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Cyber insurance & reinsurance

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

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

CyberCube secures $35mn in funding, led by HSCM Bermuda

19th November 2019

Cyber risk analytics firm CyberCube has secured $35 million of additional funding in a series B round led by Hudson Structured Capital Management Ltd. (HSCM Bermuda) and existing investor ForgePoint Capital. As part of the arrangement, Michael Millette, Founder and Managing Partner at HSCM Bermuda, will join CyberCube’s Board of Directors. Launched ... Read the full article

Brit launches e-trading Cyber Portal

18th November 2019

Specialty re/insurer Brit has announced the launch of its e-trading portal for cyber risk. Launching in the UK and the US, the online platform will target SMEs in both regions and is designed to give brokers an agile, user-friendly outlet for Brit’s cyber underwriting capabilities, allowing them to quote and bind ... Read the full article

Ransomware losses driving cyber rates up: Willis Towers Watson

15th November 2019

Primary and excess cyber renewals are now averaging premium increases in the 5-10% range, driven by an explosion of ransomware losses during the second half of 2019, according to re/insurance broker Willis Towers Watson (WTW). Analysts noted that the uptick in losses has been prompting carriers to re-evaluate their positions in ... 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

Quantum computing a potential cyber risk for re/insurers: Fitch

12th November 2019

The day when quantum computing power can be applied to real world scenarios is fast approaching, posing a number of important questions around the parameters of cyber risk and security of data encryption. Fitch Ratings analysts note how quantum computers - estimated to run 100 million times faster than current technology ... 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

Cyber market not as profitable as it appears: CyberCube CEO

8th November 2019

CyberCube's Pascal Millaire believes we’ve only seen the tip of the iceberg when it comes to cyber catastrophe aggregation in the insurance industry and that, once you start layering on the appropriate loads onto coverages, the market is not as profitable as it appears. “This is a market that’s expected to ... Read the full article

Lloyd’s has been too slow reacting to change: CEO John Neal

7th November 2019

Lloyd’s has not reacted quickly enough to changes in the risk landscape and must offer products and services that are more closely aligned with what customers want and need, according to Chief Executive of the marketplace John Neal. Speaking at a lecture today in Lloyd’s Old Library building, Neal emphasised the ... Read the full article

Hamilton’s Pembroke announces new cyber team, product

6th November 2019

Pembroke Managing Agency Limited, recently acquired by Bermuda-based re/insurer Hamilton Insurance Group, has established a new team of cyber underwriters and announced the launch of a new product. Pembroke’s four-person cyber team, led by divisional director Jacqueline Spencer-Sim, consists of senior underwriter Iain Ainslie, underwriter Maria Mathews, and assistant underwriter ... Read the full article

37% rise in ransomware attacks reported by Beazley

4th November 2019

Data from specialist insurer Beazley shows a 37% rise in ransomware attacks against the previous quarter, as cyber criminals look to exploit weak security programs of IT vendors. 24% of ransomware incidents reported to Beazley’s in-house breach response team were found to have originated with attack on an IT vendor or ... 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

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