Reinsurance News
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.
Insurance not the sole solution to cyber resilience: Swiss Re’s Ermotti
13th May 2022
Sergio P. Ermotti, Chairman of the Board of Directors, has stressed that, while insurance go some way towards mitigating the impact of cyber risks, it “is not the sole solution” to cyber resilience. Cyber risks have become even more prominent since the COVID-19 pandemic and Russia's invasion of Ukraine, as working ... Read the full article
Cyber pricing acceleration expected to continue through H1: JP Morgan
9th May 2022
Analysts at J.P Morgan have stated that cyber insurance is one of the fastest growing markets within insurance with premiums growing at a 27% CAGR (2017-21), but despite the high growth in the class, analysts have said that profitability is strong, with an average combined ratio of 77% vs 100% ... Read the full article
Majesco & CyberCube partner to meet cyber demand
9th May 2022
Majesco, a global provider of cloud insurance software solutions for insurance business transformation, has announced a partnership with CyberCube – a global provider of advanced solutions for cyber insurance risk modelling, rating and underwriting. The partnership between the two companies will accelerate the use of expanded sources of data, signals, and ... Read the full article
Economic climate and cyber attacks biggest D&O concerns – WTW
3rd May 2022
The economic climate and cyber attacks remain high on the mind for respondents to WTW’s latest Directors’ Liability Survey Report. The report, collated from answers from respondents across 40 countries, found that the five top risks to directors were said to be cyber-attack, data loss, cyber extortion, regulatory risk, and prosecuting ... Read the full article
Acrisure partners with Coalition to unveil Cyber Risk Assessment
3rd May 2022
Global insurance broker, Acrisure, has announced that it has entered into a partnership with cyber insurance and security provider, Coalition. Acrisure’s Cyber Services division will offer the Coalition Risk Assessment, which is designed to help small and mid-size organisations understand their cyber and digital risk exposure. The risk assessment offers a personalised ... Read the full article
Beazley has war exclusions in every cyber policy: J.P Morgan
27th April 2022
In a report released by J.P Morgan based on findings from a recent conference call with Beazley’s Global Head of Cyber & Technology, Paul Bantick, to discuss the specialist insurers cyber business, it states that Beazley has war exclusions in every cyber policy. The report adds that the exclusions have two ... Read the full article
CyberCube partners with actuarial capital modeller
26th April 2022
Cyber risk analytics firm CyberCube has announced a new partnership with Ultimate Risk Solutions (URS), a provider of actuarial capital modelling to the insurance and reinsurance sectors. The partnership will see URS integrate CyberCube’s Portfolio Manager model outputs with its Risk Explorer financial analysis software for insurers and reinsurers. Risk Explorer models ... Read the full article
Probitas 1492 hires Richard Taylor as Head of Cyber & Technology
25th April 2022
Probitas 1492, an underwriting Syndicate at Lloyd’s of London has appointed former Munich Re Syndicate Limited, Senior Cyber Underwriter - Richard Taylor, to Head of Cyber & Technology. Within his new role at Probitas 1492, Taylor brings over 13 years of experience within the industry. During his time at Munich Re Syndicate ... Read the full article
COVID-19 highlighted concerns around cyber risk: BMA
22nd April 2022
According to a new report from the Bermuda Monetary Authority, the COVID-19 pandemic has highlighted a growing interest and concern around cyber risk and the need for a robust cyber insurance market. As organisations are forced to continue to operate in remote working environments, cyber threat actors continue to exploit inherent ... Read the full article
US cyber direct written premiums increased by 74% in 2021: Fitch
21st April 2022
According to rating agency Fitch Ratings, US standalone and packaged cyber statutory direct written premiums increased by 74% in 2021, to nearly $5 billion compared with a 9% growth for the property & casualty (P&C) industry overall. This major growth was driven by heightened policyholder risk awareness and greater demand for ... Read the full article
Corvus Insurance finds 2021 average ransoms paid by quarter were down 44.2%
19th April 2022
Corvus Insurance has released findings from its second Corvus Risk Insights Index - a compilation of industry trends and data analysis based on the company’s IT security scanning technology, the Corvus Scan. One of the major findings from the report was that ransomware attacks are down from recent peaks, as the ... Read the full article
79% of policyholders believe cyber insurance is worth the cost: Cowbell Cyber
14th April 2022
Findings from Cowbell Cyber’s first ever cyber insurance report dedicated to small and medium sized enterprises (SMEs) – Cyber Round Up, highlighted that 79% of policyholders believe that cyber insurance is worth the cost. In January 2022, Cowbell surveyed its policyholders – SMEs with up to $250 million in revenue, to ... Read the full article
Cooper Gay partners with CyberCube for cyber risk platform
13th April 2022
Cooper Gay, the pan-European Managing General Agent (MGA), has partnered with CyberCube to use its cyber risk analytics platform, Account Manager. In addition to using Account Manager, Cooper Gay is also enrolling in the CyberCube Academy as part of the company’s drive to develop its team’s knowledge of the evolving cyber ... Read the full article
Ascot backs Coalition’s US cyber program
6th April 2022
Commercial lines insurtech Coalition, has announced the addition of global specialty re/insurer Ascot Group to back its US primary surplus lines cyber program through Ascot Speciality Insurance Company. This new multi-year partnership will help to provide Coalition with long-term capacity for its cyber programs, further accelerating the company’s growth. In 2021, Coalition’s ... Read the full article
Bishopsgate hires Caroline Richardson to lead new cyber practice
6th April 2022
Bishopsgate has appointed Caroline Richardson to lead its new cyber practice, joining from Miller Insurance Services, where she worked on both retail and wholesale cyber placements and solutions for global corporate organisations and facilities and grew its international and UK business. Prior to Miller she worked as Associate Director of Aon ... Read the full article
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