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Inaugural IFTRIP a defining moment for terror risk pools: Pool Re’s Enoizi

21st July 2017

Speaking ahead of the inaugural International Forum of Terrorism Risk Pools' (IFTRIP) conference, held in Paris on June 28th, 2017, Pool Re Chief Executive Officer (CEO), Julian Enoizi said that as the first formal collaboration event between the world's terrorism re/insurance entities it would be a defining moment for national ... Read the full article

PRA urges re/insurers to adopt measures to assess and reduce silent cyber risks

17th July 2017

The UK's Prudential Regulation Authority (PRA) unit of the Bank of England has issued a supervisory statement outlining its expectations of firms that underwrite cyber risks, with an important recognition of the potential for non-affirmative, or silent cyber risk. The statement comes after a cross-industry review of which the key findings were published ... Read the full article

Cyber losses could be far higher than expected, suggests Lloyd’s

17th July 2017

Lloyd's and Cyence have produced a report that highlights potential economic losses of up to $121 billion from cyber attacks with less than a fifth being covered by re/insurance, revealing a cyber protection gap in the tens of billions of dollars. The report looks at both a cloud service provider hack and a ... Read the full article

Australian Reinsurance Pool to consider adding cyber terrorism

17th July 2017

The Australian government terrorism reinsurance agency, the Australian Reinsurance Pool Corporation (ARPC), will consider expanding its terrorism coverage to include cyber terrorism in its 2018 tri-annual review. The ARPC is a public financial corporation which manages the terrorism reinsurance scheme - which offers reinsurance for insurers covering commercial property and associated business interruption ... Read the full article

Re/insurers could face up to $2.5 billion loss from next global cyber attack

14th July 2017

Graeme Newman, Chief Innovation Officer at CFC Underwriting, warned in a recent interview that the next global WannaCry cyber attack could cost the industry up to $2.5 billion, Bloomberg reported. "It’s exceptionally likely that we will see an event over the next months that will seriously affect insurers," said Graeme ... Read the full article

European cyber demand to grow as re/insurers prepare for GDPR: A.M. Best

13th July 2017

Re/insurers are taking steps to shore up their data usage as new data protection laws, the General Data Protection Regulation (GDPR) are set to be implemented across the European Union (EU), bringing an anticipated boom in cyber insurance revenues, according to A.M. Best's recent market briefing. The GDPR will come into force ... Read the full article

Cyber cover to become one of leading U.S. P&C growth areas: A.M. Best

12th July 2017

Cyber cover, estimated to range from $7.5 billion - $20 billion by 2020, is predicted by industry observers to become one of the leading areas of U.S. Property & Casualty market growth, and the sector is shifting to accommodate this growth, moving from underwriting cyber as part of a combined policy ... Read the full article

Cyber market can achieve scale needed to absorb excess capacity, says Cavanagh

6th July 2017

Cyber risk has fast become one of the reinsurance industry's biggest challenges and opportunities, and with an improved understanding of the risks, creating a cyber reinsurance market large enough to absorb the wealth of excess industry capital is achievable, according to Willis Re Chief Executive Officer (CEO), John Cavanagh. The reinsurance ... Read the full article

Delta Insurance commences Singapore operations

5th July 2017

New Zealand's Delta Insurance has become the first cyber and technology Lloyd's of London coverholder in Asia, following the launch of Delta Insurance Singapore. The launch is the company's first overseas office in Singapore, and is part of the company's broader, strategic expansion plans. Ian Pollard, Managing Director of Delta International, said; ... Read the full article

Korean government to back cyber insurance uptake

5th July 2017

The Korean government has launched a research initiative with the Consortium of Computer Emergency Response Team, to boost the domestic cyber insurance market. The Korean Ministry of Science, ICT & Future Planning's new cyber-smart policies could include incentives for policyholders that make use of both cyber insurance and information security service providers. On the ... Read the full article

No cyber insurance surge following WannaCry: Research

3rd July 2017

The recent ransomware cyber attack named WannaCry has not stimulated much of an uptick in demand for cyber insurance coverage, according to research carried out among brokers. The survey of 250 UK insurance brokerages shows that after the WannaCry cyber attack there has been little increase at all in the number ... Read the full article

Reputational risk from cyber “kills modern businesses” – Inga Beale, Lloyd’s

28th June 2017

Inga Beale the Chief Executive of the Lloyd's of London insurance and reinsurance market has warned today that it is reputational risks and fallout from a cyber breach that "kills modern businesses." With the recent WannaCry ransomware attacks, and the ongoing impacts of Petya or PetrWrap which is a current attack, ... Read the full article

Lack of employee knowledge threatens firms’ cyber security: Willis Towers Watson

16th June 2017

The so-called human element of the cyber equation, employees' understanding of cyber risk, was ranked by 79% of U.S. employees as the biggest barrier to firms' cyber risk management in a recent Willis Towers Watson survey. The survey revealed a massive disparity between firms' beliefs about their level of protection, and ... Read the full article

Reinsurers shift from quota share arrangements to directly acess cyber risk: Aon Benfield

16th June 2017

Evolving consumer demand and increased regulation and awareness of cyber risk are driving an expected near-term exponential market growth, and reinsurers who have so far cautiously tread into the cyber space through quota share arrangements with insurers are making bolder moves to directly take on the risk, Aon Benfield said ... Read the full article

Cyber growth to drive increased profitability at Munich Re, says J.P. Morgan

15th June 2017

J.P. Morgan has maintained that reinsurance giant Munich Re will beat its conservative full-year 2017 net profit target and also increased its full-year 2018 and 2019 profit estimates for the reinsurer, driven by an expectation of continued cyber growth. The German domiciled reinsurer announced in March a 2017 profit guidance of ... Read the full article

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