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.
Reinsurance pricing “should be increased further for cyber”: S&P Global at RVS 2023
11th September 2023
Speaking at S&P Global Ratings' briefing at RVS Monte Carlo 2023, Johannes Bender director and lead analyst stated that "reinsurance pricing should be increased further for cyber." During the briefing he addressed how cyber is one of the fastest growing lines of business within the industry, highlighting the $12 billion in ... Read the full article
Insurance industry grapples with rising cyber crime threat, climate change concerns: PwC
11th September 2023
In the "Insurance Banana Skins 2023" report, a joint effort by PwC and CSFI, the global insurance industry's primary concerns have been revealed, with mounting fears over cyber crime and escalating worries regarding climate change. The insurance industry faces its foremost challenge in the form of cyber crime. This threat encompasses ... Read the full article
Separating first party cyber reinsurance can increase participation, says Lockton Re
11th September 2023
Global reinsurance broker Lockton Re has released a new report which discusses the benefits of breaking the cyber peril into requisite parts, an approach the broker says can potentially improve the access to capital and expertise. Titled 'The All Risk Cyber (ARC) Challenge: An Assessment to Simplify Cyber Reinsurance,' Lockton Re's ... Read the full article
PERILS & CyberAcuView team up to launch US Cyber Industry Loss Index
10th September 2023
Zurich-based catastrophe insurance data provider, PERILS and CyberAcuView, the independent US-based organisation set-up by leading cyber insurers for the benefit of the cyber insurance market, have announced the launch of a US Cyber Industry Loss Index. According to the announcement, the Cyber Industry Loss Index reports affirmative US primary cyber market ... Read the full article
Cyber reinsurance prices stabilise as demand surges: Moody’s survey
6th September 2023
In a recent Moody's survey, it has been revealed that cyber reinsurance prices are finally finding stability after years of significant increases. This development comes as insurers brace for the possibility of further rises in cyber loss costs, prompting a growing number of them to seek increased reinsurance protection. The shift ... Read the full article
Cowbell continues UK expansion with launch of adaptive cyber insurance programme
6th September 2023
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), is set to further expand its footprint across the UK market with a new senior appointment, as well as the launch of its AI-powered cyber insurance programme. In 2022, 54% of SMEs across the UK experienced some form of ... Read the full article
Nation-state cyber threats to push boundaries of war exclusion language: CyberCube
4th September 2023
"Nation-state cyber threat actors conduct themselves in ways that push the cyber (re)insurance industry to consider the limitations and strengths of current war-exclusion language deeply," according to cyber risk analytics specialist CyberCube. These comments stem from a new report in which CyberCube examined selected nation-state cyber hot zones to gain insight ... Read the full article
Aon teams with Rubrik to help companies maintain cyber resiliency
1st September 2023
Aon, a leading global professional services firm has collaborated with Rubrik, the Zero Trust Data Security company, to help businesses maintain cyber resiliency against modern threats. By working together, Rubrik will be able to expand its portfolio of data protection solutions available to the Rubrik Transform Partner Ecosystem. At the same time, ... Read the full article
Reinsurance vital for development of sustainable cyber market: S&P
30th August 2023
As cyber insurance remains the fastest growing sub-sector of the global insurance market, S&P has underlined the importance of reinsurance in the development of a sustainable and effective market. According to S&P, primary carriers ceded around 50% to 65% of their cyber insurance premiums to reinsurers in 2022, depending on the ... Read the full article
CyRisk confirms participation in Munich Re Specialty’s cyber risk management program
21st August 2023
CyRisk, a cyber management and data analytics firm has officially announced its participation in Munich Re Specialty's Reflex Cyber Risk Management program. In the first quarter of 2023, Munich Re Specialty Insurance launched its proactive cyber risk management program offering complementary risk control services for its US insureds with CyRisk's team ... Read the full article
Zurich Holding Company of America acquires cyber firm SpearTip
15th August 2023
Zurich Holding Company of America, a subsidiary of Zurich Insurance Group, has acquired SpearTip, a cyber counterintelligence firm that helps protect clients against cyber threats through proactive and response services. According to the firm, this acquisition expands the cyber risk mitigation services available from Zurich Resilience Solutions, a global division of ... Read the full article
Howden brings together PI, Crime & Cyber Liability into one policy
10th August 2023
Howden, the global insurance group has launched a "blended insurance product" that brings together Professional Indemnity, Crime and Cyber Liability into one policy and under one limit. According to the firm, the product brings a different approach to insurance for financial institutions, offering potential cost savings and improved efficiencies. The product has ... Read the full article
At-Bay begins issuing policies on its own E&S paper
9th August 2023
At-Bay, the cyber insurance provider, has begun issuing Cyber and Tech E&O policies under its Delaware-based Excess and Surplus (E&S) carrier - At-Bay Specialty Insurance Company. At-Bay Specialty Insurance Company was formed in January 2023, in a move which allowed for At-Bay to better serve its policyholders and accelerate planned product ... Read the full article
Nayms launches the world’s first crypto-denominated industry loss warranty
9th August 2023
The crypto-native insurance marketplace, Nayms SAC Ltd., has announced issuing the world's first crypto-denominated industry loss warranty (ILW) through the second segregated account within its marketplace. This type of instrument is index-based and used for providing retrocession reinsurance protection to property reinsurers. Through this program Nayms provides coverage for US named ... Read the full article
Major cyber incidents resulted in 9% decrease in shareholder value: Aon
4th August 2023
Major cyber incidents resulted in a 9% decrease in shareholder value, over and above the market - in the year following the event, according to data from Aon's 2023 Cyber Resilience Report. At the same time, ransomware events decreased by 16% from Q322 to Q422, however, data from the cyber and ... Read the full article
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