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.
European cyber insurance market now more friendly, says Marsh
20th June 2024
The European cyber insurance market has become much more friendly, with increased capacity per layer, significant overall capacity growth, removal of coverage restrictions, and more enhancements and innovative coverages available, according to Macarena Bandres, Cyber Placement Leader at Marsh Europe. Bandres’ spoke this morning at Marsh’s Europe Cyber Market Update, noting ... Read the full article
A young cyber market has matured, but enhancing preparedness and resilience is key: Kreuzer, Munich Re
20th June 2024
In a recent interview with Reinsurance News, Martin Kreuzer, Senior Risk Manager Cyber Risks at Munich Re, discussed how the firm stays ahead of the evolving cyber threat landscape and how companies can enhance their preparedness against these threats. Kreuzer offers his perspective on the current state of the cyber re/insurance ... Read the full article
London market clarifies marine cyber clause to address aggregation risk
19th June 2024
The Joint Excess Loss Committee of the Lloyd's Market Association (LMA), an organisation that represents the interests of the Lloyd's underwriting community, and the International Underwriting Association (IUA), which represents international and wholesale insurance and reinsurance companies operating in the London Market, hosted a well-attended session at Lloyd’s Old Library. They ... Read the full article
Canopius appoints Chris Getty as new cyber underwriter
18th June 2024
Canopius Group, a global specialty and property and casualty (re)insurer, has announced the immediate appointment of Chris Getty as Cyber and Technology Underwriter. Getty will enhance Canopius’ cyber and technology capabilities and will report directly to Mike Shen, Head of Cyber & Technology for the London Market. Shen added: “Chris is a ... Read the full article
CFC launches upgraded cyber risk heat map focused on key exposures
6th June 2024
CFC, a specialist insurance provider, has updated its cyber risk heat map to offer more detailed insights into key exposures across various industry sectors such as construction, education, healthcare, transport, and logistics. Drawing from CFCs own claims data and external trends observed by its incident response team, this user-friendly tool presents ... Read the full article
Cyber risk viewed as top concern by mid-market leaders: Marsh McLennan Agency
5th June 2024
Mid-market business leaders in the US view cyber, economic, and regulatory risks as the biggest threats to their operations in 2024, according to a new report by Marsh McLennan Agency. The report reveals that 75% of businesses are highly concerned about cybersecurity and data privacy risks, partly due to their increasing ... Read the full article
Cyber insurance market remains stable due to robust cybersecurity: McGriff
29th May 2024
McGriff, a US retail insurance broker, reports that cyber insurance market rates in 2024 remain stable as businesses strengthen their cybersecurity measures. Businesses opting for higher retention levels or deductibles are also benefiting from premium savings in their programs. However, McGriff notes, “Custodians of large volumes of records (personal health information, personal ... Read the full article
HITRUST and Trium Cyber introduce exclusive cyber insurance
17th May 2024
Trium Cyber announces its partnership with HITRUST. This collaboration introduces an exclusive cyber insurance product available solely to HITRUST-certified customers, marking a new benchmark in aligning information risk assurances with insurance underwriting. The insurance product, initially tailored for HITRUST r2 certified entities, aims to tackle the escalating complexities and disparities within ... Read the full article
Aon reveals cyber attack/data breach as top risk for financial institutions
17th May 2024
Aon, a global insurance and reinsurance broker, has revealed that cyber attack/data breach ranks first among the top business risks confronting the financial institutions industry. This insight is derived from Aon’s 2023 Global Risk Management Survey. The survey also identifies regulatory/legislative changes and economic slowdown/slow recovery as the next most critical ... Read the full article
Lloyd’s updates cyber war wordings
17th May 2024
Lloyd’s of London has recently issued an updated Market Bulletin to offer clearer guidance on cyber war wordings, aiming to prevent disputes over policy coverage. In August 2022, Lloyd’s released Market Bulletin Y5381, outlining requirements for exclusions in standalone cyber-attack policies. This was done to help the Lloyd’s market better manage ... Read the full article
Melissa Carmichael assumes leadership as Beazley’s Head of US Cyber
16th May 2024
Following Patricia Kocsondy's move to Beazley's Head of Global Cyber Digital Risks in January, Melissa Carmichael steps into the role of leading Beazley's US Cyber division. Beazley has announced today the appointment of Carmichael as the new Head of US Cyber, effective immediately. Carmichael, based in New York, will report directly ... Read the full article
WTW reports possible firming cyber insurance market later in 2024
16th May 2024
WTW, a global insurance and reinsurance broker, observes that the cyber insurance market has remained stable in 2024, however, there's a potential shift towards a firmer market later this year due to recent cyber events and the expanding cyber threat landscape. Currently, primary and excess cyber renewals are staying level, and ... Read the full article
Surging cyber threats necessitate need for robust protection: Munich Re
15th May 2024
In its recent survey, Global reinsurer Munich Re highlights the evolving cyber threats of companies and the persisting protection gap, necessitating the need for sufficient cyber insurance solutions to mitigate risks effectively. With a surge in cyber attacks globally, particularly ransomware and data theft, managers have rising concerns regarding their organisations' ... Read the full article
Resilience enhances cyber risk solutions with new integrated features
2nd May 2024
Resilience, a cyber risk management firm, enhances its Essential Solution for Cyber Insurance and Edge Solution for Cyber Risk Management by integrating two new features that empower clients to consistently monitor and prioritise their efforts in mitigating and transferring cyber risk. One of the new features is Breach & Attack Simulation ... Read the full article
Coalition report highlights growing need for enhanced email security
30th April 2024
According to findings from Coalition, an active cyber insurance provider, more than half (56%) of all cyber insurance claims in 2023 stemmed from either funds transfer fraud (FTF) or business email compromise (BEC), underscoring the importance of email security as a key component of effective cyber risk management. These insights are ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
