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Cyber insurance & reinsurance

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 biggest threat to European business as attacks surge: WEF

21st December 2018

The World Economic Forum (WEF) has identified cyber risk as the biggest threat to doing business in Europe following a survey that revealed a surge in cyber attacks over the first half of 2018. Estimates suggest that the number of cyber attacks across Europe increased by around a third in 2018. The ... Read the full article

Marriott breach cyber industry loss could be up to $600m: AIR

18th December 2018

The insurable loss from the recent major cyber hack and resulting data breach of one of the Marriott hotel chain’s reservation systems could rise to as much as $600 million, according to AIR Worldwide. AIR estimates that the insurable loss from the Marriott breach will be between $200 million and $600 ... Read the full article

Mondelez’s NotPetya cyber attack claim disputed by Zurich: Report

17th December 2018

A significant cyber insurance claim related to the Petya / NotPetya malware attack is being disputed by insurer Zurich, as the policy language includes an exclusion for hostile acts by sovereign actors. The NotPetya ransomware, a variation of Petya, hit companies around the world, interrupting their business through systems being out ... Read the full article

TigerRisk to adopt AIR’s cyber risk modelling platform

14th December 2018

Reinsurance brokerage, risk and capital strategic advisory firm TigerRisk Partners LLC has announced that it plans to adopt catastrophe risk modeller AIR Worldwide’s cyber risk analytics platform, ARC. TigerRisk intends to grow its cyber risk reinsurance offering using the platform, which is designed to inform risk selection, pricing, portfolio management and ... Read the full article

Cyber not included in Australia’s terrorism reinsurance pool

13th December 2018

With the Australian Cyber Security Centre considering the current risk of terrorist groups using a cyber-attack to impact Australia’s interests and security as low, the threat has not been included in the country’s terrorism reinsurance pool. The Australian Reinsurance Pool Corporation (ARPC) was set up in 2003 to correct a market ... Read the full article

AkinovA adds Tokio Marine’s Daljitt Barn to Advisory Board

13th December 2018

AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has announced the addition of Daljitt Barn to its Advisory Board. Barn is the Global Head of Cyber Risk for Tokio Marine Group and an industry leader in cyber insurance and cyber risk, combining insurance value-chain expertise with a ... Read the full article

Sompo International expands U.S cyber insurance capabilities

11th December 2018

Bermudian property and casualty re/insurer Sompo International Holdings has announced an expansion of its cyber insurance capabilities with the introduction of a U.S team focused on cyber offerings, an enhanced cyber and professional liability product, and an expanded suite of cyber risk management services. The new U.S-based underwriting team will be ... Read the full article

Munich Re collaborates with DXC Technology to enhance cyber services

11th December 2018

Global reinsurance giant Munich Re has selected DXC Technology to provide post cyber-attack services and expertise to insurance companies across the Asia Pacific. Under the new partnership, insurers stand to benefit from industry-leading experience and extensive service networks. The partnership sees Munich Re provide clients with holistic risk management solutions, designed to ... Read the full article

Marriott data breach to be tracked as PCS Global Cyber loss

3rd December 2018

As details continue to emerge from last week’s announcement of a major cyber hack and resulting data breach of one of the Marriott hotel chain’s reservation systems, expectations of a significant cyber insurance and possibly reinsurance market loss has prompted Property Claim Services (PCS) to designate the event. Reinsurance News ... Read the full article

Allianz to address silent cyber with updated policy wordings

30th November 2018

Insurance giant Allianz is stepping up efforts to provide more comprehensive cyber protection by implementing more specific and relevant wordings to the commercial, corporate, and specialty insurance policies of its property & casualty (P&C) companies. Allianz Global Corporate & Specialty (AGCS), as its corporate insurance carrier, will be one of the ... Read the full article

Market expects sizeable cyber loss from Marriott hotel chain data breach

30th November 2018

The insurance and reinsurance market is awaiting official notification for a sizeable cyber loss from the Marriott hotel chain, after a data breach exposed up to 500 million customer details, Reinsurance News understands. This cyber loss has literally just hit the mainstream press headlines in the last hour and involves around ... Read the full article

AXIS Insurance consolidates Cyber and Technology unit

29th November 2018

AXIS Insurance, the insurance arm of AXIS Capital Holdings, has announced the consolidation of its Global Cyber and Technology unit. Led by AXIS’ Global Head of Cyber & Technology, Dan Trueman, the company says the restructured team will enable its cyber and technology insurance capabilities, underwriting expertise and claims services to ... Read the full article

Burns & Wilcox partners with cyber security firm

21st November 2018

Burns & Wilcox, the North American wholesale insurance broker and underwriting manager, has announced a partnership with BreachAware, a London-based cyber security firm. The partnership will provide B&W customers with a proprietary risk mitigation tool that scans the web 24/7 and identifies compromised assets such as company email addresses, passwords, and ... Read the full article

Willis Towers Watson launches cyber solution for airports

19th November 2018

Global insurance and reinsurance broker, Willis Towers Watson (WTW), has announced the launch of a new innovative cyber solution for airports, called CyFly for Airports. The constantly evolving and growing cyber threat has seen cyber and digital risks become a top concern for the airports of today. In response, WTW has ... Read the full article

Business leaders lack confidence about growth prospects: CNA Hardy

19th November 2018

Less than two thirds (59%) of business executives worldwide are currently confident about the ability of their companies to grow and prosper, with 82% feeling they operate in a moderate to high risk environment, according to the latest edition of CNA Hardy’s Risk and Confidence Survey. Responses varied significantly by region, ... Read the full article

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