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Cyber insurance & reinsurance news

Cyber insurance and reinsurance news, covering the growth of cyber reinsurance underwriting, the risks faced, major loss events and cyber reinsurance product development trends.

Cyber risk is an emerging and fast-growing class of insurance and reinsurance business, so our cyber insurance news follows industry trends and reports on what is happening in the cyber underwriting market.

Corvus opts for portfolio management tools from CyberCube

25th November 2021

Corvus Insurance, a provider of AI-powered commercial insurance, has announced that it plans to use CyberCube’s Portfolio Manager to better analyse and understand cyber risk. In addition to Portfolio Manager, the Boston-based managing general agent (MGA) will also use CyberCube’s Single Point of Failure (SPoF) model and Attritional Loss model as ... Read the full article

Marsh McLennan and BitSight partner to bolster cybersecurity performance

24th November 2021

Marsh McLennan and BitSight have entered a partnership to help both organisations better understand, measure, and manage their cyber risks. Marsh McLennan's recently announced Cyber Risk Analytics Center will leverage BitSight Security Ratings, data, and analytics, enabling clients to better understand their cybersecurity performance and make more informed risk management decisions. Throughout ... Read the full article

Gallagher Re hires Aon’s Theo Norris as a dedicated cyber ILS broker

12th November 2021

Global reinsurance broker Gallagher Re has announced the addition of Theo Norris to its cyber reinsurance team as a dedicated cyber insurance-linked securities (ILS) broker, as the company continues to bolster its capabilities in the cyber risk space. In his new role, Norris is tasked with building and leading the development ... Read the full article

Climate change a growing concern for global re/insurers: PwC

8th November 2021

The PwC Insurance Banana Skins 2021 survey shows that cybercrime is ranked as the number one risk by carriers globally, while climate change tops the list for reinsurers amid a rise in natural catastrophe events. The latest global edition of the biennial survey includes responses from more than 600 industry leaders ... Read the full article

Aon to bolster cyber capabilities with Guidewire Software partnership

5th November 2021

Aon is set to implement cyber data listening and modelling collection technology offered by Guidewire Software, as the broker looks to enable improved risk quantification and improve underwriting confidence more broadly. Aon cites a desire to more effectively model client portfolios and develop new underwriting solutions as a driving factor of ... Read the full article

Cyber is the one truly hard element of the market: GC’s Peter Hearn

22nd October 2021

Peter Hearn, Chief Executive Officer (CEO) of reinsurance broker Guy Carpenter, has asserted that the “one hard element” of the reinsurance market right now is cyber. Hearn was joined by executives from parent company Marsh McLennan (MMC) earlier this week during a call to discuss the company’s Q3 results. Guy Carpenter reported ... Read the full article

Munich Re’s HSB acquires new SMB-focused cybersecurity platform

22nd October 2021

Munich Re-owned specialty insurer HSB has acquired a digital cybersecurity platform from cybersecurity firm Zeguro, including a suite of management tools and services designed for small businesses. The addition of Zeguro’s cyber safety solution and key personnel is expected to strengthen the overall cybersecurity offering of HSB. The platform offers integrated online ... Read the full article

AXA XL appoints Danielle Roth to lead North American cyber claims

21st October 2021

AXA XL has announced the appointment of Danielle Roth as Practice Leader and Head of Cyber Claims, North America. Roth will be responsible for developing and implementing the segments’ claims strategy and best practices, as well as coverages analysis, claims investigations, reserving and resolution of claims. She has 10 years of Cyber ... Read the full article

CFC secures significant investment from European PE firms EQT & Vitruvian

21st October 2021

CFC, the UK-based fintech, has secured a major investment joint-led by two of Europe's leading private equity firms, EQT and Vitruvian, which will see CFC's employee shareholders almost double. Founded more than 20 years ago, CFC has established itself as a global leader in cyber and provider of coverage for a ... Read the full article

Aon opts for Kovrr to enhance client risk quantification, aggregation management

20th October 2021

Cyber risk modeller Kovrr is collaborating with broker Aon on a new cyber risk modeling reinsurance solutions designed to support the growing demand for data-driven insights. Aon will access Kovrr's impact-based modelling framework as well as its Portfolio Exposure Management solution to analyse insurance portfolios and reinsurance treaties. The tools also help ... Read the full article

Lockton launches business-focused silent cyber property solution

19th October 2021

Independent insurance broker Lockton has launched its Silent Cyber Property Solution, a standalone policy that covers businesses against property damage and ensuing time element losses resulting from cyber-attacks or cyber terrorism. The broad form policy blends the standard wording found in both property and cyber policy forms. It can be purchased through ... Read the full article

Ransomware a growing concern for re/insurers, says Fitch

18th October 2021

As part of a new report on cybersecurity risks, analysts at Fitch Ratings have noted that ransomware in particular is becoming a “growing concern” for the re/insurance industry. The rating agency said cybersecurity is arguably reaching an “acute phase,” following high-profile events at several of the largest and most sophisticated insurance ... Read the full article

Allianz report highlights growing threat of ‘ransomware pandemic’

15th October 2021

An Allianz Global Corporate & Specialty (AGCS) report has identified a number of key trends in the ransomware space re/insurers should be aware of in order to protect itself from cyber criminals, including the recent development of ‘ransomware as a service’. AGCS’ report explains how ransomware as a service has made ... Read the full article

Marsh McLennan launches global Cyber Risk Analytics Centre

14th October 2021

Professional services firm Marsh McLennan has signalled the launch of its Cyber Risk Analytics Centre; an enterprise-wide resource designed to galvanise the cyber risk data, analytics and mitigation expertise of its Marsh, Guy Carpenter, Mercer, and Oliver Wyman businesses. The centre will operate under the leadership of cyber risk and catastrophe ... Read the full article

Cyber exposures totalling $12.5bn flagged in US Property market

12th October 2021

Cyber exposures accumulating in the US property insurance market could result in $12.5bn in non-physical damage losses and cause certain carriers’ capital adequacy ratios to deteriorate, according to a new study conducted by CyberCube, AM Best and Aon. A loss of that size represents a one-in-100-year event; enough to cause a ... Read the full article

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