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.
CrowdStrike outage to drive greater demand for cyber insurance: Hiscox
7th August 2024
The CrowdStrike outage is expected to drive greater demand for cyber insurance as it highlighted the risks businesses and individuals are to face when impacted with an event like this, according to Hiscox Group Chief Underwriting Officer (CUO), Joanne Musselle. Caused by a flawed software update for certain Windows hosts released ... Read the full article
CFC expands UK Cyber Development team with key appointments
7th August 2024
CFC, an insurance provider specialising in emerging risks and cyber coverage, has announced the expansion of its UK Cyber Development team with two new appointments. Joe Tracey has been promoted to the role of Cyber Development Leader for the UK & EU. In this newly established role, he will be responsible ... Read the full article
Howden Re expands cyber capabilities, adds Harriet Gruen as Head of Threat Intelligence
6th August 2024
Howden Re, the reinsurance and risk advisory arm of Howden, has announced the expansion of its Cyber Reinsurance capabilities in threat intelligence and education with the appointment of Harriet Gruen as Head of Threat Intelligence, Education & Training. This move follows a period of rapid growth for the cyber reinsurance team ... Read the full article
CyberCube products licensed by EBM Insurance & Risk for enhanced client placement
5th August 2024
EBM Insurance & Risk, an Australian privately owned insurance broker, has announced a strategic partnership with CyberCube, a provider of cyber risk analytics. Through this partnership, EBM will implement CyberCube's Broking Manager and Prep Module, improving its cyber risk assessment and management capabilities for businesses locally and globally. Founded in Western Australia ... Read the full article
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
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