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.
Surge in cyber insurance market fuelled by regulatory shifts and global tensions: Morningstar DBRS
27th June 2024
Morningstar DBRS, a global credit rating agency, emphasises that cyber insurance is rapidly growing and essential in the digital age, projected to soar to $40 billion by decade's end amidst rising cyber threats and stringent data regulations. Morningstar DBRS highlights that Cyber insurance is a relatively new type of insurance designed ... Read the full article
Chubb remains the largest writer of cyber insurance: AM Best
25th June 2024
Global insurer Chubb remains the largest writer of cyber insurance in the US, with direct premiums written (DPW) in 2023 amounting to roughly $574 million, according to AM Best. Our table of the top 20 cyber insurers by premiums written in 2023, is based on research data ... Read the full article
COGITANDA partners with Everest and IQUW to expand cyber offering
25th June 2024
European cyber-insurance specialist COGITANDA has partnered with insurance giant, Everest and specialty re/insurer Lloyd’s Syndicate, IQUW to develop and expand its cyber product offering to clients with annual revenues of up to €250 million in Germany and Austria. Previously, COGITANDA's offerings were tailored to businesses with turnover of up to €100 ... Read the full article
AM Best reports stable global cyber insurance outlook as demand rises
24th June 2024
AM Best, a credit rating agency, has assigned a stable outlook to the global cyber insurance sector, citing increased demand and promising growth prospects in the near term as uptake rates continue to rise steadily. “The reduction in rates has been due to various factors, including increased competition from the supply ... Read the full article
A young cyber market has matured, but enhancing preparedness and resilience is key: Kreuzer, Munich Re
20th June 2024
In a recent interview with Reinsurance News, Martin Kreuzer, Senior Risk Manager Cyber Risks at Munich Re, discussed how the firm stays ahead of the evolving cyber threat landscape and how companies can enhance their preparedness against these threats. Kreuzer offers his perspective on the current state of the cyber re/insurance ... Read the full article
Canopius appoints Chris Getty as new cyber underwriter
18th June 2024
Canopius Group, a global specialty and property and casualty (re)insurer, has announced the immediate appointment of Chris Getty as Cyber and Technology Underwriter. Getty will enhance Canopius’ cyber and technology capabilities and will report directly to Mike Shen, Head of Cyber & Technology for the London Market. Shen added: “Chris is a ... Read the full article
Global trends & promising outlook for MGA & MGU revenues in 2023: Insuramore
14th June 2024
Managing General Agents (MGAs), Managing General Underwriters (MGUs), and cover-holder groups have amassed approximately USD 23.9 billion in revenues worldwide in 2023, according to a recent report by industry analysis firm Insuramore. The bulk of this revenue, ranging between 70% and 75%, stemmed from direct commercial P&C insurance, while the remaining ... Read the full article
CFC launches Carbon Cancellation Insurance
13th June 2024
CFC, a specialist insurance provider in emerging risks and cyber insurance, has launched its second insurance product for buyers of voluntary carbon credits. The new Carbon Cancellation Insurance safeguards against financial and management risks if purchased carbon credits are cancelled or invalidated due to political risks such as regulatory changes or ... 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
CFC enhances fintech insurance coverage
12th June 2024
CFC, an insurance provider known for emerging risks in the cyber insurance market, has announced a significant update to its fintech insurance coverage. This revamped offering, available in the UK, Canada, and Australia, provides a streamlined, comprehensive solution that addresses both professional service and technology risks faced by today's fintech sector. “It’s ... Read the full article
MGA Nirvana renews MTC binding authority
6th June 2024
Specialty managing general agent (MGA) Nirvana has announced the renewal of its Media/Technology Errors & Omissions and Cyber (MTC) binding authority with an increased £10mn Media Liability line. It has also expanded authority in Technology and Cyber lines, including new coverage for the financial software industry. Additionally, Nirvana MTC has expanded SCOR’s ... Read the full article
Cyber insurance market remains stable due to robust cybersecurity: McGriff
29th May 2024
McGriff, a US retail insurance broker, reports that cyber insurance market rates in 2024 remain stable as businesses strengthen their cybersecurity measures. Businesses opting for higher retention levels or deductibles are also benefiting from premium savings in their programs. However, McGriff notes, “Custodians of large volumes of records (personal health information, personal ... Read the full article
Cyber facility Incyde Risk launches, powered by Safe Security, led by Mosaic & other Lloyd’s Syndicates
28th May 2024
Mosaic 1609 and other participating Lloyd's syndicates have partnered with Safe Security to streamline cyber insurance solutions through newly launched facility Incyde Risk. According to the announcement, the new facility will provide up to $25mn in capacity on a primary and first-excess basis, with a lead-line by Mosaic 1609, and supported ... Read the full article
P&C sector reports improved conditions in early 2024: McGriff
28th May 2024
The Property & Casualty (P&C) industry began 2024 in a stronger position compared to 2023, driven by 25 consecutive quarters of premium increases, improved investment returns for insurers, and a relatively mild hurricane season, highlights broker McGriff in a recent report. The broker highlights Fitch Ratings' prediction for modest underwriting improvements ... Read the full article
CFC opens first office in Canada to be led by Marsh’s Kate Della Mora
21st May 2024
Kate Della Mora to head CFC Canada as CEO, a new role that was created as the company launched its first office on the ground in Toronto. CFC has launched its first office in Canada with the ambition of building a team of business development professionals to provide Canadian brokers across ... Read the full article
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