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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.

Sompo International expands U.S cyber insurance capabilities

11th December 2018

Bermudian property and casualty re/insurer Sompo International Holdings has announced an expansion of its cyber insurance capabilities with the introduction of a U.S team focused on cyber offerings, an enhanced cyber and professional liability product, and an expanded suite of cyber risk management services. The new U.S-based underwriting team will be ... Read the full article

Munich Re collaborates with DXC Technology to enhance cyber services

11th December 2018

Global reinsurance giant Munich Re has selected DXC Technology to provide post cyber-attack services and expertise to insurance companies across the Asia Pacific. Under the new partnership, insurers stand to benefit from industry-leading experience and extensive service networks. The partnership sees Munich Re provide clients with holistic risk management solutions, designed to ... Read the full article

Marriott data breach to be tracked as PCS Global Cyber loss

3rd December 2018

As details continue to emerge from last week’s announcement of a major cyber hack and resulting data breach of one of the Marriott hotel chain’s reservation systems, expectations of a significant cyber insurance and possibly reinsurance market loss has prompted Property Claim Services (PCS) to designate the event. Reinsurance News ... Read the full article

Allianz to address silent cyber with updated policy wordings

30th November 2018

Insurance giant Allianz is stepping up efforts to provide more comprehensive cyber protection by implementing more specific and relevant wordings to the commercial, corporate, and specialty insurance policies of its property & casualty (P&C) companies. Allianz Global Corporate & Specialty (AGCS), as its corporate insurance carrier, will be one of the ... Read the full article

Market expects sizeable cyber loss from Marriott hotel chain data breach

30th November 2018

The insurance and reinsurance market is awaiting official notification for a sizeable cyber loss from the Marriott hotel chain, after a data breach exposed up to 500 million customer details, Reinsurance News understands. This cyber loss has literally just hit the mainstream press headlines in the last hour and involves around ... Read the full article

AXIS Insurance consolidates Cyber and Technology unit

29th November 2018

AXIS Insurance, the insurance arm of AXIS Capital Holdings, has announced the consolidation of its Global Cyber and Technology unit. Led by AXIS’ Global Head of Cyber & Technology, Dan Trueman, the company says the restructured team will enable its cyber and technology insurance capabilities, underwriting expertise and claims services to ... Read the full article

Burns & Wilcox partners with cyber security firm

21st November 2018

Burns & Wilcox, the North American wholesale insurance broker and underwriting manager, has announced a partnership with BreachAware, a London-based cyber security firm. The partnership will provide B&W customers with a proprietary risk mitigation tool that scans the web 24/7 and identifies compromised assets such as company email addresses, passwords, and ... Read the full article

Willis Towers Watson launches cyber solution for airports

19th November 2018

Global insurance and reinsurance broker, Willis Towers Watson (WTW), has announced the launch of a new innovative cyber solution for airports, called CyFly for Airports. The constantly evolving and growing cyber threat has seen cyber and digital risks become a top concern for the airports of today. In response, WTW has ... Read the full article

Cryptoasset insurer BlockRe to launch new risk assessment tool

19th November 2018

BlockRe, a cryptoasset insurance company, has announced the launch of a new underwriting and risk assessment tool to aid in the issuing of insurance policies in the cryptoasset and blockchain space. BlockRe claims the solution, which was created in July, will be one of the only comprehensive third-party risk assessment tools ... Read the full article

UK in “ideal position” to provide cyber re/insurance: John Glen MP

14th November 2018

With the cyber market set for rapid growth over the coming years, the UK is currently in “an ideal position” to provide this kind of re/insurance, according to John Glen MP, Economic Secretary to the Treasury and City Minister. Glen spoke at a round table hosted by Andrew Horton, Chair of ... Read the full article

With cyber risk, market players need to create as much transparency as possible: Torsten Jeworrek

9th November 2018

Attempting to tackle the growing cyber risk landscape through just insurance and reinsurance expertise will have limited results, says Munich Re's Torsten Jeworrek, while at the same time calling on market participants to create as much transparency as possible when it comes to cyber risks. Member of the Board of Management ... Read the full article

Brit Global Specialty USA names head of Cyber & Technology

8th November 2018

Brit Global Specialty USA (BGSU), a division of global specialty re/insurer Brit Ltd, has appointed Jeff Norton as Senior Vice President, Cyber & Technology, effective October 1, 2018. Norton joins BGSU from Beazley Group, where he most recently served as a Senior Underwriter, Private Enterprise, with responsibility for leading the U.S ... Read the full article

Cyber risk a growing concern for D&O re/insurers, Airmic report finds

7th November 2018

Cyber risk is a growing concern for Directors and Officers (D&O) liability re/insurers as business models continue to increasingly integrate and revolve around technology, according to a new report published by Airmic with support from Marsh and AIG. Airmic found that the frequency of cyber-attacks has continued to rise dramatically, with ... Read the full article

CNA to utilise CyberCube’s risk modelling and analytics platform

7th November 2018

Cyber risk analytics firm CyberCube has announced that CNA, one of the largest U.S commercial property and casualty (P&C) insurance companies, has signed an agreement to use its cyber insurance risk modelling and analytics platform. CyberCube’s platform combines single risk underwriting and aggregation modelling to help insurers measure the financial impact ... Read the full article

Petya cyber industry loss passes $3bn driven by Merck & silent cyber: PCS

7th November 2018

The insurance and reinsurance industry loss caused by the Petya / NotPetya cyber attack continues to creep northwards and shows that these types of cyber events are driven more by silent losses than affirmative. According to Property Claim Services (PCS) the total industry loss from the Petya / NotPetya cyber attack ... Read the full article

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