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.
Munich Re’s HSB expands cyber offering as potential losses from the sector rise
11th September 2024
HSB, a multi-line specialty insurer and part of reinsurance giant Munich Re, has expanded its cyber insurance coverage with new protections for connected vehicles, cybercrime victims, digital wallets, and other emerging risks. HSB Home Cyber Protection offers a mix of innovative cyber coverages and services for online fraud, cyber extortion, home ... Read the full article
Insurers and asset managers continue to invest in longer term cybersecurity planning: Moody’s
10th September 2024
A vast majority of insurers and asset managers are continuing to invest in longer term cybersecurity planning and have put in place advanced cybersecurity protection, a new report from Moody's Ratings reveals. According to Moody's, these efforts reflect the growing frequency and sophistication of cyberattacks, as well as increased regulatory expectations ... Read the full article
Envelop Risk launches Envelop Risk Solutions to enhance cyber re/insurance capabilities
10th September 2024
Envelop Risk, a firm specialising in cyber reinsurance and analytics, has unveiled its new services division, Envelop Risk Solutions. This new arm is designed to provide comprehensive support to insurers and reinsurers aiming to enhance their cyber capabilities. Envelop Risk Solutions will utilise Envelop's Augmented Underwriting approach, which merges advanced data enrichment ... Read the full article
Multi-tool approach to enhance cyber risk assessment, says Lockton Re
9th September 2024
In its latest cyber report, reinsurance broker Lockton Re evaluates vulnerability scanning tools and highlights the need for multiple methods to assess and manage cyber risk amid growing digital complexity. As digital networks become more complex, companies face increasing exposure to cyber threats. By 2025, it’s expected that half of the ... Read the full article
Coalition Re launched to provide active cyber reinsurance backed by Aspen-led capacity
9th September 2024
Coalition, an active insurance provider focused on preventing digital risks before they occur, has launched Coalition Re, a reinsurance intermediary offering active cyber reinsurance through two products supported by Aspen-led capacity. Coalition Re offers capacity for non-proportional cyber reinsurance treaties and a white-label cyber insurance product with up to 100% quota ... Read the full article
Cyber re/insurance market can only grow at the pace of capacity: SCOR’s CEO
8th September 2024
Despite noting the "almost limitless" potential of the cyber re/insurance market, SCOR's CEO, Thierry Léger, has observed that it can only grow at the pace of capacity, meaning it will chiefly be an opportunity for the next few decades, rather than the next few years. Discussing cyber risk at the 66th ... Read the full article
Global reinsurance market to grow by 2-3% over next three years: Munich Re
8th September 2024
The market environment for reinsurers remains both promising and challenging, and after impressive growth in recent years, the marketplace is poised to grow by 2-3% over the next three years, Munich Re said at the 66th Rendez-Vous de Septembre in Monte Carlo. Growth of 2-3% over the next three years, adjusted ... Read the full article
Cyber demand met by significant reinsurance supply: Co-Heads of Cyber, Guy Carpenter
6th September 2024
During Guy Carpenter’s virtual media briefing, the firm’s Global Co-Heads of Cyber discussed the growing demand for cyber reinsurance, which has been met with ample supply in the reinsurance markets. Erica Davis, Global Co-Head of Cyber at Guy Carpenter, commented on the changing appetite for cyber reinsurance: “We are finding our ... Read the full article
Cyber insurance market poised for growth as cyberattacks continue to increase: Moody’s
6th September 2024
The cyber insurance market is poised for significant growth over the next several years as cyberattacks continue to grow in number and sophistication, with the potential to cause major financial and reputational damage and disrupt business operations, according to a new report from Moody's Ratings. However, as profitability has improved and cyber ... Read the full article
Bridging the cyber protection gap through public-private partnerships: Zurich & Marsh McLennan
5th September 2024
A new whitepaper from Zurich Insurance Group and Marsh McLennan underscores the urgent need for greater public sector involvement to strengthen societal resilience against catastrophic cyber events. As cyber threats evolve rapidly, they are outpacing the ability of traditional insurance and risk management solutions to fully address them. The report emphasises the ... Read the full article
Tokio Marine HCC launches malicious cyber event coverage for event cancellation
4th September 2024
Tokio Marine HCC (TMHCC) – Specialty Group, part of the Tokio Marine HCC companies based in Houston, Texas, has announced the addition of a malicious cyber event extension to its cancellation product. This enhancement is available through both its Lloyd’s syndicate and HCC International Insurance Company PLC. TMHCC – Specialty Group's event ... Read the full article
García-Beltrán to lead underwriting for Aviva and Nirvana new European cyber insurance binder
4th September 2024
Insurance and financial services company Aviva and Nirvana, a media, tech and cyber Managing General Agent (MGA) have announced a new partnership and European cyber insurance binder. Through the multiyear agreement, Nirvana will have the authority to underwrite cyber risk on behalf of Aviva within the European Economic Area. Clients will benefit ... Read the full article
US standalone cyber insurance market could reach $45bn in premium by 2034: CyberCube
4th September 2024
In a new report based on CyberCube’s cyber risk aggregation tool, Portfolio Manager, mid-range projections suggest that the US standalone cyber insurance market could reach $45 billion in premium by 2034, marking a five-fold increase from today. CyberCube’s report, “Projecting Cyber Insurance Growth: A 10-Year US Market Outlook”, noted that this ... Read the full article
Increasing need for improved cyber CAT models for SMBs: Guy Carpenter
2nd September 2024
An increasing number of small and medium-sized businesses (SMBs) are seeking cyber coverage, but current cyber catastrophe (CAT) models still struggle to accurately assess SMB risk aggregation, according to a recent report by Guy Carpenter. The report, developed with At-Bay, highlights the rapid growth of the cyber insurance market and the ... Read the full article
CrowdStrike IT outage could cost UK economy up to £2.3bn: Kovrr
2nd September 2024
Kovrr has estimated that the total cost to the UK economy from the CrowdStrike IT outage will likely fall between £1.7-£2.3 billion. For those unaware, back in July, an automatic update of CrowdStrike's Falcon sensor software crashed more than 8.5 million Microsoft Windows machines globally. According to Kovrr, the incident resulted in ... Read the full article
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