Reinsurance News
Cyber insurance & reinsurance news
Cyber insurance and reinsurance news, covering the growth of cyber reinsurance underwriting, the risks faced by cyber risk insurer’s, major cyber loss events, cyber reinsurance product development and cyber risk innovation trends.
Cyber risk is an emerging and fast-growing class of insurance and reinsurance business, so our cyber reinsurance news follows industry trends and reports on innovations, industry cyber risk capacity issues, as well as what is happening in the cyber underwriting market.
Q1 2024 sets record for most ransomware attacks in a first quarter: Corvus
30th April 2024
As per a new report from Corvus Insurance, Q1 2024 has set a record for the most global ransomware attacks in a first quarter. According to the data in Corvus' Q1 2024 Ransomware Report, 1,075 leak site ransomware victims were posted on leak sites during the first quarter, despite the disruption ... Read the full article
QCC report forecasts doubling of global cyber insurance market by 2030
30th April 2024
As per the QualRisk Cyber Insurance Center (QCC) 2024 Global Market Report (GMR), the international cyber insurance market is expected to double by 2030. Daniel Kasper, CEO of QCC, noted that while the US has been the major driver of cyber insurance premiums in the past decade, the bulk of the ... Read the full article
Coalition report highlights growing need for enhanced email security
30th April 2024
According to findings from Coalition, an active cyber insurance provider, more than half (56%) of all cyber insurance claims in 2023 stemmed from either funds transfer fraud (FTF) or business email compromise (BEC), underscoring the importance of email security as a key component of effective cyber risk management. These insights are ... Read the full article
MOVEit & Change Healthcare attacks designated as cyber catastrophe loss events by PCS
29th April 2024
Verisk's Property Claim Services (PCS), a provider of industry loss estimates and loss data globally, has designated the MOVEit cyber attack and the Change Healthcare cyber attack as PCS Cyber Catastrophe Loss Events, as reported first by our sister publication, Artemis. For PCS to designate these cyber attacks as PCS Cyber ... Read the full article
Marsh enhances Cyber ECHO facility with additional $25m layer of capacity
29th April 2024
Insurance broker Marsh's Cyber ECHO facility, which is underwritten by Lloyd's insurers and enables clients to access capacity for complex cyber and technology risk exposures in any territory licensed by Lloyd’s, now provides up to $125 million of excess insurance capacity. Marsh today announced an additional $25 million layer to its ... Read the full article
Moody’s and Bitsight launch new cyber risk solution
26th April 2024
Cyber risk manager Bitsight and Moody’s have launched a new cyber risk solution that will cover over 300 million organisations worldwide. The Implied Cyber Threat (ICT) is an offering built on Bitsight's cyber risk analytics engine and Moody's Orbis company database. It was designed to provide cyber risk insights and valuable market ... Read the full article
Hiscox Re & ILS and Ariel Re launch cyber catastrophe consortium
25th April 2024
Hiscox Re & ILS and Ariel Re have launched CyberShock, a new cyber catastrophe consortium designed to improve certainty of coverage in the cyber insurance space. This new consortium will offer up to USD 50 million of per-programme capacity providing bespoke, event-based coverage for cyber insurers globally. Through CyberShock, carriers are expected ... Read the full article
IQUW unveils new combined FI and Cyber solution, FortiFI
24th April 2024
IQUW, the property and specialty re/insurer has launched FortiFI, the company's new Financial Institutions (FI) wording featuring integrated cyber coverage, specifically tailored for US clients. According to the announcement, FortiFI will focus on supporting the needs of small to mid-market financial institutions, with coverage ranging from corporate finance and non-bank lenders to ... Read the full article
Cowbell unveils new GenAI solution to optimize underwriting workflows
24th April 2024
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has unveiled Prime Tech with Cowbell Co-Pilot, a generative AI solution built into the underwriting process of Prime Tech. Prime Tech is Cowbell's adaptive cyber insurance offering that combines Prime 250 cyber risk insurance with Technology Errors and Omissions ... Read the full article
Mulberri and Acronis partner to provide embedded cyber insurance for US SMBs
22nd April 2024
Mulberri, an AI-driven insurance platform, and Acronis, a provider of cyber security and data protection solutions, have partnered to provide cyber insurance to US-based small & medium-sized businesses customers. Through this partnership, Acronis customers can opt-in for Mulberri’s embedded Cyber Insurance directly through the Acronis platform. It also enables Acronis and Mulberri ... Read the full article
Cyber insurers and distributors to benefit from Zywave’s new quoting platform
22nd April 2024
Insurtech provider Zywave has launched Cyber Quoting, the latest addition to its comprehensive portfolio of quoting and proposal solutions. The centralised quoting platform seamlessly connects global cyber insurers with US distribution partners through a simplified and transparent data collection process that provides key insights into coverage submission and selection. Eric Rentsch, Zywave's ... Read the full article
D&O and cyber insurance premiums beginning to level off: BRP Group
19th April 2024
After several years of significant increases in insurance costs, followed by weighty decreases over the past 18 months, organisations are beginning to see a leveling off in premiums for both Directors & Officers (D&O) and cyber insurance, according to BRP Group, Inc. The independent insurance distribution firm recently released its third ... Read the full article
Coalition reveals new integrations with Microsoft 365, Google Workspace, & Amazon Web Services
16th April 2024
Coalition, an active cyber insurance provider, has revealed new integrations between Coalition Control, its cyber risk management platform, and cloud services providers, which includes Microsoft 365, Google Workspace, and Amazon Web Services. It has been confirmed that Coalition policyholders and Control customers can now connect Coalition Control with cloud services, in ... Read the full article
CRC Group and INSUREtrust form new Cyber Practice Group
16th April 2024
INSUREtrust, formerly housed in Starwind, has integrated into the Wholesale Brokerage Division of CRC Group, a wholesale specialty insurance distributor in North America, to form a cyber practice group. This strategic combination broadens INSUREtrust’s network and enhances CRC Group's cyber capabilities and expertise reinforcing its commitment to providing innovative solutions in ... Read the full article
Canopius bolsters cyber offering through partnership with Group-IB
15th April 2024
Global specialty re/insurer, Canopius Group, has entered into a partnership with Group-IB, a creator of cybersecurity technologies, which is set to strengthen Canopius’ cyber insurance offering with further advanced threat intelligence capabilities. With this being Group-IB’s first full-service partnership with a Lloyd’s of London syndicate, this collaboration between the two firms ... Read the full article