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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.

Cyber market growth supported by more widely available reinsurance: A.M. Best

11th July 2019

Despite a slowdown on the previous two years, the cyber insurance market continued to expand in 2018, with premium volume exceeding $2 billion for the first time and which is supported by the sector's heavy use of reinsurance, highlights A.M. Best. As the world strives to become truly digital and advanced ... Read the full article

Marriott faces £99mn GDPR fine days after record BA penalty

10th July 2019

Marriott International, the multinational hotel chain, is facing a £99.2 million fine for non-compliance with data protection laws following a 2018 cyber attack that exposed personal data on 339 million guest records. The Information Commissioner’s Office (ICO) notified Marriott of its intentions just days after levelling a record £183 ... Read the full article

British Airways fine just the beginning for data privacy regulation, says Fifth Step CEO

10th July 2019

The landmark £183 million fine imposed on British Airways should come as no surprise and may represent only the beginning of more stringent data privacy regulation, according to Darren Wray, CEO at Fifth Step, a business management firm for the re/insurance industry. The Information Commissioner’s Office (ICO) imposed the penalty ... Read the full article

British Airways hit with record £183mn GDPR fine for data breach

8th July 2019

British Airways is facing a record fine of £183 million following a "sophisticated, malicious" cyber attack last year that compromised the personal details of around 500,000 customers. The Information Commissioner’s Office (ICO) imposed the penalty for non-compliance with new General Data Protection Regulation (GDPR) rules, although some had expected a more lenient ... Read the full article

Brit recruits Cyber & Technology practice VPs from AIG, NAS

8th July 2019

Global specialty re/insurer Brit Ltd has announced the appointments of James Patterson as Vice President, Cyber & Technology and Ryan Mimmo as Vice President, Cyber & Technology for Brit Global Specialty USA (BGSU). In these roles, Jim and Ryan will be responsible for underwriting and supporting the continued growth of BGSU’s ... Read the full article

New Lloyd’s mandate to require clarity on silent cyber coverage

4th July 2019

Insurance and reinsurance marketplace Lloyd’s of London is to mandate that all policies clearly state whether they will provide affirmative coverage for cyber risks. From January 1, 2020, Lloyd’s underwriters will be required to clarify whether first-party property damage policies affirm or exclude cyber cover. For liability and treaty reinsurance, the requirements ... Read the full article

BLM partners with London School of Economics on AI-driven insurance tool

3rd July 2019

BLM, an insurance risk and commercial law firm, has launched BLM Innovations, a suite of seven online analytics, case management and communications tools. Foresight is a pioneering new AI system developed in conjunction with the London School of Economics (LSE), and considers the strength of evidence on either side of a ... Read the full article

Markel launches Cyber 360 policy

3rd July 2019

Specialist insurer Markel International has launched its Cyber 360 policy, providing insureds with all round protection against cyber risks. Coverage will be provided on a stand-alone and add-on basis for businesses in the UK, Europe, Canada, Asia and elsewhere. With limits of up to $20m per risk, the new policy is offered ... Read the full article

Moody’s to establish global cyber risk standard with Team8 think tank

2nd July 2019

Moody’s Corporation has announced that it plans to establish a global standard for evaluating and assessing cyber risk in partnership with cybersecurity think tank and company creation platform Team8. The joint venture aims to combine Moody’s experience in developing methodologies and global standards to measure risk with Team8’s expertise in cybersecurity ... Read the full article

Munich Re plans to retain 10% share of cyber market

1st July 2019

Munich Re has revealed that it plans to continue focusing more of its business on the growing cyber re/insurance market, with the aim of retaining its current 10% share. The re/insurer earned premium volume of almost US $500 million from cyber coverage in 2018, equally split between primary insurance and reinsurance. Munich ... Read the full article

Beazley adds two cyber, tech underwriters in US

28th June 2019

Specialist insurer Beazley has added Jennifer Beard and Matt Gullickson - two cyber & technology underwriters - to its US operations. The appointments were made to meet a growing demand from middle market businesses for insurance cover for cyber, data security and privacy exposures. Beard joins from Chubb, where she spent 12 ... Read the full article

Email outage could cause multi-billion dollar insured losses

24th June 2019

Analysis by predictive cyber risk modelling firm, Kovrr highlights the potential for significant insurance and reinsurance industry losses as a result of an email service outage in the UK. According to statistics, some 290 billion emails are sent every day across the world by around 3.9 billion users. While the numbers ... Read the full article

“Little evidence” that reinsurance will respond to silent cyber events: GC’s Siobhan O’Brien

20th June 2019

There continues to be “little evidence” that reinsurance programs will respond as planned to a silent cyber event, despite recent regulatory efforts that have aimed to quantify exposure. This is according to Siobhan O’Brien, Head of the Cyber Center of Excellence for International and Global Specialties at Guy Carpenter, who outlined ... Read the full article

Hiscox releases free-to-use Cyber Exposure Calculator tool

18th June 2019

Global specialist insurer Hiscox has announced the launch of its Cyber Exposure Calculator, an online tool designed to help companies estimate the potential financial impact of a cyber attack. The calculator, which is free to use, provides a number of insights into the types of cyber attacks a business may face. Results ... Read the full article

US cyber premiums up 10% to $2.03bn in 2018: Aon study

17th June 2019

A new study by global re/insurance brokerage Aon indicates that cyber premiums grew to just over $2 billion in 2018, roughly a 10% increase from the prior year. Premiums from package business grew modestly, rising 6% year on year, while standalone cyber premiums grew 14%. Premiums for small commercial-focused cyber insurers ... Read the full article

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