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.
Mosaic partners with Safe Insurance to launch cyber risk platform
12th December 2022
Underwriting company, Mosaic Insurance has partnered with Safe Security to use its award winning SAFE platform to help underwrites evaluate cyber risks for brokers and insureds. The platform offers a real-time view of the extent and nature of a company’s enterprise-wide cyber risk, allowing the most accurate exposure analysis, coverage, and ... Read the full article
CyberCube reveals Version 4.0 of Account Manager
29th November 2022
Cyber risk analytics provider CyberCube, has released Version 4.0 of Account Manager, its software-as-a-service (SaaS) application for single risk re/insurance underwriters. The latest version of Account Manager includes a variety of improvements including new data, usability enhancements, as well as scoring and signal refinements. New financial quantification insights have also been introduced, ... Read the full article
Cyber a burgeoning risk pool with big challenges & big opportunities: Swiss Re
28th November 2022
Digitalisation is increasing exposure to cyberattacks throughout society, though as the risk landscape grows, so does awareness and demand for commercial and personal coverage, says the Swiss Re Institute. Swiss Re forecasts global cyber insurance premiums to reach $23 billion by 2025, from an estimated $10 billion in 2021. It adds that ... Read the full article
Insurance can help strengthen cyber resilience as risks evolve: Swiss Re
23rd November 2022
In recent years there has been a strong increase in cyber attacks, which has made organisations and companies realise that they can become a target and face serious consequences, Swiss Re Institute notes in a new report. They have also realised that investing in pre-emptive mitigation efforts and cyber hygiene is ... Read the full article
Fraudulent instruction claims are on the rise, says Beazley
1st November 2022
According to data released in Beazley’s new Cyber Services Snapshot report, fraudulent instruction as a form of cyber attack is on the rise, despite an overall decline in incidents. The data from the report suggests that professional service firms experienced more fraudulent instruction and almost as many business email compromise incidents ... Read the full article
Ransomware remains top cyber risk for organisations globally, says Allianz
1st November 2022
According to an Allianz Global Corporate & Specialty cyber report, ransomware remains a top cyber risk for organisations globally, while the threat of state-sponsored cyber attacks grows. There was a record 623 million attacks in 2021, which was double that of 2020, says Allianz. It also notes that despite the frequency reducing ... Read the full article
Advisen-Zurich survey reports cyber resilience uptake, though concerns remain
31st October 2022
The annual Information Security and Cyber Risk Management study from Zurich North America and Advisen indicates that 86% of respondents now have cyber insurance, up 3% from 2021 and the highest percentage in the history of the survey, though increasing premiums and restrictions for cyber coverage have created frustration for ... Read the full article
Cyber insurers to benefit from SentinelOne’s new risk management app
31st October 2022
SentinelOne, an autonomous cybersecurity platform company, has announced the addition of a new app for cyber insurers' risk management in its Singularity Marketplace. For organisations, the WatchTower Vital Signs Report app communicates an accurate profile of cyber security posture and controls to cyber insurers, streamlining the process of obtaining cyber insurance ... Read the full article
Businesses may be overconfident about resilience to cyber threats: Beazley
18th October 2022
According to a recent Risk & Resilience research report from Beazley, there is a "worrying" degree of complacency around active cyber risk management and maintaining resilience to cyber threats, with over 41% of UK and US business leaders feeling "very prepared" to meet the cyber threat, which although down marginally ... Read the full article
Lipman outlines opportunities for development in Lloyd’s Canada market update
12th October 2022
Marc Lipman, Attorney in Fact in Canada for Lloyd’s Underwriters and president of Lloyd’s Canada, provides a market update outlining opportunities for growth and development in the region's (re)insurance sector. At the end of 2021, premium income to Lloyd’s from Canada grew by 22%, with Lipman noting that Lloyd's underwrote over ... Read the full article
Quod Orbis & Liberty Specialty collaborate to study future of cyber insurance
11th October 2022
Quod Orbis and Liberty Specialty Markets (LSM) have released a white paper report exploring the prospective future of cyber insurance, alongside the role data can play to enhance the understanding of risk. According to the report, global cyber insurance premiums totalled $8bn in 2021, and are growing rapidly, with one estimate ... Read the full article
80% of digital health firms operating without effective protection, says Beazley
27th September 2022
A global survey conducted by Beazley has revealed that 99% of digital health firms anticipate growth, but almost 80% do not have an insurance policy tailored to the specific risks they face, despite claims spiking by 50% in the past year. The survey was drawn from 300 business leaders in the ... Read the full article
Resilience announces expansion into UK market
26th September 2022
Cyber risk company Resilience has expanded its global offering by launching a new operation in London to serve the UK market. In a deal brokered by Lockton Re, the expansion is backed by a capacity agreement with HDI Global Specialty SE. Vishaal Hariprasad, CEO and Co-Founder of Resilience, commented, "The last couple ... Read the full article
Wider audience access to cyber risk analysis through CyberCube and AkinovA partnership
12th September 2022
CyberCube, a cyber risks analytics provider, has announced its partnership with AkinovA, an electronic marketplace for the transfer and trading of insurance risk, to enable AkinovA’s clients to benefit from CyberCube’s modelling and analytics. Through this partnership, CyberCube’s products will be made available to AkinovA’s platform, making all its models accessible ... Read the full article
Caribbean re/insurers continue to navigate economic headwinds: AM Best
26th August 2022
According to AM Best’s market segment report, Caribbean insurers continue to navigate economic headwinds and market volatility while remaining highly vulnerable to several other risks. Climate, reinsurance, and cyber in particular. Despite the low level of claims activity in 2021 and thus far in 2022, reinsurance pricing continues to reflect increased ... Read the full article
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