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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.
28th May 2020
Multi-territory managing general agent Pen Underwriting has appointed Hamir Patel as its new Head of Cyber. Patel succeeds Adrian Scott, who was appointed as Managing Director of International & Financial Lines in February. Hamir is currently Head of Insight & Reserving and joined the company four years ago after having served at ... Read the full article
27th May 2020
The American Association of Insurance Services and Berkley Re Solutions have partnered on a family-focused cyber protection solution. Family Cyber Protection Solution is designed to deal with threats such as online extortion, social engineering, cyber bullying, identity theft, system compromise, internet cleanup and breach costs. The companies say this policy can help families ... Read the full article
27th May 2020
The Federation of European Risk Management (FERMA) has called on the European Commission to create a resilience framework for catastrophic risks, in an effort to address the shortage of business interruption insurance without physical damage (NDBI). FERMA says its resilience framework would have the flexibility to respond to a range of ... Read the full article
26th May 2020
Specialist reinsurance broker Capsicum Re has announced the launch of Gh0st, a dedicated ransomware modelling solution. The proprietary model is designed to help clients and markets quantify diverse and realistic ransomware scenarios and optimise their portfolios. Gh0st allows clients to input all their affirmative cyber policies and extract a picture of exposure ... Read the full article
21st May 2020
Research from Deloitte has found governments are being held hostage by cyber attacks more frequently, with criminals expanding their attack base and asking for more money. Governments in 2019 reported 163 ransomware attacks and paid over $1.8 million in ransoms, with tens of millions of dollars spent on recovery costs. This ... Read the full article
20th May 2020
Allianz Group has announced the appointment of Catharina Richter as Global Head of its Cyber Center of Competence (CoC), effective June 1st. Established in 2018, the Allianz Cyber CoC is embedded into Allianz Global Corporate & Specialty (AGCS) and focuses on coordination and alignment of cyber exposures and insurance in the ... Read the full article
20th May 2020
Cyber and specialty lines MGA Ascent Underwriting has announced the appointment of Richard Moir as senior underwriter, warranty and indemnity (W&I), effective immediately. Reporting to Alex Smith, head of W&I, Moir will support the development of the specialist niche line. He joins from CMS Cameron McKenna Nabarro Olswang LLP, where he served ... Read the full article
15th May 2020
Specialty insurer AmWINS has announced the launch of a Cyber Umbrella Program designed to fill gaps in coverage resulting from silent cyber incidents. The program, called CyberUP, is focused on middle market accounts and offers lead umbrella position over primary coverages in all instances. “Until now, the insurance marketplace has only responded ... Read the full article
11th May 2020
Economic fallout caused by the coronavirus (COVID-19) pandemic will likely test recent premium revenue trends and claims experience in the US cyber insurance market, according to Fitch Ratings. Analysts noted that cyber insurance continues to be a small but profitable market, representing a modest portion of premium risk for individual p/c ... Read the full article
8th May 2020
Ransomware continues to dominate the cyber insurance discussion according to broker Aon, with total ransomware incidents up 135% last year and carriers steadily fielding more claims emanating from these attacks. Ransomware infections also continued to affect all industries, although sectors like healthcare, public administration, and education experienced the most reported incidents. But ... Read the full article
1st May 2020
Re/insurance brokerage Willis Towers Watson has announced the launch of CyNav, a new type of cyber insurance cover designed specifically for shipowners. The new product aims to provide a solution that specifically addresses ship-operators’ needs, rather than trying to amend existing cyber products to fit marine exposures. Notably, CyNav includes crisis management ... Read the full article
28th April 2020
Slice Labs has announced that its cloud-based cyber insurance for small to midsize businesses (SMB), provided by one of the affiliated insurance companies of AXA XL, will now be offered Lenovo SMB customers. Accessible through the Security Advisor suite of the Lenovo Vantage platform, users will be able to access information ... Read the full article
28th April 2020
According to a new report from cyber analytics provider CyberCube, the evolution of natural catastrophe modelling since Hurricane Andrew in 1992 can act as a template for cyber modellers, but only up to a point. The company believes cyber’s lack of historical data and rapidly evolving nature means modellers need to ... Read the full article
23rd April 2020
Tokio Marine HCC, a member of Tokio Marine Group, has partnered with CyberScout to provide cyber insurance, cyber education, identity management and resolution services to insurance carriers throughout the US. CyberScout provides identity theft resolution, data defense and employee benefits services, and serves approximately 17.5 million households worldwide. With this new offering, ... Read the full article
20th April 2020
Cyber risk analytics firm CyberCube has released an updated version of its cyber risk modelling platform, Portfolio Manager, that accounts for new trends in cyber threats. Since the model was first launched in 2018, CyberCube notes that there has been an increase in the reliance on the cloud across most industries, ... Read the full article
