Reinsurance News
Cyber risk news
News on cyber risk underwriting in the insurance and reinsurance industry, the launch of new cyber insurance and reinsurance products, cyber risk analytics and more.
Ransomware attacks becoming a growing risk for US Corporates: Fitch
12th May 2022
With the frequency, severity and sophistication of ransomware attacks in the US rising dramatically in 2021 from the prior year, according to Fitch analysts, this trend is expected to continue as long as profit incentives remain high and outweigh perceived risks of criminal prosecution. In 2021 it was reported that there ... Read the full article
Acrisure partners with Coalition to unveil Cyber Risk Assessment
3rd May 2022
Global insurance broker, Acrisure, has announced that it has entered into a partnership with cyber insurance and security provider, Coalition. Acrisure’s Cyber Services division will offer the Coalition Risk Assessment, which is designed to help small and mid-size organisations understand their cyber and digital risk exposure. The risk assessment offers a personalised ... Read the full article
COVID-19 highlighted concerns around cyber risk: BMA
22nd April 2022
According to a new report from the Bermuda Monetary Authority, the COVID-19 pandemic has highlighted a growing interest and concern around cyber risk and the need for a robust cyber insurance market. As organisations are forced to continue to operate in remote working environments, cyber threat actors continue to exploit inherent ... Read the full article
Businesses under-insuring intangible assets: Aon
19th April 2022
Aon plc has published a new report in collaboration with independent researcher Ponemon Institute, which found that businesses continue to undervalue and under-insure intangible assets relative to tangible assets. According to the study, since 2009 the implied market value of intangible assets at S&P 500 companies increased 255%, while the book ... Read the full article
Cooper Gay partners with CyberCube for cyber risk platform
13th April 2022
Cooper Gay, the pan-European Managing General Agent (MGA), has partnered with CyberCube to use its cyber risk analytics platform, Account Manager. In addition to using Account Manager, Cooper Gay is also enrolling in the CyberCube Academy as part of the company’s drive to develop its team’s knowledge of the evolving cyber ... Read the full article
Russia-Ukraine conflict driving more exclusions into re/insurance
12th April 2022
The Russia-Ukraine conflict is driving more exclusions into re/insurance, with Munich Re reportedly planning new wordings within its cyber insurance policies to exclude war, to avoid disputes over what is covered, according to Reuters. The war in Ukraine has raised fears of cyber attacks, with the risk that Western businesses or ... Read the full article
Russia-Ukraine conflict creates new risks for insurers: Moody’s
7th April 2022
According to Moody’s, the economic consequences of Russia’s invasion of Ukraine creates new risks for global insurers and asset managers, with the impact of the crisis depending on its severity. Moody’s has created its own baseline scenario, which resulted in the G20 economies’ GDP growth slowing to 3.6% in 2022, compared ... Read the full article
CFC names Roger Francis as Managing Director, CFC Response
4th April 2022
Specialist insurer CFC has appointed Roger Francis to the newly-created role of Managing Director of CFC Response, bringing with him over 15 years of experience within information security. Francis joined CFC in the summer of 2019 to take up the role of Cyber Claims Director, having previously helped businesses protect their ... Read the full article
Cyber insurance in P&C industry grew by 22% in 2020: Fitch Ratings
25th March 2022
According to rating agency Fitch Ratings the Cybersecurity and Identity Theft Insurance Coverage Supplement reported that cyber insurance direct written premiums for the property & casualty (P&C) industry grew by 22% in 2020 to over $2.7 billion. Cyber insurance continues to be viewed as a growth market for P&C insurers, as ... Read the full article
Falvey Cargo launches new cyber coverage with Chaucer
18th March 2022
Falvey Cargo Underwriting has announced its brand new coverage protection – Cyber for Cargo. This new coverage will also see the company partnering with the leading speciality re/insurance company, Chaucer Group, to help bring this exclusive protection to Falvey clients. The company says that it recognises that cyber risk exposure is an ... Read the full article
CFC names Philippa Berry as Cyber Product Leader
1st March 2022
CFC has promoted Philippa Berry to the role of Cyber Product Leader, where she will contribute to CFC’s cyber underwriting strategy and oversee a variety of cyber-related special projects. She holds over 10 years of experience in the London market, much of which has been spent focused on cyber, and has ... Read the full article
Aon hit by cyber attack
28th February 2022
Global insurance and reinsurance broker Aon was hit by a cyber attack on February 25th, 2022, according to an 8-K filed with the Securities and Exchange Commission (SEC) in the U.S. In its filing, Aon states that it identified a cyber incident impacting a limited number of systems. In response, Aon promptly ... Read the full article
Gallagher Re partners with BitSight to deliver cyber-modelling insights
28th February 2022
Global reinsurance broker Gallagher Re and BitSight have collaborated to integrate BitSight cybersecurity data with Gallagher Re’s reinsurance insights and analytics. The partnership will provide reinsurance clients with a holistic view of security performance and supply chain aggregation within their portfolios, giving them a comprehensive and differentiated understanding of cyber risk ... Read the full article
Alta Signa backed by A-Rated capacity providers
23rd February 2022
Alta Signa, a European boutique Managing General Agent, has been backed by five leading capacity providers from Company Markets and Lloyd’s Europe to write business across the financial lines and cyber insurance markets in Europe. The lines of business provided includes Directors & Officers (D&O), with up to €25mn in capacity, ... Read the full article
DeNexus updates cyber risk platform
15th February 2022
DeNexus has updated its DeRISK Platform, a tool that provides evidence-based authentic and transparent data in order for industrial companies to measure the financial impact of cyber risks on their business. The company launched the product as the latest in a series of ever-improving cyber models which are aimed at helping ... Read the full article
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