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“Cyber probably not insurable,” Swiss Re CEO

12th September 2017

While cyber cover has often been heralded as one of the biggest re/insurance opportunities of the future, the Chief Executive Officer (CEO) of reinsurer Swiss Re, has a very different take on the realities of the emerging risk, saying that despite the hype he remains "extremely skeptical about cyber.” Speaking at ... Read the full article

We love cyber. But how do we bring more into the reinsurance market?

10th September 2017

Cyber risk is a hot topic for the insurance and reinsurance industry, perhaps the highest profile of the new lines of business everyone would like to break into. But to date, the industry has been a little tentative at assuming too much cyber risk, something that can change according to ... Read the full article

Willis Re survey highlights uncertainty of silent cyber exposures

10th September 2017

A recent survey by the reinsurance arm of brokerage Willis Towers Watson, Willis Re, reveals that over the coming year the risk of "silent cyber" exposure has the potential to increase, although uncertainty remains across the risk transfer industry. Silent cyber refers to potential cyber-related losses from an insurance policy not ... Read the full article

GC executives call for common cyber risk currency development

8th September 2017

The global insurance and reinsurance industry needs to develop a common cyber risk currency in order to improve risk differentiation in a rapidly expanding part of the risk transfer space, according to Guy Carpenter's Morley Speed and Carolyn Morley. As the cyber risk market continues to evolve, diversification is essential, but so ... Read the full article

PCS releases Global Cyber Industry Loss Index

4th September 2017

Property Claim Services (PCS) has released a new Global Cyber Industry Loss Index for insured cyber losses with a minimum threshold of $20 million industry wide. The cyber loss index was developed in collaboration with Capsicum Re in response to growing demand for an independent view of cyber industry loss estimates. The new ... Read the full article

NAIC’s new security model to improve U.S. insurance sector’s cyber risk management: Fitch

4th September 2017

Fitch Ratings expects the National Association of Insurance Commissioner's (NAIC) recently approved Insurance Data Security Model Law to drive more rigorous cyber risk management in the U.S. insurance sector, but does warn of the potential for increased compliance costs. The NAIC has sought to establish industry standards for data security that will ... Read the full article

Chubb releases new cyber cover policies

31st August 2017

In response to increasing demand for cyber protection as threat of systemic cyber attacks grows, Chubb has released two new policy forms Cyber Enterprise Risk Management (Cyber ERM) and DigiTech® Enterprise Risk Management (DigiTech® ERM). The new policies combine cyber cover with extensive loss mitigation and incident response services, to provide clients ... Read the full article

Aggressive action needed to tackle cyber risk as a property issue: Lockton

25th August 2017

Events like the recent WannaCry ransomware attack show just how far-reaching a cyber attack can be, and cyber's ability to impact property insurance lines is expanding and needs to be addressed, according to Lockton's property risk cyber expert in New York, Jared Wosleger. "Just one cyber event can cause multiple losses in ... Read the full article

Ironshore to offer cyber claims response for any business line

24th August 2017

Specialty property and casualty insurer and part of the Liberty Mutual group Ironshore has announced the formation of a computer emergency response team to better manage cyber claims across all of its business lines. In a clear indication that cyber risks are inherent in a multitude of insurance and reinsurance lines, ... Read the full article

Cyber insurance rates decline on capacity increase

24th August 2017

Cyber insurance rates and prices in the United States declined for the second consecutive quarter in Q2 2017, as the increasing availability of capacity targeting cyber liability underwriting influences the market. According to the latest quarterly look at global insurance rates by broker Marsh, the cyber risk underwriting segment has just ... Read the full article

Pioneer launches new suite of cyber coverages for allied healthcare entities

23rd August 2017

Pioneer Special Risk has launched a new suite of cyber solutions that provides allied healthcare entities with protection against a range of digital exposures. The cyber risk landscape is one of the most rapidly advancing and changing exposures in the global insurance and reinsurance industry, with breaches having the potential to ... Read the full article

Munich Re releases cyber exposure cover for oil & gas sector

21st August 2017

Munich Re's syndicate at Lloyd's of London has expanded its cyber solutions to include cyber exposure cover for the independent oil and gas sector, which goes beyond traditional data breaches to cover physical losses or expenses associated with cyber-attacks. The operational and financial complexity of this particular sector presents growing threats to ... Read the full article

Ransomware attacks up by 50% in H1 2017: Beazley

7th August 2017

Insurer Beazley has said that during the first six months of this year ransomware attacks increased by 50% when compared with the previous year, with accidental breaches also continuing to drive a significant volume of losses. The insurer has released its H1 2017 Beazley Breach Insight report, which, based on its ... Read the full article

Beazley Ireland prepares to expand cyber lines as demand grows

4th August 2017

Increasing demand for high quality cyber insurance is opening up attractive growth opportunities across Beazley Ireland's specialty lines portfolio. This comes against a backdrop of stifled demand for the more traditional catastrophe exposed risk lines, Beazley said in its H1 2017 results report. Data breach handling regulations tightening and increased awareness among ... Read the full article

Brokers must educate SMEs on rising security threats: A.J. Gallagher

1st August 2017

A report commissioned by Arthur J. Gallagher (A. J. Gallagher) reveals how unprepared UK small and medium-sized enterprises (SMEs) are to manage and respond to rising security threats, calling on the broker community to improve awareness and education of the exposures. UK SMEs are becoming increasingly aware of security threats to ... Read the full article

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