Reinsurance News

Cyber insurance & reinsurance

Capsicum Re launches New York cyber hub, led by Patrick Bousfield

5th June 2018

Specialist reinsurance broker Capsicum Re has extended its cyber presence to New York with the launch of a new cyber hub, which will be led by Patrick Bousfield, who has been promoted to Executive Director. Rupert Swallow, Chief Executive Officer (CEO) of Capsicum Re, said: “The cyber team has received overwhelming ... Read the full article

Beazley splits specialty lines into two divisions led by Eaton and Donovan

4th June 2018

Specialist and Lloyd’s focused re/insurer Beazley plc has completed a split of its specialty underwriting unit into two separate divisions, which places the cyber risk practice at the firm outside of specialty risks and into a new unit aligned on technology, media, business and management liabilities. Beazley has been reorganising its ... Read the full article

Chubb expands cyber offering, signs up to CyberCube

1st June 2018

Chubb, the world’s largest publicly traded property and casualty insurer, has rolled out comprehensive new protections for its policyholders against cyber-related incidents. Following its agreement with CyberCube, a leading provider of cyber risk analytics for the insurance industry, Chubb is able to leverage the firms’ analytical capabilities to supplement their ability ... Read the full article

Cyber insurance must tackle ‘hidden costs’ of franchise value impact: JLT Re

1st June 2018

JLT Re has reported that cyber re/insurance must be expanded to better account for the ‘hidden costs’ of franchise value impact following a cyber breach, which often outstrip the reported losses of affected organisations by mid to high single-digit multiples. Many re/insurers already offer cyber liability policies that account for reputational ... Read the full article

Envelop Risk adds former XL CEO Brian O’Hara to Board of Directors

31st May 2018

Envelop Risk, a global specialty cyber re/insurance analytics and underwriting firm, has appointed Brian O’Hara, former Chairman and Chief Executive Officer (CEO) of XL Capital Ltd (now XL Group), to its Board of Directors. O’Hara served as President and CEO of XL from 1994 until 2008, and as Chairman of XL’s ... Read the full article

GDPR will drive surge in new cyber claims, reports AIG

30th May 2018

The European Union’s (EU’s) General Data Protection Regulations (GDPR) are expected to result in a further surge in data breach and other security failure insurance claims, according to a new study by AIG Europe. The cyber re/insurance industry already experienced a record-breaking year in 2017, receiving as many cyber claim notifications ... Read the full article

Cyber market faces pricing challenges despite steady growth, reports A.M. Best

30th May 2018

A.M. Best has reported that the cyber re/insurance market currently faces a challenging pricing environment, although the sector continues to exhibit steady growth and capacity generally remains plentiful. In most cases, A.M. Best found that re/insurers seem willing and able to offer capacity but reluctant to have cyber constitute a significant ... Read the full article

Silent cyber drives Petya loss to $2.7 billion, says PCS

23rd May 2018

The insurance and reinsurance industry loss from the Petya / NotPetya cyber attack continues to rise as a result of silent cyber exposure, with the loss now viewed as high as $2.7 billion by Property Claim Services (PCS), reports Artemis. According to Tom Johansmeyer, Co-Head, PCS Strategy & Development at ISO, ... Read the full article

IUA launches reinsurer focused cyber group

23rd May 2018

The International Underwriting Association (IUA) has announced the establishment of the IUA Cyber Reinsurance Committee, a new group focused on the concerns of reinsurers with regards to cyber risk. Building on the activities of the IUA's existing Cyber Underwriting Group, the new committee has been launched to consider the specific concerns ... Read the full article

One third of brokers lack understanding of cyber risks: DAS UK Group

16th May 2018

Although a majority of UK brokers consider cyber to be an important and rapidly expanding market, 31% also admit that they possess ‘poor’ or ‘very poor’ understanding of cyber risks and cyber insurance, according to a survey by DAS UK Group and HSB Engineering Insurance. DAS and HSB considered these results ... Read the full article

Fierce competition leads to buyers market for cyber re/insurers: Fitch

16th May 2018

Profitable results in the fast-growing cyber space have led to fierce competition and a buyers market, with renewal rates expected to suffer, according to Fitch Ratings. Fitch observed that cyber continues to represent a significant growth opportunity for U.S property & casualty (P&C) re/insurers, driven by increasingly high-profile cyber-attacks and regulatory requirements. In ... Read the full article

Silent risk the key impediment to cyber re/insurance market growth: X-Analytics

14th May 2018

A recent study by X-Analytics has revealed that silent cyber risks are one of the major impediments to growth in the cyber re/insurance market, and that measurement of cyber risk in general is highly deficient among both customers and the wider re/insurance industry. Non-affirmative cyber, or silent cyber, refers to instances ... Read the full article

Berkshire Hathaway won’t be a pioneer in cyber insurance: Warren Buffett

5th May 2018

Speaking at the annual shareholders meeting of his conglomerate Berkshire Hathaway Inc. today, Warren Buffett said that he doesn't believe anyone understands cyber risk well enough today, so his firm will not seek to be a pioneer in underwriting cyber insurance. Cyber risks are seen as an enormous opportunity by many ... Read the full article

Growing cyber market presents both opportunities and risks, reports PwC

2nd May 2018

PwC has reported that although cyber re/insurance remains a rapidly growing, fertile sector for re/insurers, there are also significant risks and downside potential to writing this business, such as limitations in historical data and uncertainties in accumulation risk. Companies are becoming increasingly aware of potential cyber threats and associated risk mitigation ... Read the full article

Guy Carpenter works with CyberCube on new cyber risk modelling platform

1st May 2018

Guy Carpenter & Company has entered into a formal license agreement with CyberCube Analytics following a two year strategic partnership that delivered the industry’s first cyber risk modelling platform with an inside-out view of cyber exposure. CyberCube, which was formerly part of Symantec Corporation and is backed by investment from Trident ... Read the full article

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