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.
KYND launches comprehensive cyber risk solutions in the US
2nd August 2024
KYND, a UK-based cyber risk management solutions provider, has announced its expansion into the US market. This expansion brings KYND's innovative and straightforward approach to cyber risk analysis to a new market, addressing the insurance industry’s need for easier and more proactive management of cyber risk as cybercrime intensifies. According to KYND, ... Read the full article
Coalition expands Active Cyber Insurance to Germany
1st August 2024
Cyber insurance provider Coalition has launched its suite of Active Cyber Insurance products in Germany, through its subsidiary Coalition Insurance Solutions GmbH. Coalition's expansion comes as cyber-attacks and IT system breakdowns stand amongst the biggest threats impacting German businesses today. Coalition's Active Cyber Insurance offering is designed to help organisations spot, mitigate, and ... Read the full article
CrowdStrike outage an opportunity for cyber re/insurance market to reset, says AXIS CEO
31st July 2024
The recent CrowdStrike-linked IT global outage presents an opportunity for the cyber insurance and reinsurance market to reset appropriately, according to Vincent Tizzio, President and CEO of AXIS Capital. During today’s Q2 2024 AXIS Capital earnings call, Tizzio discussed the impact of the July 19th CrowdStrike outage on the cyber market. He ... Read the full article
Poll predicts CrowdStrike IT outage losses could exceed $1bn for re/insurance industry
30th July 2024
The majority of respondents to a recent Reinsurance News poll believe the total re/insurance industry loss from the CrowdStrike-linked IT outage will surpass $1 billion, with 38% of voters anticipating that losses could exceed $1.5 billion. According to our poll, which compiled votes from a range of individuals within the re/insurance ... Read the full article
Cyber insurance losses from CrowdStrike outage to be driven by business interruption: Moody’s
29th July 2024
Cyber insurance losses related to the CrowdStrike outage will be driven by business interruption, Moody’s has highlighted in a recent report, who also warned that determining final losses for the industry will be a lengthy process due to cyber insurance policy language not being standardised. Caused by a flawed software update ... Read the full article
Industry unsure what impact CrowdStrike outage will have on cyber insurance market, poll suggests
26th July 2024
According to a recent poll from Reinsurance News, the re/insurance industry appears to be unsure in regards to how big of an impact the recent CrowdStrike IT global outage will have on the standalone cyber insurance market. For those who need a reminder, the outage, which took place on July 19, ... Read the full article
CrowdStrike event to cost cyber insurers up to $1.5bn: CyberCube
25th July 2024
Preliminary insured losses from the CrowdStrike IT outage for the standalone cyber insurance market are anticipated to fall between $400 million and $1.5 billion, according to CyberCube, a specialist modelling firm for cyber risks and exposures. For those unaware, the outage was caused by the security company CrowdStrike, which sent out ... Read the full article
Carriers exposed to large enterprises most likely to face losses from IT outage: Parametrix CEO
24th July 2024
Insurance carriers that have greater exposure to large enterprises are more likely to face the brunt of the losses stemming from the CrowdStrike linked IT outage, says Parametrix Insurance CEO, Jonathan Hatzor. According to the organisation, the event is expected to withdraw an insured loss range of $540 million to ... Read the full article
Cyber insurance GDPW values over $15.7bn in 2023, Insuramore
24th July 2024
According to Insuramore's global rankings, cyber insurance gross direct premiums written (GDPW) valued at just over USD 15.7 billion in 2023, rising towards more than USD 16 billion if captive insurers are also included too. In a statement, Insuramore said, that with regards to the competitive structure of the market, this ... Read the full article
CrowdStrike outage insured losses to range from $540m to $1.08bn, says Parametrix
24th July 2024
The CrowdStrike linked IT global outage is estimated to have an insured loss range of $540 million to $1.08 billion, according to Parametrix, a provider of cloud monitoring, modeling, and insurance services. For those who need a reminder, the outage, which took place on July 19, was caused by a security ... Read the full article
CrowdStrike outage unlikely to materially impact re/insurer results: Fitch
23rd July 2024
Analysts at ratings agency Fitch Ratings have said that last week's mass global IT outage is not expected to have a material impact on the financial results of insurers and reinsurers, with preliminary market estimates of global insured losses in the mid-to high single digit billion USD range. While Fitch does ... Read the full article
CrowdStrike outage “a wake-up call” for world’s exposure around technology: W.R. Berkley CEO
23rd July 2024
The CrowdStrike outage is a wake-up call for the systemic exposure that exists around technology, but it will prove manageable for the insurance and reinsurance industry, W. Robert Berkley, Jr., President and CEO of W. R. Berkley stated as he shared some comments on the event. Caused by a security update ... Read the full article
No change to current combined ratio guidance from global IT outage: Beazley
23rd July 2024
Beazley has noted that despite its position as a leading cyber insurer, the recent global IT outage event will not change its current undiscounted combined ratio guidance of low-80s for its full year 2024 results. For those unaware, the outage was caused by a security company called CrowdStrike, which sent out ... Read the full article
CrowdStrike outage an opportunity for re/insurance market to react and improve: Aon
22nd July 2024
The July 19 global IT outage is an opportunity for the re/insurance market “to react by improving granularity on codifying policy information important for understanding portfolio accumulation risks stemming from certain coverage grants,” Aon analysts have stated. This in order to “allow more nuanced event loss estimation and accumulation scenario analysis” ... Read the full article
CrowdStrike event may impact product lines beyond cyber insurance: Guy Carpenter
22nd July 2024
Experts at the reinsurance broking arm of Marsh McLennan (MMC), Guy Carpenter, have said that while business interruption losses will be in scope for re/insurers, the magnitude of last week's global IT outage suggests that lines of insurance beyond cyber risk might also be impacted. After a software update for CrowdStrike's ... Read the full article
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