Reinsurance News
cyber insurance
The insurance of cyber risks is a growing specialism in the global insurance and reinsurance market. Cyber insurance protects companies and individuals against cyber and digital risks.
Read all our cyber insurance or reinsurance news and analysis below.
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
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
Cowbell launches its product on Amwins’ Professional Lines portal
3rd August 2022
Cowbell Cyber, a cyber insurance provider for small and medium enterprises (SMEs) has been selected by Amwins, an independent wholesale distributor of specialty insurance and services, as trusted digital partner for cyber insurance. According to the announcement, the partnership delivers on the promise of leveraging technology to automate cyber insurance applications ... Read the full article
Rossini and Suckerman take new roles within AXA XL cyber business
20th July 2022
AXA XL’s cyber insurance business has announced the creation of two new roles and several regional underwriting management appointments in the US. Rachel Rossini has assumed a new role as Product Manager for Cyber and Technology E&O. In her new role, Rossini will lead the company’s go-to-market strategy in the US cyber ... Read the full article
Ransomware pay-outs by cyber insurers in the last two years averages £3.2m: Panaseer
12th July 2022
According to a recent survey conducted by enterprise security company, Panaseer, the largest ransomware pay-outs by cyber insurers in the last two years has averaged £3.26 million in the UK and $3.52 million in the US. The company recently released its latest report on the state of the cyber insurance industry, ... Read the full article
Coalition raises $250m in Series F funding to support its cyber insurance solution
8th July 2022
Coalition has announced that it has raised an additional $250 million in Series F funding to accelerate its rapid growth, power international expansion, as well as broaden the services it offers to help organizations manage digital risk. The funding round closed in June, with participation from Allianz X, Valor Equity Partners, ... Read the full article
Amwins & FusionMGA to provide retail brokers with access to cyber liability coverage
1st July 2022
Global distributor of specialty insurance products and services, Amwins, has announced a new partnership with FusionMGA. The partnership between the two companies will provide retail brokers with exclusive access to cyber liability coverage for accounts without minimum cyber security controls in place. At the same time, the partnership will also give retail ... Read the full article
Stoïk completes €11 million Series A round
30th June 2022
Andreessen Horowitz (a16z), one of the world’s largest venture capital funds, known for investments in companies such as Skype, Twitter, Facebook, Airbnb, and more recently Pinterest and Slack, has invested in Stoïk. The company is a startup brokerage specialising in cyber insurance products. Stoïk, which is based in ... Read the full article
Cyber insurance prices set to increase for energy companies
29th June 2022
Energy and utility companies have become the main target for cyber attacks, according to a recent report by re/insurance broker Gallagher. Given the growing threat of such attacks, demand for cyber insurance from these companies has skyrocketed in recent months, the broker noted. According to the report, in response to a surge ... Read the full article
Cyber buyers should “prepare to face dramatic premium increases”
21st June 2022
As cyber markets continue to limit their exposure, buyers should be prepared to face dramatic premium increases or non-renewals if they are unable to demonstrate certain minimum-security standards, according to WTW’s 2022 Spring update. Primary and excess cyber renewals are now averaging premium increases in excess of 200% ... Read the full article
SMEs vulnerable to cyber attacks – GlobalData
16th June 2022
Many SMEs will leave themselves exposed to cyber risk in 2022 due to high insurance premiums and the cost-of-living crisis, according to a new survey by GlobalData. The research found that 17.3% of SMEs did not have cyber insurance in 2021 due to it being too expensive, while 29% had ... Read the full article
Resilience names Miki Ho Head of Underwriting, Canada
25th May 2022
Resilience, a cyber insurance and security solutions managing general agent (MGA) has appointed Miki Ho as Head of Underwriting for Canada. Ho will lead the company’s Canadian business growth, reporting to Kevin McGowan, Senior Vice President, Head of Underwriting Strategy, North America. Ho’s appointment with Resilience takes place whilst the MGA is ... Read the full article
US cyber insurance payouts increase, amid rising claims: Fitch
19th May 2022
Analysts at Fitch Ratings have said, that cyber insurance has become the fastest growing segment for US property & casualty (P&C) insurers as evolving threats have “boosted” the demand for coverage, with insurers actively raising prices in response to rising claims. In the analysts latest report on the US cyber insurance ... Read the full article
Measured names Nick Little as Head of Insurance
12th May 2022
Measured Analytics and Insurance, a data and analytics-driven cyber insurer, has appointed Nick Little as Head of Insurance. Little will be part of the company’s leadership team, where he will drive innovation, efficiency, and progressive disciplined underwriting as well as expanding the distribution of Measured’s products. He has been serving in various ... Read the full article
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