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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.

Ransomware attacks up 25% in Q1, says Beazley

25th June 2020

Specialist insurer Beazley has reported a 25% spike in ransomware attacks in the first quarter of 2020 versus the fourth quarter of 2019. This figure is based on incidents reported to in-house breach response team Beazley Breach Response (BBR) Services. While nearly all industries reported incidents, the manufacturing sector was the hardest ... Read the full article

Brokers hold key to cyber growth: CyberCube

23rd June 2020

Brokers have a critical role to play in addressing adequate coverage and a range of other factors holding back growth in the cyber insurance market, according to a new report from cyber analytics provider CyberCube. The report highlighted several challenges the market faces in growing adoption of cyber insurance, including the ... Read the full article

Climate change & cyber growing priorities for re/insurers: LCP

22nd June 2020

A new report by pension, insurance and investment consultancy firm Lane Clark & Peacock LLP (LCP) has found that climate change and cyber risk are seen as the main rising priority areas for re/insurance firms. An analysis of early Solvency II disclosures by 50 re/insurers across the UK and Ireland found ... Read the full article

US cyber insurance market’s loss ratio up 10% on claims frequency: Aon

17th June 2020

The loss ratio for the U.S. cyber insurance market increased by 10 percentage points year-on-year in 2019 to approximately 45%, as insurers both small and large felt the effects of an increase in ransomware attacks, reports insurance and reinsurance broker Aon. The fifth edition of Aon's annual U.S. Cyber Insurance Profits ... Read the full article

AGCS launches new UK cyber product

17th June 2020

Allianz Global Corporate & Specialty, Allianz’s entity for large-scale corporate and specialty risks, has announced the launch of a new cyber product in the UK. The new Allianz Cyber Protect policy provides a full suite of third party and first party covers to ensure a company is protected in the event ... Read the full article

Eric Seyfried joins AXIS Insurance as Head of US Cyber Open Market

15th June 2020

AXIS Insurance, the specialty insurance arm of Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited, has appointed Eric Seyfried as Head of Cyber U.S. Open Market, effective immediately. In his new role, Seyfried will be tasked with assisting in the design and implementation of the U.S. strategy and direction for the ... Read the full article

Optio chooses Guidewire Cyence for cyber risk management

12th June 2020

Optio Group has chosen Guidewire's cyber risk management modelling solution Cyence to enhance its data warehouse capabilities and underwriting performance, and Guidewire Cyence for Small Business to support profitable small business growth. Cyence was acquired by Guidewire in 2017 and combines economic modelling, cybersecurity, machine learning and Internet scale data collection ... Read the full article

New insurer Astaara targets cyber threats in maritime industry

11th June 2020

Astaara, a new insurance services business, has been launched to protect maritime companies from cyber threats. The new company will offer risk management, underwriting and analytics, and aims to modernise this area of the insurance industry. The business is made up of three elements – Astaara Risk Management, Astaara Underwriting and Astaara ... Read the full article

Aon enhances CyQu cyber risk assessment to reflect remote working exposures

11th June 2020

Global re/insurance brokerage Aon has announced the expansion of its cyber risk assessment methodology, CyQu Enterprise, to help analyse and understand the cyber security impacts in light of the increase in remote working amid the COVID-19 pandemic. Designed specifically for SMEs, Aon's CyQu is an automated cyber self-assessment. Businesses complete a ... Read the full article

Pen Underwriting adds Hamir Patel as Head of Cyber

28th May 2020

Multi-territory managing general agent Pen Underwriting has appointed Hamir Patel as its new Head of Cyber. Patel succeeds Adrian Scott, who was appointed as Managing Director of International & Financial Lines in February. Hamir is currently Head of Insight & Reserving and joined the company four years ago after having served at ... Read the full article

AAIS, Berkley Re launch family-focused cyber protection solution

27th May 2020

The American Association of Insurance Services and Berkley Re Solutions have partnered on a family-focused cyber protection solution. Family Cyber Protection Solution is designed to deal with threats such as online extortion, social engineering, cyber bullying, identity theft, system compromise, internet cleanup and breach costs. The companies say this policy can help families ... Read the full article

FERMA suggests EU resilience framework for non-physical cat risks

27th May 2020

The Federation of European Risk Management (FERMA) has called on the European Commission to create a resilience framework for catastrophic risks, in an effort to address the shortage of business interruption insurance without physical damage (NDBI). FERMA says its resilience framework would have the flexibility to respond to a range of ... Read the full article

Capsicum Re launches Gh0st, a ransomware modelling solution

26th May 2020

Specialist reinsurance broker Capsicum Re has announced the launch of Gh0st, a dedicated ransomware modelling solution. The proprietary model is designed to help clients and markets quantify diverse and realistic ransomware scenarios and optimise their portfolios. Gh0st allows clients to input all their affirmative cyber policies and extract a picture of exposure ... Read the full article

Governments being hit by cyberattacks harder, more often: Deloitte

21st May 2020

Research from Deloitte has found governments are being held hostage by cyber attacks more frequently, with criminals expanding their attack base and asking for more money. Governments in 2019 reported 163 ransomware attacks and paid over $1.8 million in ransoms, with tens of millions of dollars spent on recovery costs. This ... Read the full article

Allianz names Catharina Richter as Head of Cyber Center of Competence

20th May 2020

Allianz Group has announced the appointment of Catharina Richter as Global Head of its Cyber Center of Competence (CoC), effective June 1st. Established in 2018, the Allianz Cyber CoC is embedded into Allianz Global Corporate & Specialty (AGCS) and focuses on coordination and alignment of cyber exposures and insurance in the ... Read the full article

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