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.
Further challenges ahead for cyber insurers, warns Fitch
21st April 2021
Analysts at Fitch Ratings note that a higher propensity of cyber incidents will likely hinder a near-term reversal of claims cost trends, suggesting increasing profit pressure for cyber insurers. During 2020, property / casualty (P/C) insurers that write cyber cover reported substantially higher claims losses than in prior years, reports Fitch. Over ... Read the full article
There’s more to do but demand for cyber reinsurance is growing: Chatterjee, Envelop Risk
12th March 2021
In a recent interview with Reinsurance News, Ari Chatterjee from Envelop Risk discussed how the cyber re/insurance market has changed in recent years and why demand for protection is projected to rise. “The development of the cyber reinsurance market actually sped up quite a lot in the recent past and one ... Read the full article
Pandemic-related risks front and centre for corporates in 2021: Allianz
20th January 2021
The 10th annual Allianz Risk Barometer reveals that exposures related to the ongoing COVID-19 pandemic are considered the top business risks in 2021, with business interruption (BI) taking the top spot for the eighth time. A significant 41% of responses see BI as the top risk to business in 2021, followed ... Read the full article
SCOR integrates CyberCube model into cat platform
14th January 2021
Global reinsurer SCOR has integrated a CyberCube-developed cyber risk model into its own catastrophe modelling platform. By integrating CyberCube’s risk model alongside other natural catastrophe models within SCOR's CAT Platform, the reinsurer is aiming to further expand its modelling capabilities. The new architecture was made full operational for the Janurary 1 renewals. “In ... Read the full article
Cyber the next key market for insurance growth: City of London Corporation
16th December 2020
The City of London Corporation, in association with Accenture, has released a report that identified cyber-insurance as one of the next key markets of growth for London. The report noted that cyber-attacks are one of the greatest risks to the worlds economy and is becoming a normality in post-pandemic life, especially ... Read the full article
COVID-19 leads PCS’ Johansmeyer’s ‘Four Horsemen of 2021’
18th November 2020
With one of the year's biggest and busiest holiday's approaching, and the likelihood of any possible COVID-19 vaccine easing the pressure in the near-future low, the next six-to-eight weeks are going to be vital in more accurately gauging what PCS' Tom Johansmeyer expects to be a tough year for reinsurers. Read the full article
Insurers need to take on more cyber risk to grow the market: Johansmeyer, PCS
17th November 2020
While it might well be true that there's too much cyber risk out there in the world for the re/insurance industry to handle, insurers need to be willing to assume more risk to help the market grow, says Tom Johansmeyer, Head of Property Claim Services (PCS), part of Verisk. The cyber ... Read the full article
Demand for cyber cover to rise alongside frequency & severity: Höpke, Munich Re
19th October 2020
The frequency and severity of cyber events is on the rise and as the peril grows in relevance, particularly under COVID-19 conditions, demand for protection is likely to continue to increase, according to Doris Höpke, Member of the Board of Management at Munich Re. As the ongoing pandemic continues to restrict ... Read the full article
Lockton to leverage CyberCube’s risk analytics platform
13th October 2020
Re/insurance broker, Lockton has announced that it will be rolling out CyberCube’s Broking Manager, a cyber risks analytics platform for insurance intermediaries. CyberCube has designed and tailored Broking Manager specifically to the needs of the insurance broking space, where it offers a streamlined approach to generating financial exposure impact that helps ... Read the full article
Brit partners with Tangram and Costero on Kidnap & Ransom coverage
9th October 2020
Brit Syndicate at Lloyd's has entered into a partnership with MGA Tangram Insurance Services, Inc., and Costero Brokers, Ltd., in order to provide Kidnap & Ransom and Personal Accident coverage through an exclusive facility. The facility is accessible to all Tangram appointed retail brokers in the US, providing up to $50 ... Read the full article
WTW and the University of Oxford collaborate on cyber risk research
10th September 2020
Global insurance and reinsurance broker, Willis Towers Watson (WTW), has partnered with the University of Oxford to develop research exploring three key areas of cyber security risk. Specifically, Willis Research Network is set to engage with the University to examine increases in systemic risks; the nature of cyberattack resilience; and, the ... Read the full article
Beazley enhances BBR, MediaTech policies for businesses in Canada
10th September 2020
Specialist insurer Beazley has announced a series of enhancements to its Beazley Breach Response and MediaTech policies for businesses in Canada. The insurer has streamlined key policy wordings and integrated cyber extortion, business interruption, dependent business interruption and eCrime coverages into the main policy, rather than being added by endorsement. The BBR ... Read the full article
Re/insurers must evolve alongside cybersecurity landscape: Allianz
14th August 2020
There has been an increase in fears around the potential for cyber security incidents during the COVID-19 pandemic, highlighting the need for re/insurers and brokers to evolve alongside the cyber risk landscape, reports Allianz. The concerns have arisen after many businesses are being required to adopt wide-scale remote working for their ... Read the full article
Munich Re unit HSB finds cyber attacks on the rise
31st July 2020
A survey by HSB, part of Munich Re, has shown results for a continuing increase in identity theft, cyberattacks and online fraud as criminals steal personal information and millions of dollars. The survey conducted by Zogby Analytics found that 77% of consumers were very or somewhat concerned about online identity theft. Because ... Read the full article
Renewable energy firms increasingly looking at non-damage cyber cover: GCube
20th July 2020
GCube Insurance, a provider of insurance services for renewable energy projects, is seeing heightened demand for its non-damage cyber risk insurance product amid a spate of recent cyber-attacks on global renewable energy companies. The company has emphasised that, during the current period of COVID-19-induced lockdowns and beyond, renewable energy asset owners ... Read the full article
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