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.
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
Beazley, Munich Re, and Gallagher Re study reveals cyber market resilience
9th October 2024
Findings from a year-long collaboration between Beazley, Munich Re, and Gallagher Re indicate that the cyber insurance market can withstand a plausible yet remote malware event under current parameters. This information was released in a whitepaper that aimed at building a shared understanding of the potential systemic losses the cyber-insurance industry ... Read the full article
Cyber insurance demand to rise as new threats emerge, says Bloomberg Intelligence
7th October 2024
Bloomberg Intelligence reveals that demand for cyber insurance is set to grow amid a series of high-profile cyber attacks. Analysts noted that Beazley, the specialist cyber insurance provider, sees 18% compound annual growth for that cover in 2024-2030, while other major firms, such as Munich Re, Hiscox, Axis Capital, and Chubb, ... Read the full article
Beazley forecasts cyber insurance market to grow to $40bn by 2030
2nd October 2024
Specialty insurer Beazley predicts that the cyber insurance market will grow from $15 billion in 2024 to $40 billion by 2030, driven by increasing demand due to rising cyber threats and costs, as the firm continues to manage its exposure amid premium growth. In its latest Cyber Risk Update, Beazley highlights ... Read the full article
Munich Re’s HSB launches comprehensive cyber insurance solution for SMBs
2nd October 2024
HSB, a multi-line specialty insurer and part of the reinsurance giant Munich Re, has introduced HSB CyberPro™, a new cyber insurance option for commercial clients seeking comprehensive coverage against evolving cybersecurity risks. HSB CyberPro combines expert cyber claims service, active threat monitoring, and risk mitigation tools developed by HSB over nearly ... Read the full article
Global cyber attacks will more than double this year to 211, says QBE
1st October 2024
The number of disruptive and destructive global cyber-attacks taking place each year is set to increase by 105% to the end of 2024, according to a new report from QBE. In fact, the trend shows that these significant, disruptive and destructive global cyber-attacks are likely to more than double this year ... Read the full article
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