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.
Businesses recognise cyber threat yet 50% lack insurance, reports Travelers
3rd October 2018
Cyber risk is the second biggest concern for business leaders across most industries and more than half believe that suffering a cyber attack is inevitable, according to the latest Risk Index by The Travelers Companies, Inc., yet 50% of businesses still lack any cyber insurance cover. The survey of more than ... Read the full article
Guy Carpenter appoints Siobhan O’Brien as Head of International Cyber Centre
1st October 2018
Guy Carpenter & Company, LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has appointed Siobhan O’Brien Head of the Cyber Centre of Excellence for International and Global Specialties, effective October 1. The newly-created role will see O’Brien lead the International Cyber Centre of Excellence and work ... Read the full article
GDPR & cyber concerns hindering UK SME’s Brexit planning: Zurich
28th September 2018
Complex Issues such as GDPR compliance plus concerns surrounding cyber security may be causing the UK’s small medium-sized business to overlook the importance of planning for Brexit, finds broker survey conducted by Zurich. 24% of respondents said that their SME clients now ask them about GDPR on a regular basis. However, regular ... Read the full article
Munich Re develops new cyber reinsurance solution for SMEs
26th September 2018
Munich Reinsurance America, Inc. (Munich Re) has developed a new reinsurance solution for U.S property and casualty (P&C) insurance carriers seeking to provide cyber coverage to their small and medium-sized enterprise (SME) clients. The new cyber solution will provide reinsurance capacity for limits up to $15 million, as well as technical ... Read the full article
G20 Insurance Forum to outline insurers’ role in tackling global challenges
26th September 2018
A series of discussions are due to take place in Argentina this week as the G20 Insurance Forum examines the role of insurers in tackling global challenges. The forum’s first session will examine insurers’ role in boosting resilience and stability in society, and the part insurers play in food security and ... Read the full article
Boost Insurance launches Paladin Cyber InsurTech program
26th September 2018
Boost Insurance, a recently established InsurTech development platform, has announced the launch of its first InsurTech program, Paladin Cyber. Boost said that, by utilising its technology and end-to-end insurance infrastructure, Paladin’s admitted, multi-state SMB cyber program was brought to market in just four and a half months, which compares with an ... Read the full article
RSA launches £25m capacity cyber protection product
20th September 2018
RSA, one of the largest UK commercial insurers, has expanded its cyber protection to provide standalone, comprehensive worldwide cover of up to £25 million in capacity. The new cover is an evolution of its existing cyber product for small and medium-sized enterprises and offers a Deloitte-supported, detailed cyber risk assessment for ... Read the full article
MS Amlin enters cyber reinsurance market with Envelop Risk partnership
11th September 2018
Global re/insurer MS Amlin is partnering with the recently-launched cyber insurance analytics firm Envelop Risk on solutions for the reinsurance market. Under the terms of the partnership, Envelop Risk and MS Amlin will underwrite a cyber reinsurance portfolio with MS Amlin AG as capacity provider. Led by Envelop Risk Chief Underwriting ... Read the full article
Re/insurers are not mastering cyber: SCOR’s Victor Peignet
10th September 2018
French reinsurance giant SCOR does still not feel that the re/insurance industry has mastered cyber to a level where it is able to underwrite on a big scale. Speaking in Monte Carlo today at the Reinsurance Rendez-vous, Victor Peignet, CEO of SCOR’s Global P&C division explained that, while they’ve been putting ... Read the full article
Re/insurers risk irrelevancy by ignoring cyber, say Munich Re heads
9th September 2018
The re/insurance industry is at risk of becoming irrelevant if it avoids the challenge of tackling cyber risk, which also remains an area with huge growth potential, according to senior executives at German reinsurance giant Munich Re. Speaking at a media conference on the first day of the Rendezvous event in Monte ... Read the full article
GCube launches cyber risk cover for renewables
6th September 2018
Specialist renewable energy insurer GCube has a launched cyber risk policy aimed at protecting renewable energy sources from attacks. The policy follows a rise in cyber hostility towards global power generation and transmission infrastructure. “In the renewables market, the benefits of ‘big data’ and interconnectivity in driving operational efficiency are well-established ... Read the full article
Capsicum Re partners with AIR Worldwide on silent cyber risk models
5th September 2018
Specialist reinsurance broker Capsicum Re has announced that it is collaborating with AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, in order to enhance the re/insurance industry’s modelling of silent cyber incidents. As part of the arrangement, Capsicum Re has also adopted AIR’s cyber modelling and analytics platform, ARC, ... Read the full article
PCS launches enhanced Cyber Index service for catastrophic cyber events
4th September 2018
Property Claim Services (PCS), a subsidiary of the data analytics and risk assessment firm Verisk, has announced enhancements to its Global Cyber Index service including coverage for catastrophic cyber events, and industry-wide insured losses of over $250 million. The improved product is now available for existing PCS Global Cyber users, addresses ... Read the full article
Daljitt Barn joins Tokio Marine from Munich Re as Global Head of Cyber Risk
3rd September 2018
Tokio Marine Holdings has announced the appointment of Daljitt Barn from reinsurance giant Munich Re, to the newly created role of Global Head of Cyber Risk. Based in London, Barn started at Tokio Marine on September 3rd, 2018, and will be responsible for developing the firm's cyber strategy. Joining from Munich Re, ... Read the full article
CyberCube adds former Swiss Re CUO Matthias Weber to Board
28th August 2018
Cyber risk analytics firm CyberCube has announced the addition of Matthias Weber, former Group Chief Underwriting Officer (CUO) at Swiss Re, to its Board of Directors. Weber joined Swiss Re in 1992, and worked across a diverse number of roles and markets during his 25-year tenure at the company, including as Head ... Read the full article
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