by insurance broker Gallagher has found. A survey was conducted among 1,000 US business owners which revealed that 80% of the participants are worried their business insurance will ... Read the full article
Baltimore bridge may be largest example of port blockage seen by insurers in years: Horn, McGill and Partners
27th March 2024
Exactly how long the Port of Baltimore is closed to ships after yesterday's collision and the subsequent collapse of the Francis Scott Key Bridge is unclear, but according to Julien Horn, Partner - Ports & Terminals and Logistics at broker McGill and Partners, "this may be the largest example of ... Read the full article
Parametrix introduces AI monitoring capabilities to manage and mitigate BI risks
7th March 2024
Managing general agent Parametrix, has expanded its capabilities to include real-time monitoring of the availability of Artificial Intelligence (AI) services to enable holistic business interruption insurance for the digital supply chain. Thanks to its expanded capabilities, Parametrix can now monitor AI platforms such as OpenAI’s ChatGPT, Google Gemini, Claud, and others, ... Read the full article
Failure to attract or retain talent becomes key business risk: Aon
9th November 2023
Human capital issues have become a key business risk fueled by the competition for talent and workforce shortages among other issues, a recent Aon report has revealed. Failure to attract and retain talent reached the highest ever ranking position in Aon’s 2023 Global Risk Management Survey, as it took fourth position ... Read the full article
BI insurance may see a period of growth and stability, says GILC
19th January 2023
Gillian Davidson, Global Insurance Law Connect's (GILC) Chair and a Partner at Sparke Helmore, has suggested that the outlook for business interruption insurance as a class is more positive than it has been for some years, and could, at last, see a period of growth and stability. The comments are part ... Read the full article
Cyber and business interruption are top risks for 2023: Allianz
17th January 2023
Cyber incidents and business interruption have ranked as the biggest company concerns for the second year in succession, according to the 2023 Risk Barometer report by Allianz, with economic and energy risks also on the rise. Cyber and business interruption were both flagged as top risks by 34% of the 2,700+ ... Read the full article
Sports insurance business expected to reach $600bn by 2025
24th November 2022
The global expansion of the professional sport industry combined with the varying type of its insurance needs, has resulted in the exponential growth of the sports insurance business in the past few years. DBRS Morningstar expects it to continue growing and to reach $600 billion in revenues by 2025. Currently, Lloyd's ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
