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.
Cyber insurance growth slows, yet new opportunities emerge: Swiss Re
18th November 2024
Although the rapid growth of the cyber insurance market may be slowing, it continues to present a compelling growth opportunity, but looking ahead, this will be fueled by different drivers and regional variations, with small and medium-sized enterprises (SMEs) having the largest potential to address the existing cyber protection gap, ... Read the full article
Lockton Re appoints Guy Carpenter’s Jemima Hopper as Cyber Reinsurance Broker
12th November 2024
Lockton Re, the reinsurance arm of the independent insurance broker, has announced the appointment of Jemima Hopper as a Broker in its Cyber Practice. Hopper, who is ACII qualified, brings valuable expertise in cyber reinsurance broking, along with experience in Treaty, MGA, and Retro Markets. She joins Lockton Re from Guy Carpenter, ... Read the full article
Zywave adds benchmarking to Cyber Quoting for enhanced coverage insights
8th November 2024
Insurtech provider Zywave has announced the addition of embedded benchmarking to its Cyber Quoting solution, enabling brokers to access industry data and loss information from similar organisations, providing their clients with enhanced insights into coverage limit adequacy and potential loss gaps. Launched in April 2024, Cyber Quoting is a centralised platform ... Read the full article
Lloyd’s & ABI launch guide to help re/Insurers define major cyber events
7th November 2024
Recognising cyber as one of the most significant systemic and emerging risks, Lloyd’s and the Association of British Insurers (ABI) have jointly published a guide to help re/insurers define major events and identify key factors to consider. According to Lloyd's and the ABI, the dynamic nature of cyber threats necessitates ongoing ... Read the full article
Bridging the cyber protection gap for EU policymakers: Insurance Europe
4th November 2024
A recent publication by Insurance Europe outlines policy recommendations for EU policymakers aimed at strengthening the insurance industry's cyber resilience across Europe in response to a significant protection gap. The global cyber insurance market has experienced rapid growth, increasing from an estimated $5.9 billion in 2019 to $14 billion in 2023, ... Read the full article
Howden launches new cyber insurance solution backed by Mosaic, Chubb and LSM
31st October 2024
Global insurance intermediary group Howden has launched Howden Safe+, a cyber insurance solution developed in partnership with Safe Security aimed at clients with revenues between $250 million and $2 billion. Backed by Mosaic Insurance, Chubb and Liberty Specialty Markets, Howden Safe+ reportedly enables quicker risk assessment without compromising coverage quality. Clients are ... Read the full article
Reinsurance News Monte Carlo Executive Roundtable
29th October 2024
The Reinsurance News Monte Carlo Executive Rendezvous Roundtable took place at the 66th edition of RVS in September 2024 and featured insightful discussions on the reinsurance market as we head towards the key January 2025 renewals. In partnership with BMS Re and PwC, the 2024 Reinsurance News ... Read the full article
VIG establishes specialist cyber security firm, CyRiSo
29th October 2024
Vienna Insurance Group has established CyRiSo, a cyber security firm aimed at small and medium-sized companies. Christiana Bruckner and Michael Ganzwohl have been appointed to manage CyRiSo, which aims to provide clients with comprehensive support to reduce cyber risks and prevent and resolve any damage caused by cyber attacks. Bruckner holds experience ... Read the full article
Pen Underwriting revamps cyber proposition for large corporate clients
28th October 2024
Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has revamped its cyber proposition for large corporate clients, which includes re-entering primary coverage for this market, doubling its excess of loss (XOL) limit, and expanding its risk appetite. Supported by a consortium of A-rated capacity providers with expertise in the ... Read the full article
Miller partners with CyberCube to strengthen cyber risk advisory services
24th October 2024
Miller, an independent specialist insurance and reinsurance broker, has formed a strategic partnership with CyberCube to enhance its ability to provide comprehensive, data-driven cyber exposure advice. Miller will utilise CyberCube's Broking Manager and Prep Module, which will help improve the broker’s ability to quantify and mitigate cyber risks for clients across ... Read the full article
CAC Group unveils customisable cyber insurance solution for energy and utility sectors
23rd October 2024
CAC Group, a national insurance broker and advisor, has announced the launch of CyberPeril Pro, a flexible cyber insurance solution aimed at closing coverage gaps in the energy and utility sectors. Adam Lantrip, Executive Vice President, Professional & Cyber Solutions Practice Leader at CAC Specialty, explained, "As more carriers eliminate 'silent ... Read the full article
AXA XL introduces new cyber insurance for emerging Gen AI risks
22nd October 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has introduced a new cyber insurance policy that extends coverage to help businesses manage risks associated with developing their own Generative AI (Gen AI) models. Michael Colao, Global Chief Underwriting Officer, Cyber at AXA XL, stated, ... Read the full article
QBE report highlights need for greater awareness of additional services in cyber policies
18th October 2024
A recent report by QBE North America, in collaboration with Zywave, revealed that many businesses are overlooking additional risk management services included in their cyber insurance policies, underscoring the need for greater awareness to enhance cyber resilience. The report surveyed risk professionals and insurance buyers from large organisations, with nearly half ... Read the full article
Cybersecurity and regulation identified as top risks for the TMT sector: WTW
11th October 2024
Cyber and data privacy have emerged as the top risks in the technology, media, and telecom (TMT) sectors, which are increasingly relying on innovations like artificial intelligence (AI) to drive growth, according to a recent report by WTW. The report highlights growing concerns about the impact of regulations and trade tensions ... Read the full article
Cowbell reports successful first year in the UK with triple-digit growth
10th October 2024
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has reported significant growth as it marks the first anniversary of its expansion into the UK. From January to June 2024 alone, Cowbell's results show continued success in the region, highlighted by a threefold increase in premiums, policies, and producers: ... Read the full article
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