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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.

Cyber risk modeller Kovrr secures $5.5m in funding round

17th September 2019

Israel-headquartered cyber risk modeller Kovrr has raised $5.5 million in a funding round led by StageOne Ventures and Mundi Ventures. Kovrr intends to use the capital on product development and to help accelerate global growth. “Cyber attacks cause billions of dollars of damage and currently affect every category of risk," said Kovrr’s Chief ... Read the full article

Mario Vitale appointed President of cyber analytics InsurTech, Arceo.ai

16th September 2019

Provider of risk analytics for the cyber insurance and reinsurance market, Arceo.ai, has named Mario Vitale as its President, effective September 3rd, 2019. As President of Arceo, which is a newly created position, Vitale will bring his extensive insurance industry experience to lead the firm in blending cyber security expertise, credible ... Read the full article

Annual global cyber losses to reach $6 trillion by 2021

10th September 2019

With analysts suggesting that annual global cyber losses could reach US $6 trillion by 2021, Aon has gathered views from cyber-focused business leaders in the EMEA region on how to build more cyber-resilient organisations. This research, which was conducted by CyberSecurity Ventures, also forecast that cyber security spending is set to ... Read the full article

Cyber unlikely to be a panacea for reinsurers: Vickers, Willis Re

9th September 2019

The still emerging cyber risk insurance and reinsurance market is not likely to prove the panacea that some hope it will, according to Willis Re International Chairman James Vickers. Vickers explained in a recent interview that while cyber risk is increasing rapidly around the globe, it is not yet clear where ... Read the full article

Guy Carpenter, CyberCube detail results of cyber cat loss study

8th September 2019

A collaborative effort by global reinsurance brokerage Guy Carpenter and CyberCube analytics has examined the potential financial impact a large-scale cyber attack could have on the standalone cyber insurance market as it exists today. By analysing 23 loss scenarios on CyberCube’s modelling platform, it was determined that a widespread data loss ... Read the full article

Marsh announces senior cyber, digital assets appointments

5th September 2019

Global re/insurance brokerage Marsh has announced the appointments of Adam Wickens as Digital Asset Leader and Brian Warszona as Cyber Growth Leader in the UK Financial & Professional Practice of Marsh JLT Specialty. Wickens, who brings 20 years’ experience to Marsh, steps into a newly created position and will be responsible ... Read the full article

AIG to shift towards affirmative cyber coverage

5th September 2019

As of January 2020 global insurer AIG will begin affirmatively covering or excluding physical and non-physical cyber exposures for the majority of its commercial P&C policies, in a move it hopes will provide great clarity on cyber risk. Silent cyber has for some time existed as a grey area for the ... Read the full article

Capsicum Re expands London cyber team with four new hires

5th September 2019

Specialist reinsurance broker Capsicum Re has expanded its capabilities with the addition of four new appointments to its cyber team, based in London. Umair Ghani and Thomas Lashkari have joined as a cyber pricing actuary and a cyber analyst, respectively, and will report to Justyna Pikinska, Head of Analytics, Specialty Lines ... Read the full article

Swiss Re & Capsicum Re launch holistic cyber reinsurance solution, Decrypt

2nd September 2019

Global reinsurance giant Swiss Re has partnered with specialist reinsurance broker, Capsicum Re, on the launch of a new holistic cyber reinsurance solution, called Decrypt. The new solution offers a single, flexible, end-to-end solution to insurers' cyber risk challenges, including embedded, silent, and affirmative cyber exposures. An announcement on the release explains ... Read the full article

Demand for cyber protection rising as clients tackle a top concern: CIAB

30th August 2019

The Council of Insurance Agents & Brokers (CIAB) has revealed that the majority of respondents to a recent survey have reported an increase in demand for cyber insurance, with cyber risk continuing to be a top client concern in the second-quarter of 2019. The CIAB's Commercial Property/Casualty Market Report Q2 2019 ... Read the full article

China’s digitisation opening up previously uninsurable risks: Swiss Re

30th August 2019

The digital transformation currently taking place across China is expanding the boundaries of re/insurance and facilitating the development of solutions for previously uninsurable risks, according to a new report from Swiss Re. Swiss Re describes digitisation as the main engine of China’s economy and expects to see exponential sector growth over ... Read the full article

Re/insurers’ silent cyber concerns ease in 2019, finds Wills Re survey

29th August 2019

The re/insurance sector is considerably less concerned about silent cyber exposures than it was in 2018, according to an annual global survey by Willis Re, the reinsurance division of broker Willis Towers Watson. Analysts believe that the fall in silent cyber claims expectations could stem from the absence of wide-scale cyber ... Read the full article

Cyber, IT security the “soft underbelly” of UK SMEs: Gallagher

29th August 2019

Analysis conducted by global insurance brokerage Gallagher has highlighted the vulnerability of Small and Medium Enterprises across the UK to what it describes as “crisis events”, a category that includes cyber-attacks, extortion, industrial espionage and terrorism. Gallagher says such events are costing UK SMEs billions of pounds a year and that ... Read the full article

Industrial cyber vulnerability could spell multi-billion dollar loss for re/insurers

23rd August 2019

Analysis by predictive cyber risk modelling firm Kovrr has warned of the potential for a multi-billion dollar loss to the re/insurance industry stemming from a recently discovered vulnerability in the IoT operating system of a major security company. Kovrr modelled two scenarios in which attackers exploit the URGENT/11 exposure in VxWorks, ... Read the full article

Bermuda to play key role in cyber coverage: Hannover Re’s Rentrup

16th August 2019

Cyber reinsurance is likely to become an increasingly critical area of growth for the Bermuda market, which will play a key role in the development of the coverage, according to Konrad Rentrup, President and Chief Executive Officer at Hannover Re Bermuda. “I can only stress how important this line is for ... Read the full article

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