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Cyber insurance & 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.

Demand for cyber cover to rise alongside frequency & severity: Höpke, Munich Re

19th October 2020

The frequency and severity of cyber events is on the rise and as the peril grows in relevance, particularly under COVID-19 conditions, demand for protection is likely to continue to increase, according to Doris Höpke, Member of the Board of Management at Munich Re. As the ongoing pandemic continues to restrict ... Read the full article

Insurance must be an integrated part of a better future: Peak Re CEO

16th October 2020

Peak Re Chief Executive Officer Franz Josef Hahn has underlined how the insurance industry must be an integrated part of working towards a better future. In a conversation at one of Aon’s recent fireside chats with industry leaders, Hahn spoke at length about how emerging risks such as cyber and climate ... Read the full article

Chubb launches UK personal cyber product

9th October 2020

Re/insurer, Chubb UK has announced the launch of a new personal cyber product to protect individuals and their families. Chubb's Personal Cyber Insurance provides a range of protection and services not only to help mitigate risks and keep individuals safe online but also to offer action and practical support if they ... Read the full article

PCS launches new data set for cyber risk

7th October 2020

Property Claim Services (PCS), a Verisk Analytics business, has announced the launch of a new data set to help cyber insurers and reinsurers optimise their capital and manage risk more effectively. The first non-loss reporting offering from PCS, this platform will provide insight into the largest affirmative cyber risks in the ... Read the full article

KPMG releases report on cyber security risks

7th October 2020

KPMG has published a report in collaboration with Lloyd's that highlights the new threats to intellectual property (IP) portfolios posed by a changing risk landscape under COVID-19. The report, called “Safeguarding Intellectual Property to Enhance Corporate Value”, examines the increasing importance of intellectual property as a driver of corporate value, drawing ... Read the full article

Cyber competition levelling off, rates on the up: PartnerRe survey

6th October 2020

As the cyber insurance market begins its slow-down in competitive expansion, market participants in a new PartnerRe survey are noting a trend towards higher pricing. A joint venture by PartnerRe and Advisen, the survey took place during the second quarter of 2020 and featured 260 cyber insurance brokers and 190 cyber ... Read the full article

Marsh forms digital asset partnership with HUB Security

5th October 2020

Re/insurance broker Marsh has partnered with HUB Security, a hardware cybersecurity solutions provider, to offer an insured storage solution that enables US financial institutions to offer digital asset custodial services. Clients will be able to store and manage digital assets, including cryptocurrency, on HUB's military-grade technological platform. They can also purchase up ... Read the full article

Senior industry figures call for public-private partnership to tackle cyber risk

2nd October 2020

The world’s reliance on online technology has grown to such an extent that it may surpass the insurers' ability to fully protect it, according to a number of senior industry professionals interviewed by CyberCube Chief Executive Officer Pascal Millaire. In the interviews, conducted as part of a new series of NetDiligence webinars, AXIS ... Read the full article

Arthur J. Gallagher targeted in ransomware attack

29th September 2020

International insurance brokerage firm Arthur J. Gallagher & Co has confirmed that it was the target of a ransomware attack on September 26th. The firm said the incident impacted a “limited portion” of its internal systems, and does not expect it to have a material impact on its operations or financial ... Read the full article

Munich Re’s HSB expands small business cyber cover

28th September 2020

Munich Re subsidiary HSB has announced an expansion of its cyber insurance and loss prevention services for small and mid-size businesses. HSB Total Cyber now includes new coverages for computer attacks, data system upgrades, and system failures from unintentional computer outages. HSB Total Cyber is available to US-based SMBs through independent insurance agents ... Read the full article

SMEs more likely to purchase cyber cover since pandemic: GlobalData

28th September 2020

Data and analytics company GlobalData has recommended that insurers should increasingly focus on larger small and medium-sized enterprises (SMEs) following the COVID-19 outbreak. Analysts found that 8.5% of SMEs said they were more likely to purchase cyber insurance since the start of the pandemic, and among medium-sized SMEs this figure rose ... Read the full article

Munich Re’s HSB renews Cyberwrite risk platform subscription

25th September 2020

Cyber risk analytics firm, Cyberwrite and member of Munich Re Risk Solutions family, HSB have announced that HSB is renewing its subscription to Cyberwrite's cyber risk financial quantification platform to offer tailored cyber insurance policies to businesses across the US. Due to the dramatic increase in remote workforces and a steep ... Read the full article

Cowbell Cyber launches new Prime 250 program

23rd September 2020

AI-powered cyber insurer, Cowbell CyberAI has announced the availability of Prime 250, a new insurance program with coverage designed to address a broad variety of cyber risks. With a rise in the number of cyberattacks, Cowbell notes that there has been an increase in demand from businesses that need protection from ... Read the full article

Remote working triggers rise in phishing attacks over Q2: Beazley

18th September 2020

The growing reliance on remote working due to the COVID-19 pandemic has triggered a rise in phishing and social engineering scams over Q2, according to specialist re/insurer Beazley. These kinds of email attacks had been on the decline from Q4 2019 to Q1 2020, but the arrival of the global pandemic ... Read the full article

Guy Carpenter partners with insurtech RiskGenius on silent cyber risk

17th September 2020

Guy Carpenter, the reinsurance arm of global broker Marsh, has established a partnership with insurtech RiskGenius to help evaluate potential silent cyber exposure. The partnership will provide clients with a means of assessing their silent cyber exposure at scale, while generating risk insights designed to support a greater understanding of silent ... Read the full article

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