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.
UK midsize firms wary of cyber insurance: Coalition
26th June 2024
A study by Coalition, a cyber insurance provider, reveals that many IT security leaders in midsize UK businesses are wary of cyber insurance, with only one in five (19%) respondents reporting a positive experience with it. The survey, conducted earlier this year with 500 senior cybersecurity professionals from mid-sized UK firms, ... Read the full article
QBE promotes Højmark and Seul to Europe product managers for Cyber and ML/FI
26th June 2024
International insurer QBE has announced the appointment of Simon Højmark as Europe product manager for Cyber and Dr Patrick Seul as Europe product manager for Management Liability and Financial Institutions. Højmark has been with QBE for 13 years, having joined the company as finance controller before becoming assistant underwriter and then ... Read the full article
Chubb remains the largest writer of cyber insurance: AM Best
25th June 2024
Global insurer Chubb remains the largest writer of cyber insurance in the US, with direct premiums written (DPW) in 2023 amounting to roughly $574 million, according to AM Best. Our table of the top 20 cyber insurers by premiums written in 2023, is based on research data ... Read the full article
Gallagher Re launches Cyber Academy to attract and develop talent
24th June 2024
Global reinsurance broker, Gallagher Re, has launched its flagship Cyber Academy, designed to attract and nurture promising individuals in the cyber space, providing them with comprehensive and bespoke training in broking, analytics, and cyber security. The Gallagher Re Cyber Academy will offer delegates the opportunity to receive best-in-class training while gaining ... Read the full article
AM Best reports stable global cyber insurance outlook as demand rises
24th June 2024
AM Best, a credit rating agency, has assigned a stable outlook to the global cyber insurance sector, citing increased demand and promising growth prospects in the near term as uptake rates continue to rise steadily. “The reduction in rates has been due to various factors, including increased competition from the supply ... Read the full article
AXIS launches Cyber Incident Commander for rapid response support
21st June 2024
AXIS Capital Holdings Limited (AXIS) has recently launched AXIS Cyber Incident Commander, a new service designed to assist policyholders facing cyber incidents by providing them with a single point of contact for immediate guidance from experienced cyber experts. Nicholas P.R. Steinmann will lead Incident Commander, which specifically serves US-based direct primary ... Read the full article
European cyber insurance market now more friendly, says Marsh
20th June 2024
The European cyber insurance market has become much more friendly, with increased capacity per layer, significant overall capacity growth, removal of coverage restrictions, and more enhancements and innovative coverages available, according to Macarena Bandres, Cyber Placement Leader at Marsh Europe. Bandres’ spoke this morning at Marsh’s Europe Cyber Market Update, noting ... Read the full article
A young cyber market has matured, but enhancing preparedness and resilience is key: Kreuzer, Munich Re
20th June 2024
In a recent interview with Reinsurance News, Martin Kreuzer, Senior Risk Manager Cyber Risks at Munich Re, discussed how the firm stays ahead of the evolving cyber threat landscape and how companies can enhance their preparedness against these threats. Kreuzer offers his perspective on the current state of the cyber re/insurance ... Read the full article
Trium Cyber partners with AttackIQ for enhanced cybersecurity
20th June 2024
Trium Cyber, the Lloyd's of London cyber insurance specialist, has partnered with AttackIQ to provide its policyholders with AttackIQ Flex, aiming to enhance cybersecurity and reduce risk. AttackIQ Flex is an on-demand testing service that allows organisations to quickly simulate cyberattacks through a user-friendly interface. It utilises AttackIQ’s advanced emulation software ... Read the full article
CyberCube unveils new logo signifying established status & future aspirations
17th June 2024
Cyber analytics firm CyberCube has unveiled a new logo, symbolising its evolution from a start-up in 2015 to an established market leader. Pascal Millaire, Chief Executive Officer at CyberCube, commented, “In 2015, we had lofty ambitions to become the pre-eminent cyber risk analytics partner to the insurance industry as a start-up ... Read the full article
UK cyber insurance market becomes increasingly “buyer-friendly”, Marsh
14th June 2024
The UK cyber insurance market has become increasingly “buyer-friendly”, with an abundance of capacity and intense competition among insurers driving rate decreases, according to Marsh's Q1 2024 cyber insurance report. At the same time, generative AI (GenAI) continues to be a rapidly evolving risk, with its impact on cybersecurity under scrutiny ... Read the full article
CRC Group / INSUREtrust Cyber Practice partners with Darkweb IQ
12th June 2024
Newly formed CRC / INSUREtrust Cyber Practice Group has entered a new exclusive wholesale partnership with Darkweb IQ to help clients prevent ransomware attacks by leveraging exclusive visibility into the criminal ecosystem. CRC Group, a wholesale specialty insurance distributor in North America, had previously announced the launch of its Cyber Practice ... Read the full article
Vantage launches U.S. primary cyber insurance
11th June 2024
Vantage Group Holdings, a specialty insurer and reinsurer, has announced that its U.S. subsidiaries will now offer primary cyber insurance, providing up to $10 million in coverage. This new cyber insurance offering supports the company's continued portfolio growth and enhances its insurance capabilities in the U.S. and Bermuda for brokers and ... Read the full article
The Baldwin Group unveils digital placement platform for cyber
7th June 2024
The Baldwin Group has unveiled Cyber Navigator – its Application Program Interface (API)-connected cyber insurance placement platform. According to the announcement, business insurance buyers will be able to complete a digital application to receive quotes within minutes. As well as this, the platform also provides a competitive cost analysis and comparison of terms ... Read the full article
VIG establishes EU-funded cyber security programme to combat rising threats
7th June 2024
Vienna Insurance Group (VIG) has launched a comprehensive Cyber Defence Center programme (CDC) to enhance protection against the growing threat of cyberattacks. This initiative receives financial support from the European Union through the European Cybersecurity Competence Centre. The risk of cyber-attacks on companies continues to rise, particularly with new threats driven by ... Read the full article
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