Reinsurance News
cyber risk modelling
Important to understand response of cyber catastrophe models: Guy Carpenter
21st March 2024
Guy Carpenter, the reinsurance broking business within Marsh McLennan, highlights the importance of understanding how cyber catastrophe models respond to various scenarios in its latest cyber research study. In the reinsurance broker’s study, it emphasises that as cyber risks continue to evolve, so do the parameterisations of these models, influencing their ... Read the full article
DeNexus appoints industry veteran Rosa Kariger to its Board of Directors
13th March 2024
DeNexus, a provider of cyber risk modelling solutions, has recently appointed industry veteran Rosa Kariger to its Board of Directors, strengthening the company's commitment to bridging the gap between enterprises managing risk and insurers providing coverage. Kariger will facilitate DeNexus' long-term growth strategy focused on establishing the global standard for quantifying ... Read the full article
Arrival of cyber catastrophe bonds a ‘pivotal step’: Moody’s RMS video interview
30th January 2024
The introduction of the first 144A cyber catastrophe bond transactions in the final quarter of last year was an important step in the development and advancement of the broader cyber risk transfer market, according to Damini Mago and Alice Woolley of Moody's RMS. The latest video interview in ... Read the full article
We’ve matured and now understand client needs in much more detail: Envelop Risk CEO
25th October 2023
Since its official launch in 2018, cyber re/insurance underwriting firm, Envelop Risk, has matured and grown alongside an increasingly sophisticated cyber re/insurance market. As such, it is now able to better understand the needs of its clients, according to Co-Founder and Chief Executive Officer (CEO), Jonathan Spry. As the global insurance ... Read the full article
Protos Labs completes SGD $3m seed round funding
24th October 2023
Protos Labs, a cyber risk management company, has successfully raised SGD $3 million in its most recent seed round, funds that will be used to accelerate its global expansion and the development of cyber risk analytics and modelling tools for re/insurers. The seed round saw participation from several investors, including BEENEXT, ... Read the full article
Revenue among the key drivers of cyber model divergence: Guy Carpenter
30th June 2023
There is a notable degree of variability across cyber catastrophe vendor model outputs, according to a recent study which revealed a number of parameters driving discrepancies, including revenue, industry sector classification and differing treatment of specific coverages. Guy Carpenter’s report, titled Under the Lens: Investigating Cyber Vendor Model Divergence, investigates the ... Read the full article
WTW launches upgraded Cyber Quantified model to enhance risk management strategies
19th June 2023
Global advisory and broking firm, WTW, has announced the release of its enhanced Cyber Quantified model, designed to assist companies in evaluating cyber loss potential and optimising risk management strategies. With the increasing prevalence of cyber attacks, data loss, and cyber extortion, WTW's updated tool aims to provide decision support and ... Read the full article
Guy Carpenter analysis shows modelled 1:200-year global cyber industry loss at $33.4bn
1st June 2023
According to Guy Carpenter, the US-domiciled cyber market currently stands at approximately $9 billion, with the non-US market totalling approximately $5 billion. Guy Carpenter has released a new report on the cyber re/insurance market focused on the examination of the evolution of cyber as a core line of business. Along with ... Read the full article
We really need to understand what cyber insurance is: Matt Harrison, Moody’s RMS interview
3rd May 2023
As the cyber insurance and reinsurance market continues to develop and expand, with the risk also growing in popularity within the insurance-linked securities (ILS) space, Matt Harrison, Director of Product Management for Cyber at Moody’s RMS, highlights the importance of understanding exactly what cyber insurance is. Read the full article
Second-gen cyber modelling offers vital visibility for risk transfer market: DeNexus’ Seara
21st April 2023
Cyber risk modeller DeNexus' CEO José Seara said Lloyd's of London must balance protecting its business while recognising the importance of second-generation cyber modelling in providing necessary risk visibility for effective risk transfer. Lloyd’s of London, the 330-year-old institution, has responded to the growing cyber risk landscape by clamping down on ... Read the full article
DeNexus launches Version 5.3 of its cyber risk platform
5th April 2023
DeNexus announces the launch of Version 5.3 of its DeRISK Platform to help improve cyber risk modelling capabilities for reinsurers and the insurance-linked securities (ILS) sectors. DeRISK 5.3 is described as an evidence-based, data-driven cyber risk quantification and management tool that aims to help the risk transfer community better understand, mitigate ... Read the full article
Coalition releases new method for modelling aggregate cyber risk
22nd March 2023
Cyber insurance provider Coalition has released its new Active Cyber Risk Model, a framework for understanding cyber risk aggregation that provides an ongoing view into organisations’ cyber risks and identifies preventive measures to protect against new threats. The Active Cyber Risk Model, which offers a more accurate picture of cyber risk ... Read the full article
Cowbell advises SMEs on cyber catastrophe preparation
13th January 2023
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has released a whitepaper in which it lays out a path to model catastrophic cyber events in the SME market. According to the announcement, the firm’s goal is to to help SMEs prevent and recover from a cyber event of ... Read the full article
Cyber attacks set to become “uninsurable” suggests Zurich’s Greco
28th December 2022
In an interview with the Financial Times, Zurich CEO, Mario Greco, has warned that cyber attacks will become “uninsurable” as the disruption from hacks burgeon. “What will become uninsurable is going to be cyber,” Greco said, “What if someone takes control of vital parts of our infrastructure, the consequences of that? ... Read the full article
Cyber model evaluation needed as risk horizon evolves: Gallagher Re
11th November 2022
According to a report from re/insurance broker Gallagher Re, cyber models have done well to keep pace with the cyber insurance market in recent years, however, the ever-changing size and scope of the industry means that claims are often of a vector, frequency or magnitude that are still missing from ... Read the full article