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.
Lexasure and OneDegree launch cyber insurance for South/Southeast Asia
3rd July 2024
Lexasure Financial Group Limited (Lexasure), specialising in reinsurance, insurance, and insurtech solutions across South and Southeast Asia, joins forces with OneDegree Global (ODG), the technology division of OneDegree Group renowned for its IXT insurtech solutions and Cymetrics cybersecurity services. They revealed a joint cyber insurance solution at the ITC Asia conference ... Read the full article
Resilience doubles US client cyber insurance limits
1st July 2024
Cyber risk solution company Resilience has doubled the cyber insurance limits it can offer to clients in the US to $20 million per client. The agreement to expand Resilience's limit capability was reportedly brokered by Lockton Re and utilises Resilience's existing coverholder partnership with Lloyd's. "The additional $10 million in excess limits ... Read the full article
Cyber insurance growth to shift to non-US markets by 2030: Howden
1st July 2024
Howden, the insurance intermediary group, has released its fourth annual cyber report, "Risk, Resilience and Relevance," noting market stabilisation last year due to improved cyber hygiene following a surge in ransomware claims in 2020 and 2021. According to the report, carriers and brokers have made notable strides in enhancing price stability, ... Read the full article
76% of companies enhance cyber defences to secure insurance: Sophos
1st July 2024
Sophos, a provider of cybersecurity solutions, released findings from its recent survey, showing that 76% of companies enhanced their cyber defences to qualify for cyber insurance. The report found that 97% of companies with a cyber insurance policy invested in improving their defences to help with insurance. Among these, 67% secured ... Read the full article
AXIS expands partnership with Elpha Secure to enhance cyber portfolio
28th June 2024
AXIS Capital Holdings Limited has expanded its partnership with Elpha Secure, which initially commenced in 2021, when AXIS became both an investor in and a capacity provider for the company. Lori Bailey, Head of Global Cyber & Technology at AXIS, commented, “In extending our partnership with Elpha Secure, we are ... Read the full article
Cyber warfare is not insurable: Munich Re’s Kreuzer
27th June 2024
In an interview with Reinsurance News, Martin Kreuzer, Senior Risk Manager for Cyber Risks at Munich Re, emphasised that cyber warfare exceeds the company's risk appetite, nonetheless, the firm is actively collaborating with governments to exchange ideas around solutions for potential catastrophic cyber war scenarios. Kreuzer noted, “With the current wars ... Read the full article
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
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