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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.

Asia’s cyber re/insurance market set for growth: Guy Carpenter

31st October 2018

The cyber re/insurance market continues to be dominated by the U.S, but markets in Asia are beginning to see steady growth, which is likely to accelerate as new regulations are implemented and as understanding of the risk develops, according to analysts at reinsurance broker Guy Carpenter. Approximately 85% of global cyber ... Read the full article

Singapore launches first commercial cyber risk pool

29th October 2018

Singapore's finance minister has announced the launch of the world's first commercial cyber risk insurance pool, which will be backed by both traditional reinsurance and insurance-linked securities (ILS). The cyber risk insurance pool has been developed and set up in collaboration with the Singapore Reinsurers’ Association and globally renowned cyber specialist ... Read the full article

Aon and Guidewire model silent cyber risks for U.S dam attack

25th October 2018

Re/insurance broker Aon and Guidewire Software, a platform provider for property and casualty (P&C) re/insurers, have collaborated on a scenario that models insured losses related to a hypothetical cyber attack on a U.S hydroelectric dam. The scenario analysed an attack in which a hacker opens the flood gates of a hydroelectric ... Read the full article

Munich Re’s HSB identifies rise in business email scam losses

24th October 2018

A new survey by The Hartford Steam Boiler Inspection and Insurance Company (HSB), a subsidiary of reinsurance giant Munich Re, has identified a rise in losses related to fraudulent business emails in the U.S. HSB found that 58% of business executives polled by cyber insurance and services provider Zogby Analytics said ... Read the full article

Modelling the un-modellable: An interview with CyberCube CEO Pascal Millaire

23rd October 2018

In 1957 while at his home in Richmond, Virginia, a blind seven-year old boy named Joe "Joybubbles" Engressia discovered that by whistling into the phone at a frequency of 2600 Hz he was able to mimic the dial tone used by AT&T to route calls, an exploit that allowed long-distance ... Read the full article

Munich Re preparing for “exponential” growth in cyber demand

22nd October 2018

Global reinsurance firm Munich Re has said that it is preparing for “exponential” growth in demand for cyber re/insurance coverage by developing updated, flexible solutions and exploring new technology-based partnerships. In a recent statement, the reinsurer noted that the cyber threat is developing rapidly alongside digitalisation efforts, and is a risk ... Read the full article

AIR develops advanced probabilistic cyber model

22nd October 2018

Global catastrophe risk modeller AIR Worldwide has announced the development of a probabilistic model for cyber risk, which is capable of accounting for security breaches and cloud server provider downtime for global insurance portfolios. The new cyber model from AIR will be included in the firm's latest release of ARC (Analytics ... Read the full article

Liberty adds cyber underwriter to Zurich office

16th October 2018

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has appointed Roland Heinesch to serve in a newly-created cyber underwriter role in its Zurich office. Reporting to Felix Böni, Switzerland General Manager, Heinesch will be responsible for the development of LSM’s cyber book in the region. Prior to joining Liberty in ... Read the full article

Aon & Marsh collaborate with European industry bodies on cyber risk guide

12th October 2018

A group of European industry bodies including BIPAR (European Federation of Insurance Intermediaries), FERMA (Federation of European Risk Management Associations), and Insurance Europe have published a guide to help organisations better evaluate their cyber security posture and need for cyber insurance. The guide, published in association with Aon and Marsh, is ... Read the full article

Generali launches tech startup, introduces cyber platform

10th October 2018

Italian insurance giant Generali has announced the launch of CyberSecurTech, its own technology startup aimed at the provision of innovative cyber risk assessments for its customers. Furthermore, the wholly owned ‘startup’ will support Generali’s newly-launched technology platform Majorana, designed and developed entirely by the group’s team of IT security experts. The introduction ... Read the full article

Silent cyber perceived as a far greater risk than ever before: Willis Towers Watson

5th October 2018

Cyber-related losses are expected to increase across all business lines over the next 12 months while silent cyber continues to pose a massive threat, according to an industry-wide survey conducted by insurance and reinsurance broker Willis Towers Watson (WTW). “The insurance market considers ‘silent cyber’ to be a far greater risk ... Read the full article

Risk modeller Kovrr develops new silent cyber product

4th October 2018

Kovrr, an Israel-headquartered cyber risk modeller, has developed a new silent cyber risk offering that enables insurance and reinsurance carriers to identify uncalculated capital at risk and quantify policy clauses that may leave them liable in the event of a cyber-attack. The product, which Kovrr claims is the first fully integrated ... Read the full article

Munich Re’s BI&I to launch home cyber coverage in Canada

4th October 2018

The Boiler Inspection and Insurance Company of Canada (BI&I), a subsidiary of reinsurer Munich Re, has announced the launch of a new personal lines cyber insurance product for consumers in Canada, called Home Cyber Protection. The product will offer a suit of coverages and services for cyber attacks, cyber extortion, online ... Read the full article

Businesses recognise cyber threat yet 50% lack insurance, reports Travelers

3rd October 2018

Cyber risk is the second biggest concern for business leaders across most industries and more than half believe that suffering a cyber attack is inevitable, according to the latest Risk Index by The Travelers Companies, Inc., yet 50% of businesses still lack any cyber insurance cover. The survey of more than ... Read the full article

Ascent appoints Brit’s Caspar Stops to Head of Cyber

3rd October 2018

Cyber and specialty lines Managing General Agent, Ascent Underwriting, has announced the appointment of Caspar Stops as Head of Cyber. Stops joins from Brit where he served as Global Cyber, Privacy and Technology Underwriter. He previously served at Aegis and Hiscox, also in underwriting roles. Effective at the end of November, Stops ... Read the full article

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