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.
CFC’s cyber risk heat map looks to assist brokers
27th November 2019
Specialist insurer CFC has announced the launch of a free tool designed to help brokers sell cyber insurance. The new cyber risk heat map has been built from data that relates to 2,500 cyber claims that CFC has dealt with over the past 24 months, as well as trends that the ... Read the full article
The industry is starting to understand an infant cyber market: Guenther, Hacker
21st November 2019
Still in its infancy, the global cyber risk market continues to grapple with data and modelling challenges, but increasingly, re/insurers are becoming aware of a need for new and innovative approaches. This is according to the owner and founder of PeriStrat GmbH, Hans-Joachim Guenther and Peter Hacker, a globally recognized cyber ... Read the full article
Ransomware incidents up threefold in 2019, as costs escalate: Aon
20th November 2019
Ransomware incidents rates have increased threefold since Q4 2018, according to a new report from Aon, with average costs escalating at a similar rate. The Cyber Practice Group of Aon’s Reinsurance Solutions business found that the costs of ransomware attacks continued to increase across all sectors this year, with payments tripling ... Read the full article
LMA cyber clauses provide clarity for property and marine
15th November 2019
The Lloyd’s Market Association (LMA), an organisation set up to represent the interests of the Lloyd's community, has published a number of new clauses for the property and marine markets that aim to provide clarity for cyber coverage under first-party property damage policies. The publication comes as part of a push ... Read the full article
Smaller businesses disproportionately hit by cyber incidents: Arceo.ai
15th November 2019
Small and medium-size enterprises are “disproportionately burdened” by cyber incidents and face higher sharply higher costs compared with larger organisations, according to Arceo.ai, a risk analytics provider for the cyber re/insurance market. Analysis using Advisen Cyber Data Set found that the financial loss per incidents for SMEs was nearly 70 times ... Read the full article
Survey highlights lack of cyber risk due diligence among private equity firms
12th November 2019
A recent survey conducted by commercial insurance placement and disputes firm, Mactavish, reveals that numerous senior private equity professionals feel that the due diligence carried out by private equity firms on cyber security issues of target companies is lacking. The survey results show that just 23% of those interviewed describe the ... Read the full article
IFTRIP highlights divergent views on cyber terrorism across commercial market
11th November 2019
Further collaboration and discussion is needed around the response to, and definition of, cyber terrorism, while more broadly, divergent views around the insurability of cyber risk remains across the commercial market. This is according to delegates that attended the 2019 International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) conference, held in ... Read the full article
Willis Towers Watson announces three new cyber policies
31st October 2019
Global insurance and reinsurance broker, Willis Towers Watson (WTW) has launched a range of new cyber insurance policies for clients in the U.S., Canada, the UK, and Western Europe. WTW states that the three new policies offer innovative, bespoke solutions for large enterprises and mid-market clients, enabling them to fully assess, ... Read the full article
Lloyd’s report reveals huge cyber risk protection gap across Asia-Pacific ports
30th October 2019
A single, large cyber-attack hitting major ports across the Asia-Pacific region could cost as much as USD 110 billion, of which just 8% would be covered by insurance, according to a new report produced by the University of Cambridge Centre for Risk Studies, on behalf of the Cyber Risk Management ... Read the full article
Markel to offer new cyber risk management tool for SMEs
28th October 2019
Re/insurance holding company Markel Corporation has announced the addition of a new risk management tool to its cyber product offering. The tool, called WhiteHaX, simulates cyber security breaches and assesses the readiness of deployed security infrastructure and software. Markel believes the service will be particularly useful for small-to-medium size businesses. "The key to ... Read the full article
Verisk eyes improved cyber insights with launch of Cyber Data Exchange
24th October 2019
Data analytics provider Verisk has announced the creation and launch of its Cyber Data Exchange, designed to help insurers and reinsurers tackle some of the challenges surrounding cyber insurance. The Cyber Data Exchange operates as an analytics solution that aggregates cyber insurance data in order to help re/insurers obtain more comprehensive ... Read the full article
Norsk Hydro claims first $3.6mn from its cyber insurance
23rd October 2019
Aluminium manufacturing giant Norsk Hydro has announced that it has claimed approximately USD 3.6 million (NOK 33 million) from its insurers in the third-quarter of 2019 following the cyber-attack on its operations in March. After detecting unusual activity on its servers that disabled part of its smelting operations on March 19th, ... Read the full article
Beazley launches cyber risk management services for international policyholders
22nd October 2019
Specialist London-based insurer Beazley has launched a suite of cyber risk management services for international policyholders, designed to help mitigate the risk of a cyber breach occurring. Beazley notes that today, preparing for and preventing cyber breaches are inseparable from insuring a cyber loss, calling on organisations to protect themselves on ... Read the full article
Concerns about climate, cyber & political risks intensify: AXA survey
16th October 2019
Climate change, cybersecurity risks, and geopolitical instability are viewed as the three emerging risks most likely to have a significant impact in the near future, according to a new report from AXA. The report, which was based on the results of AXA’s 2019 Emerging Risks Survey, highlighted the “sheer number and ... Read the full article
Quarter of UK pension schemes unprepared for cyber attack: Aon
16th October 2019
Almost a quarter of trustees of UK pension schemes have still had no training on the risk of cyber crime, according to a new survey by re/insurance brokerage Aon. While 95% of respondents to Aon’s Global Pension Risk Survey 2019 said their schemes had not been affected by cybercrime, a handful ... Read the full article
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