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 is an emerging and fast-growing class of insurance and reinsurance business, so our cyber insurance news follows industry trends and reports on what is happening in the cyber underwriting market.
18th September 2020
The growing reliance on remote working due to the COVID-19 pandemic has triggered a rise in phishing and social engineering scams over Q2, according to specialist re/insurer Beazley.
These kinds of email attacks had been on the decline from Q4 2019 to Q1 2020, but the arrival of the global pandemic ...
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17th September 2020
Guy Carpenter, the reinsurance arm of global broker Marsh, has established a partnership with insurtech RiskGenius to help evaluate potential silent cyber exposure.
The partnership will provide clients with a means of assessing their silent cyber exposure at scale, while generating risk insights designed to support a greater understanding of silent ...
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10th September 2020
Specialist insurer Beazley has announced a series of enhancements to its Beazley Breach Response and MediaTech policies for businesses in Canada.
The insurer has streamlined key policy wordings and integrated cyber extortion, business interruption, dependent business interruption and eCrime coverages into the main policy, rather than being added by endorsement.
The BBR ...
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3rd September 2020
Pen Underwriting has renewed multiple binders with its consortium of Lloyd’s partners, enabling it to write in excess of £55m in cyber insurance premiums in the UK, US, Canada and New Zealand over the course of the next 12 months.
This marks an increase of 15% on the previous year, and ...
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19th August 2020
Risk analytics provider for the cyber re/insurance market Arceo has appointed Thomas Gamble as Executive Vice President, Global Chief Distribution Officer.
Gamble was previously a National Brokerage Leader for Arch Insurance Group, and previously built and led the carrier's D&O practice.
He also served as President of the Global Mergers & Acquisitions ...
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17th August 2020
Cyber analytics provider, CyberCube has released an updated version of Account Manager, its cyber risk modelling platform used by insurers and reinsurers.
Account Manager enables underwriters to better assess the cyber risk profile of individual risks on which they are being asked to quote.
Enhanced risk modelling and analytics are essential to ...
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14th August 2020
There has been an increase in fears around the potential for cyber security incidents during the COVID-19 pandemic, highlighting the need for re/insurers and brokers to evolve alongside the cyber risk landscape, reports Allianz.
The concerns have arisen after many businesses are being required to adopt wide-scale remote working for their ...
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12th August 2020
Beazley-owned cyber security service provider Lodestone has announced the appointment of Frank Luzsicza as Chief Executive Officer.
Luzsicza brings over two decades of experience and joins from TÜV Rheinland Group, where he was executive vice president and a member of the group executive council.
He will lead Lodestone’s cyber security and breach ...
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12th August 2020
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, has appointed Lauren Folkard as Vice President and Head of Cyber for the London Market.
Folkard most recently served as a cyber class underwriter at Barbican, before which she was part of the cyber management team ...
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3rd August 2020
Cyber insurance premiums have slowed for the fourth straight year in the US as part of a trend that AM Best attributes to an expanding threat landscape and an increasing awareness of risks.
Direct premiums written in the US cyber insurance market increased by 11% year over year in 2019 to ...
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31st July 2020
A survey by HSB, part of Munich Re, has shown results for a continuing increase in identity theft, cyberattacks and online fraud as criminals steal personal information and millions of dollars.
The survey conducted by Zogby Analytics found that 77% of consumers were very or somewhat concerned about online identity theft.
Because ...
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30th July 2020
COVID-19 and the resultant move to widespread homeworking has created new vulnerabilities for criminals to exploit, according to cyber analytics expert CyberCube and re/insurance broker Aon.
According to the report, homeworking has exposed new access points for cyber criminals to gain entry to corporate systems including domestic PCs, laptops and Wi-Fi ...
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28th July 2020
Leading data analytics provider Verisk has announced the latest release of 'Analytics of Risk from Cyber' (ARC), its cyber risk modelling platform designed to inform risk selection, portfolio management, and risk transfer.
This latest release hosts a comprehensive set of models powered by catastrophe modelling firm AIR, including individual risk models, aggregation ...
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28th July 2020
Cyber insurance and security company Coalition has announced that it will enter the excess cyber insurance market to help protect middle market businesses.
Coalition will extend its reach beyond offering primary insurance coverage to provide brokers with excess cyber liability and technology errors & omissions insurance for middle market accounts in ...
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