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 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
Insurance to play crucial role in the growth of digital payments ecosystem: Chubb
1st October 2024
A new survey from global property and casualty insurer Chubb has highlighted the rising impact of cyber fraud on consumer trust and behavior. The survey, which was conducted across the US, Mexico, Brazil, Indonesia, Singapore, the Philippines, Thailand, and Vietnam, reveals that 61% of respondents have altered their use of digital ... Read the full article
Organisation data on dark web increases cyber attack risk: Marsh McLennan
23rd September 2024
The presence of any data related to an organisation on the dark web increases its risk of cyberattacks, according to a study by Searchlight Cyber and the Marsh McLennan Cyber Risk Intelligence Center. The Center examined Searchlight’s dark web dataset alongside a sample of 9,410 organisations, which had an overall breach ... Read the full article
PERILS & CyberAcuView expand US Cyber Loss Index to report unintentional events
23rd September 2024
Zurich-based catastrophe insurance data provider PERILS AG and CyberAcuView have announced the expansion of the US Cyber Industry Loss Index with unintentional (‘accidental’) loss events commencing 1 October 2024. Since launching in September 2023, the index has reported on affirmative US primary cyber market losses resulting from intentional (malicious) systemic cyber ... Read the full article
CrowdStrike event reveals opportunity for non-malicious cyber coverage: Broadstone
17th September 2024
Broadstone's latest Insurance Risk Monitor suggests that the CrowdStrike event challenges the cyber insurance market's conventional focus on malicious actors, highlighting an opportunity to offer more comprehensive coverage for non-malicious losses. Broadstone notes that until recently, the market primarily addressed malicious events, which has kept claims from the CrowdStrike incident—caused by ... Read the full article
Reinsurers remain “positively disposed” towards most specialty lines: KBW
16th September 2024
Following meetings with executives at the recently held 2024 Rendez-Vous de Septembre (RVS) in Monte Carlo, analysts at KBW have reported that reinsurers remain positively disposed toward most specialty lines, which primarily reflects the rate adequacy achieved in the aftermath of Russia’s invasion of Ukraine. Analysts also noted that reinsurers remain ... Read the full article
Calls for property reinsurance price reductions ‘asymmetric’, Munich Re CEO tells the FT
16th September 2024
In an interview with the Financial Times (FT), Joachim Wenning, CEO of global reinsurer Munich Re, described calls for property reinsurance rate cuts as "asymmetric", suggesting that reinsurers will hold firm ahead of the 1.1 2025 renewals as the market continues to catch up on the poor returns achieved during ... Read the full article
BMA report reveals $7.75bn surge in cyber insurance premiums and a $120bn market forecast
13th September 2024
The Bermuda Monetary Authority (BMA), the island's regulatory body for financial services, has released its annual Bermuda Cyber Underwriting Report, showcasing a significant 63.7% increase in cyber insurance gross written premiums, which reached $7.75 billion in 2022. According to the report, this increase reflects Bermuda’s growing significance as a reinsurance hub ... Read the full article
WTW appoints Adrian Ruiz as Head of FINEX GB Cyber & TMT
12th September 2024
Global insurance broker WTW has appointed Adrian Ruiz as Head of FINEX GB Cyber & TMT, succeeding Glyn Thoms, who will assume the newly created role of Global Cyber Strategic Development Leader. In his new position, Ruiz will report to Marcus Porter-Wright, Head of FINEX GB, and Peter Foster, Chairman of ... Read the full article
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
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