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Cyber insurance & reinsurance news

Cyber insurance and reinsurance news, covering the growth of cyber reinsurance underwriting, the risks faced, major loss events and cyber reinsurance product development trends.

Cyber risk is an emerging and fast-growing class of insurance and reinsurance business, so our cyber insurance news follows industry trends and reports on what is happening in the cyber underwriting market.

Beazley enhances BBR, MediaTech policies for businesses in Canada

10th September 2020

Specialist insurer Beazley has announced a series of enhancements to its Beazley Breach Response and MediaTech policies for businesses in Canada. The insurer has streamlined key policy wordings and integrated cyber extortion, business interruption, dependent business interruption and eCrime coverages into the main policy, rather than being added by endorsement. The BBR ... Read the full article

Pen Underwriting increases Lloyd’s cyber capacity to £55m

3rd September 2020

Pen Underwriting has renewed multiple binders with its consortium of Lloyd’s partners, enabling it to write in excess of £55m in cyber insurance premiums in the UK, US, Canada and New Zealand over the course of the next 12 months. This marks an increase of 15% on the previous year, and ... Read the full article

Arceo adds Thomas Gamble as EVP, Global Chief Distribution Officer

19th August 2020

Risk analytics provider for the cyber re/insurance market Arceo has appointed Thomas Gamble as Executive Vice President, Global Chief Distribution Officer. Gamble was previously a National Brokerage Leader for Arch Insurance Group, and previously built and led the carrier's D&O practice. He also served as President of the Global Mergers & Acquisitions ... Read the full article

CyberCube updates its risk modelling platform for underwriters

17th August 2020

Cyber analytics provider, CyberCube has released an updated version of Account Manager, its cyber risk modelling platform used by insurers and reinsurers. Account Manager enables underwriters to better assess the cyber risk profile of individual risks on which they are being asked to quote. Enhanced risk modelling and analytics are essential to ... Read the full article

Re/insurers must evolve alongside cybersecurity landscape: Allianz

14th August 2020

There has been an increase in fears around the potential for cyber security incidents during the COVID-19 pandemic, highlighting the need for re/insurers and brokers to evolve alongside the cyber risk landscape, reports Allianz. The concerns have arisen after many businesses are being required to adopt wide-scale remote working for their ... Read the full article

Beazley’s Lodestone adds Frank Luzsicza as CEO

12th August 2020

Beazley-owned cyber security service provider Lodestone has announced the appointment of Frank Luzsicza as Chief Executive Officer. Luzsicza brings over two decades of experience and joins from TÜV Rheinland Group, where he was executive vice president and a member of the group executive council. He will lead Lodestone’s cyber security and breach ... Read the full article

Sompo International names Head of Cyber for London Market

12th August 2020

Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, has appointed Lauren Folkard as Vice President and Head of Cyber for the London Market. Folkard most recently served as a cyber class underwriter at Barbican, before which she was part of the cyber management team ... Read the full article

Cyber growth slows as profits less certain: AM Best

3rd August 2020

Cyber insurance premiums have slowed for the fourth straight year in the US as part of a trend that AM Best attributes to an expanding threat landscape and an increasing awareness of risks. Direct premiums written in the US cyber insurance market increased by 11% year over year in 2019 to ... Read the full article

Munich Re unit HSB finds cyber attacks on the rise

31st July 2020

A survey by HSB, part of Munich Re, has shown results for a continuing increase in identity theft, cyberattacks and online fraud as criminals steal personal information and millions of dollars. The survey conducted by Zogby Analytics found that 77% of consumers were very or somewhat concerned about online identity theft. Because ... Read the full article

Spike in home workers a new opportunity for cyber criminals: Aon, CyberCube

30th July 2020

COVID-19 and the resultant move to widespread homeworking has created new vulnerabilities for criminals to exploit, according to cyber analytics expert CyberCube and re/insurance broker Aon. According to the report, homeworking has exposed new access points for cyber criminals to gain entry to corporate systems including domestic PCs, laptops and Wi-Fi ... Read the full article

Chubb remains top writer of cyber lines in 2019: AM Best

29th July 2020

According to a new AM Best report, Chubb held on to its place as the top writer of cyber lines in the US in 2019, writing almost $360 million in DPW, while expanding its market share to 17.6%, up from 16% in the previous year. AXA XL remains the ... Read the full article

Verisk updates cyber risk modelling platform ARC

28th July 2020

Leading data analytics provider Verisk has announced the latest release of 'Analytics of Risk from Cyber' (ARC), its cyber risk modelling platform designed to inform risk selection, portfolio management, and risk transfer. This latest release hosts a comprehensive set of models powered by catastrophe modelling firm AIR, including individual risk models, aggregation ... Read the full article

Coalition expands to excess cyber insurance market

28th July 2020

Cyber insurance and security company Coalition has announced that it will enter the excess cyber insurance market to help protect middle market businesses. Coalition will extend its reach beyond offering primary insurance coverage to provide brokers with excess cyber liability and technology errors & omissions insurance for middle market accounts in ... Read the full article

Cyber policy sales up 340% amid COVID-19: SchemeServe

28th July 2020

Cyber policy sales have increased by almost three and a half times during the COVID-19 lockdown, according to SchemeServe, a UK based insurtech specialising in schemes software. New data from SchemeServe’s Schemes Premium Index compares data for April 2020 at the height of the lockdown to data from the same period ... Read the full article

COVID-19 pandemic compounding cyber risk: AM Best

27th July 2020

The COVID-19 pandemic has compounded cyber risk and should cause re/insurers to rethink and enhance their stress tests, according to analysts at AM Best. The rating agency noted a significant uptick in ‘spoofing’ attacks, with hackers posing as figures from the World Health Organization (WHO) or the Centers for Disease Control ... Read the full article

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