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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.

Beazley adds cyber breach advisory services to breach response cover

25th January 2018

Beazley has added post-breach consultation and remediation services to its Beazley Breach Response (BBR) cover for small and mid-sized policyholders in the U.S., in conjunction with its specialist advisory subsidiary Lodestone Security. The expanded cover provides up to 100 hours post-breach consultation services to help policyholders who have suffered unauthorized access or ... Read the full article

Preservation Capital completes Ascent Underwriting acquisition

25th January 2018

Preservation Capital Partners has completed its acquisition of cyber and specialty lines managing general agent (MGA), Ascent Underwriting, having received approval from the Financial Conduct Authority (FCA). Under the transaction, the existing Ascent management team will retain a substantial shareholding in the company, and will continue to manage the business through ... Read the full article

Cloud service provider failure could cost $15bn, says Lloyd’s

23rd January 2018

A new report from the Lloyd's of London insurance and reinsurance market in collaboration with catastrophe risk modeller, AIR Worldwide, reveals that businesses in the U.S. could lose as much as $15 billion were a leading cloud service provider to experience a downtime of at least three days. The new report, ... Read the full article

Barbican partners with FICO to offer cyber risk assessment tool

22nd January 2018

The Barbican Insurance Group has partnered with software analytics provider FICO to offer a cyber threat monitoring and vulnerability assessment solution, the FICO Enterprise Security Store Portrait (FICO ESS Portrait). Barbican will now provide all its cyber insurance clients with a free subscription to the product. Graeme King, business group leader for ... Read the full article

Cyber-attack more of a threat to re/insurance industry than nat cats, warns Inga Beale

19th January 2018

The re/insurance industry's biggest threat is no longer natural disasters but successful cyber-attackers, and companies across all sectors must do more to defend themselves against the growing cyber threat, warns Lloyd's of London Chief Executive Officer (CEO), Inga Beale. Speaking at the Asian Financial Forum, Beale highlighted the potentially huge costs ... Read the full article

BI, cyber & larger nat cat losses top global business risks in 2018: Allianz

19th January 2018

Business interruption (BI), cyber incidents and larger losses from natural catastrophe events are the top three business risks globally in 2018, according to the latest Allianz Risk Barometer. The Allianz 2018 Risk Barometer, which includes responses from over 1,900 risk experts from 80 countries, ranks BI as the number one business ... Read the full article

Pioneer Underwriters launches cyber cover for investment managers

18th January 2018

Pioneer Underwriters has launched a new cyber risk cover that addresses the specific needs of investment managers in relation to cyber exposure. At a breakfast briefing this morning, Simon Holt, Senior Underwriter for Financial Institutions, said; “Pioneer’s cyber offering provides pre and post loss cyber risk management services and as an ... Read the full article

Companies’ uptake of standalone cyber insurance to surge in 2018

12th January 2018

In 2018 uptake of standalone cyber insurance policies is expected to surge as companies respond to the growing cyber threat and regulators more strictly enforce and coordinate cybersecurity regulations, according to Aon's 2018 Cybersecurity Predictions report. As firms increasingly feel the heat of cyber attacks with reduced earnings, operational disruption and ... Read the full article

Willis Re’s PRISM-Re tool upgraded to include silent cyber

8th January 2018

PRISM-Re, the cyber risk portfolio modelling tool from reinsurance broker Willis Re, has been upgraded to now include silent cyber, providing insurers and reinsurers with a more comprehensive view of cyber exposures. Willis Re, the global reinsurance arm of insurance and reinsurance brokerage Willis Towers Watson, first launched PRISM-Re in February ... Read the full article

Swiss Re CEO calls for government support on cyber risks

28th December 2017

Christian Mumenthaler, the Chief Executive Officer of reinsurance giant Swiss Re, has called for governments to step up and support the industry on cyber risks, a class of business where the reinsurer wants to be "underweight." Speaking to the Financial Times in a recent interview, Mumenthaler explained that ... Read the full article

Nearly a third of U.S. businesses experienced a data breach: Survey

13th December 2017

According to a recent survey for The Hartford Steam Boiler Inspection and Insurance Company (HSB), a division of global reinsurer Munich Re, 29% of U.S. businesses experienced a data breach in the previous year. The survey was conducted by Zogby Analytics for HSB, as part of a continuing effort by HSB ... Read the full article

Hiscox sets up virtual business unit to drive cyber innovation

7th December 2017

Hiscox has set up a virtual Business Unit (vBU) to pool the expertise of its group of 70 cyber staff to enhance collaboration and drive progress in the cyber sector. Hiscox said the cyber vBU will provide dedicated cyber resource and be responsible for ensuring a consistent Group-wide approach to product ... Read the full article

Ascent expands cyber solution for medical billings cover

7th December 2017

Specialist niche-product managing general agent, Ascent Underwriting, has enhanced its CyberPro Regulatory Billings product to offer protection from social engineering and computer crime, and also now offers its cyber cover on a nil deductible basis. When first launched in 2014, the product offered financial protection against U.S. healthcare billing and coding regulation ... Read the full article

Swiss Re Corporate Solutions & Argo Group back cyber insurer Coalition

6th December 2017

Cyber risk insurance solution provider Coalition launched today with its cyber solutions backed by capacity from Swiss Re Corporate Solutions and Argo Group. Coalition was co-founded by technology entrepreneurs Joshua Motta and John Hering, and provides a full range of cybersecurity products for  small to midsize businesses (SMBs) as well as comprehensive ... Read the full article

AGCS boosts UK cyber division with two appointments

1st December 2017

Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, has announced the promotion of Yogesh Virji to lead its UK Cyber division and the appointment of Hui Yu as a Senior Underwriter, within the UK Cyber team. Virji was previously Underwriting Manager for Financial Lines at AGCS, and ... Read the full article

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