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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.

Cyber growth slows as profits less certain: AM Best

3rd August 2020

Cyber insurance premiums have slowed for the fourth straight year in the US as part of a trend that AM Best attributes to an expanding threat landscape and an increasing awareness of risks. Direct premiums written in the US cyber insurance market increased by 11% year over year in 2019 to ... Read the full article

Munich Re unit HSB finds cyber attacks on the rise

31st July 2020

A survey by HSB, part of Munich Re, has shown results for a continuing increase in identity theft, cyberattacks and online fraud as criminals steal personal information and millions of dollars. The survey conducted by Zogby Analytics found that 77% of consumers were very or somewhat concerned about online identity theft. Because ... Read the full article

Spike in home workers a new opportunity for cyber criminals: Aon, CyberCube

30th July 2020

COVID-19 and the resultant move to widespread homeworking has created new vulnerabilities for criminals to exploit, according to cyber analytics expert CyberCube and re/insurance broker Aon. According to the report, homeworking has exposed new access points for cyber criminals to gain entry to corporate systems including domestic PCs, laptops and Wi-Fi ... Read the full article

Chubb remains top writer of cyber lines in 2019: AM Best

29th July 2020

According to a new AM Best report, Chubb held on to its place as the top writer of cyber lines in the US in 2019, writing almost $360 million in DPW, while expanding its market share to 17.6%, up from 16% in the previous year. AXA XL remains the ... Read the full article

Verisk updates cyber risk modelling platform ARC

28th July 2020

Leading data analytics provider Verisk has announced the latest release of 'Analytics of Risk from Cyber' (ARC), its cyber risk modelling platform designed to inform risk selection, portfolio management, and risk transfer. This latest release hosts a comprehensive set of models powered by catastrophe modelling firm AIR, including individual risk models, aggregation ... Read the full article

Coalition expands to excess cyber insurance market

28th July 2020

Cyber insurance and security company Coalition has announced that it will enter the excess cyber insurance market to help protect middle market businesses. Coalition will extend its reach beyond offering primary insurance coverage to provide brokers with excess cyber liability and technology errors & omissions insurance for middle market accounts in ... Read the full article

Cyber policy sales up 340% amid COVID-19: SchemeServe

28th July 2020

Cyber policy sales have increased by almost three and a half times during the COVID-19 lockdown, according to SchemeServe, a UK based insurtech specialising in schemes software. New data from SchemeServe’s Schemes Premium Index compares data for April 2020 at the height of the lockdown to data from the same period ... Read the full article

COVID-19 pandemic compounding cyber risk: AM Best

27th July 2020

The COVID-19 pandemic has compounded cyber risk and should cause re/insurers to rethink and enhance their stress tests, according to analysts at AM Best. The rating agency noted a significant uptick in ‘spoofing’ attacks, with hackers posing as figures from the World Health Organization (WHO) or the Centers for Disease Control ... Read the full article

Beazley launches cyber, financial lines offering in Colombia

21st July 2020

Specialist insurer Beazley has launched a suite of cyber and financial lines insurance products aimed at protecting businesses and senior executives in Colombia. The information security and privacy (InfoSec) policy protects against a range of cyber and data security risks impacting Colombia-based businesses. The core policy provides first and third party protection ... Read the full article

Kovrr adds Visesh Gosrani to Advisory Board

21st July 2020

Cyber risk modelling company Kovrr has expanded its Advisory Board with the addition of Visesh Gosrani, Chair of the Institute and Faculty of the Actuaries Cyber Risk Working Party. Gosrani has over 20 years of experience as an actuary and Chief Risk Officer in the insurance industry. He currently runs a consulting ... Read the full article

Renewable energy firms increasingly looking at non-damage cyber cover: GCube

20th July 2020

GCube Insurance, a provider of insurance services for renewable energy projects, is seeing heightened demand for its non-damage cyber risk insurance product amid a spate of recent cyber-attacks on global renewable energy companies. The company has emphasised that, during the current period of COVID-19-induced lockdowns and beyond, renewable energy asset owners ... Read the full article

Twitter hack exposes business risk to high-profile accounts: CyberCube

20th July 2020

The recent cyber attacks that targeted Twitter accounts of high profile celebrities has highlighted the potential for these kinds of incidents to move company share prices, says cyber analytics provider CyberCube. Darren Thomson, Head of Cyber Security Strategy for CyberCube, said that a sophisticated social engineering attack had been used by ... Read the full article

AXIS Insurance bolsters US Cyber team with three senior underwriters

14th July 2020

AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, has added three underwriters to its US Cyber and Technology team. Peter Smith will join AXIS as Underwriting Manager, US Cyber and Technology, while Emma Werth and Jessica Currier join as Senior Underwriters. “AXIS Insurance’s Global Cyber and Technology business continues ... Read the full article

Kovrr releases open framework to measure catastrophic cyber risk exposure

10th July 2020

Cyber risk modelling company Kovrr has developed an open framework designed to measure and understand catastrophic cyber risk exposure. The CRA-Zones framework defines the minimal elements needed to provide a view of cyber risk aggregations, allows for analysis across multiple portfolios of risks and allows for monitoring of exposure trends. CRA-Zones group ... Read the full article

Clyde & Co adds Ian Birdsey to cyber team

9th July 2020

Global law firm Clyde & Co has expanded its global cyber risk offering with the appointment of Ian Birdsey as a partner in London. Birdsey joins from Pinsent Masons, where he was Global Head of Cyber and led the development of the firm's practice over eight years. He has more than a ... Read the full article

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