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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.

Pool Re coverage to include physical damage from cyber terrorism

28th November 2017

The UK's government-backed mutual terrorism reinsurer, Pool Re, has said that from April 2018 it will expand its coverage to include material damage and direct business interruption (BI) as a result of cyber terrorism. According to an announcement from the terrorism reinsurance pool, the cover excludes intangible assets and will be ... Read the full article

Demand for cyber cover could expand to general public: GlobalData

28th November 2017

As the cyber insurance market develops alongside rising online crime, data and analytics firm GlobalData says personal cyber insurance could be adopted by the general public, significantly increasing demand for cyber cover. Personal cyber products are currently offered by AIG and Hiscox, who offer cyber protection for high net worth (HNW) ... Read the full article

If cyber insurance were bigger, 2017 would really hurt

27th November 2017

As the market for cyber insurance grows the amount of exposure in the re/insurance industry is increasing, so reinsurance companies are also finding their portfolios more exposed making the ability to hedge that exposure vital, according to Tom Johansmeyer, Assistant Vice President, PCS Strategy & Development at ISO. While you were ... Read the full article

SMEs remain underprepared as cyber threat grows

24th November 2017

Small-medium sized enterprises (SMEs) remain particularly vulnerable to cyber attacks, with just half of SMEs surveyed by Argo Group having purchased protection despite the drastically rising threat of cyber crime. Nearly two-thirds of SMEs surveyed have already been victims of a cyber incident, but the majority of firms remain underprepared with ... Read the full article

MSK & Hannover Re unit partner for actuarially sound cyber risk pricing

20th November 2017

German actuarial specialists Meyerthole Siems Kohlruss (MSK) and E + S Rück, the German unit of global reinsurance giant Hannover Re, are partnering to develop tools to assist with pricing of cyber risks. In a two-pronged partnership, the pair are developing a pricing model for cyber risk underwriting as well as ... Read the full article

Cyber coverage to grow fastest in retail and manufacturing industries

17th November 2017

The cyber insurance market has been forecast to reach almost $17 billion by 2023, growing over 20% CAGR between 2017-2023, according to P&S Market Research Global. The Banking Financial Services and Insurance (BFSI) sector has been the largest consumer of cyber insurance, as these companies are more prone to cyber-attacks - ... Read the full article

Cyber risk influence on re/insurer ratings mostly gradual: Fitch

15th November 2017

Despite the fact that the cyber insurance and reinsurance market is forecast to grow rapidly, rating agency Fitch believes that the influence of cyber risks on the ratings it gives will be mostly gradual. The reason is that, so far, cyber risks only make up a relatively small proportion of re/insurers ... Read the full article

Preservation Capital acquires stake in cyber MGA Ascent

9th November 2017

Cyber and specialty lines Managing General Agent, Ascent Underwriting, has agreed that Preservation Capital Partners will take a substantial stake in the business subject to regulatory approval, providing significant capital to support Ascent’s growth ambitions. The Ascent managing team will retain a significant shareholding in Ascent and will continue to manage the ... Read the full article

Social engineering attacks on the rise but hacking & malware still dominate: Beazley

2nd November 2017

Social engineering attacks are on the rise across numerous industries as cyber attackers increasingly look to deceive in order to scam, according to London re/insurer Beazley's Q3 2017 Breach Insights report. The most prevalent cause of data breach during the first nine months of 2017 remains hacking and malware, which amounted ... Read the full article

Restoration costs of ransomware attacks triples since 2016

31st October 2017

Ransomware has become the new plague to run rampant through the cyber world, rising to the fifth most common malware type and causing the costs of restoring computer systems from such attacks to triple since 2016. Consequently, Head of BDO International Cybersecurity, Gregory Garrett, warned re/insurers to urgently assess their cyber ... Read the full article

Courtney Mocio named Vice President of Brit USA Cyber & Technology

27th October 2017

Brit has named Courtney Mocio as Vice President of Cyber & Technology at Brit Global Specialty USA (“BGSU”) with effect from 17 October 2017. She joins BGSU from Nationwide Insurance (Freedom Specialty) where she spent the last five years writing a book of cyber, technology and professional business. In her BSCU New ... Read the full article

Marsh appoints Jamie Saunders to cyber risk strategic advisor

27th October 2017

Marsh has named former Director of the National Cyber Crime Unit at the National Crime Agency (NCA), Jamie Saunders, as new strategic adviser on cyber risk management for UK specialist cyber security within the Client Advisory Services division. In his newly-created London based role, Dr Saunders will provide strategic cyber security ... Read the full article

Firms’ intangible assets still vastly unprotected: Aon & Ponemon Institute

26th October 2017

Many enterprises lag behind the protocols for doing business in the tech-era; firms recognise the growing value of intangible assets but continue to disproportionately spend four times more budget on insurance for Property, Plant and Equipment (PP&E) risks, according to a report by Aon and the Ponemon Institute. As historical tangible ... Read the full article

GDPR pushes cyber risk to business leaders’ top concern

26th October 2017

With the European Union’s General Data Protection Regulation (GDPR) due to take effect in May 2018, cyber risk has been pushed to the top of the corporate risk agenda for businesses throughout Europe, according to a survey of over 1,300 senior executives by Marsh. The GDPR is a new legal framework with ... Read the full article

Re/insurers could be key to firms’ cyber risk management: Chubb

25th October 2017

Widespread concern exists among risk and IT professionals about the scale of cyber threat but there is little agreement about how organisations should assess, manage and mitigate the threats, according to a Chubb study that surveyed over 250 risk managers and IT professionals. The study interviewed industry experts from major firms ... Read the full article

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