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.
Ransomware attacks in 2023 up more than 95% compared to 2022: Corvus Insurance
25th October 2023
Ransomware attacks in 2023 are up more than a substantial 95% compared to 2022, according to Corvus Insurance's Q3 23 Global Ransomware Report. Attacks continue to come in at a record setting pace, with Q3 23 global ransomware attack frequency up 11% over Q2. In their Q2 23 report, the leading cyber ... Read the full article
Marsh to launch global cyber practice to enhance risk management
25th October 2023
Marsh, a global insurance broker and risk advisor, has announced the establishment of a comprehensive Marsh Specialty global cyber practice. This initiative integrates Marsh's extensive cyber capabilities, spanning insurance, risk intelligence, incident management, and cybersecurity on a global scale. The new practice, set to formally commence operations on January 1, 2024, will ... Read the full article
Beazley’s first 144a cyber catastrophe bond expected by year-end
19th October 2023
London-based specialty insurer and reinsurer, Beazley, is set to follow up on its three private transactions with its first full 144a cyber catastrophe bond issuance by the end of the year, according to Artemis sources. Our insurance-linked securities (ILS) focused sister site, Artemis, reported earlier today that Beazley is close ... Read the full article
Europe faces dynamic changes in risk landscape as €1bn losses surge: Munich Re
19th October 2023
Munich Re has noted that the frequency and severity of weather-related natural catastrophes are increasing in Europe, with an "unprecedented" series of events exceeding the €1 billion mark this year. However, Clarisse Kopff, a Member of the Board of Management, suggests the firm "is in a good position to carry ... Read the full article
AXIS sponsors first ever 144a cyber catastrophe bond
18th October 2023
As first reported by our insurance-linked securities (ILS) focused sister site, Artemis, Bermuda-based insurer and reinsurer AXIS Capital Holdings has sponsored the world's first full 144a cyber catastrophe bond, a $75 million Long Walk Reinsurance Ltd. (Series 2023-1) transaction. Artemis sources confirmed that this cyber cat bond will provide ... Read the full article
USQRisk launches cyber insurance MGA called Pera
13th October 2023
USQRisk, an international managing general agent specialising in alternative risk transfer solutions, has introduced a new managing general agent (MGA) called Pera. Pera is set to provide cyber insurance and blended cyber and technology Errors & Omissions (E&O) insurance to large corporate risks domiciled in the United States. This marks the first ... Read the full article
Canopius introduces Cannabis Cyber coverage to US portfolio
11th October 2023
Canopius Group has introduced a new Cannabis Cyber insurance solution, an offering that makes the re/insurer one of only a few providing tailored cyber coverage for cannabis enterprises across the supply chain. As cannabis companies rely heavily on connected IT systems they face unique cyber risks due to heavy regulation, cash-based ... Read the full article
Beazley facility backs BDI Global and Havoc Shield cyber product
11th October 2023
BDI Global, a cyber policy program manager, in partnership with Havoc Shield, a comprehensive cybersecurity program-as-a-service built for SMBs, have announced the launch of a new cyber product, Shield Up. The program, supported by a Beazley facility, is a cyber risk assessment and remediation platform designed to make cyber liability insurance ... Read the full article
Coalition & MS&AD partner up to provide cybersecurity insurance solutions in Japan
4th October 2023
Coalition, a pioneering Active Insurance provider, has entered into a strategic partnership with MS&AD Insurance Group, the largest non-life insurer in Japan and across the ASEAN region, to provide cybersecurity monitoring solutions to small and medium-sized businesses (SMBs). Recently, MS&AD Insurance Group launched the MS&AD Cyber Risk Finder, the company's very ... Read the full article
Collaboration key to managing rising cost of cyber insurance: Resilience’s Hussain
28th September 2023
"Managing the rising cost of cyber insurance requires a collaborative approach across the industry... By working together, the industry can create a more resilient and sustainable market," suggests Rehan Hussain, Head of Underwriting in the UK and Europe at cyber risk solution company Resilience. Hussain's comments stem from an interview with ... Read the full article
Hannover Re’s Muehlbeyer highlights need for expanded capacity in cyber re/insurance market
26th September 2023
In a recent webinar titled "Cyber ILS – How can it be brought to the capital markets?" hosted by Twelve Capital, Max Muehlbeyer, Senior Underwriter for Retrocessions & Capital Markets at Hannover Re, shed light on the challenges and opportunities facing the cyber insurance and reinsurance sectors. Muehlbeyer underscored the burgeoning ... Read the full article
Cyber crime fears present massive opportunities for the industry: PwC’s Jim Bichard
26th September 2023
With cyber crime fears being heavily highlighted in PwC's "Insurance Banana Skins 2023" report, Reinsurance News spoke to Jim Bichard, Partner and Global Insurance Leader at PwC, at RVS 2023 about what the industry needs to do to try and combat these ongoing fears. "The amount of protection that currently exists ... Read the full article
Cyber attacks & financial risks named as biggest worry for mid-sized companies: QBE
21st September 2023
Cyber attacks and financial risks have been ranked as the biggest worries for mid-sized businesses, according to QBE North America. In their 2023 Mid-Sized Company Risk Report, QBE NA sheds light on the dynamic landscape of mid-sized businesses across the United States. The report, presents an in depth analysis of 12 macro ... Read the full article
There is enough data to create models and insure cyber risks: Russell Group
20th September 2023
With cyber being one of the top emerging risks for the re/insurance industry, some believe there are still many challenges to overcome, one of them being the creation of models to make it insurable, as it is argued there is not enough data yet to support them. Data and analytics firm ... Read the full article
QBE launches cyber offering in Middle East, hires Marsh’s Sarah Hamlat to lead
18th September 2023
Primary insurer QBE has announced that it has launched a cyber offering in the Middle East as part of its global cyber growth strategy. According to the firm, the new offering forms part of QBE’s International Markets portfolio. At the same time, QBE has appointed Sarah Hamlat as Senior Cyber Underwriter to ... Read the full article
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