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.
Revenue among the key drivers of cyber model divergence: Guy Carpenter
30th June 2023
There is a notable degree of variability across cyber catastrophe vendor model outputs, according to a recent study which revealed a number of parameters driving discrepancies, including revenue, industry sector classification and differing treatment of specific coverages. Guy Carpenter’s report, titled Under the Lens: Investigating Cyber Vendor Model Divergence, investigates the ... Read the full article
Canopius launches Cyber Incident Management Team to provide support to insureds & brokers
30th June 2023
Specialty re/insurance firm Canopius Group, has launched its Cyber Incident Management Team (CIMT), which is available to all Canopius cyber policyholders worldwide with immediate effect. According to Canopius, the service provides comprehensive support to both insureds and brokers as they manage the disruptions caused by cyber-attacks. The service is led by Cyber ... Read the full article
Re/insurance alone cannot absorb all risks from cyber incidents: Munich Re’s Kreuzer
29th June 2023
Collaboration among stakeholders in the risk and insurance industry to tackle evolving cyber risks is essential, a recent report from Federation of European Risk Management Associations (FERMA) has stated, with individuals like Martin Kreuzer, Senior Risk Manager Cyber Risks at Munich Re, highlighting that re/insurance cannot absorb the number ... Read the full article
We have to continue to look for new solutions within cyber, Allianz AGCS’s Sayce
28th June 2023
A joint report from Federation of European Risk Management Associations (FERMA) and its industry partners, which examines how Europe can be the driving force towards cyber resilience, was recently published earlier this month. The report was produced in partnership with leading industry players including Allianz Global Corporate & Specialty, AXA ... Read the full article
HSB extends Cyberwrite partnership for AI-driven cyber insurance platform
27th June 2023
Specialty insurer HSB, part of Munich Re, has renewed its agreement with Cyberwrite for the use of its AI-driven cyber insurance platform, 4SEEN, as part of its ongoing strategy to better leverage data and technology in its cyber insurance underwriting and portfolio management. HSB has been using Cyberwrite since 2018 to ... Read the full article
Corvus launches cyber risk prevention solution designed to improve policyholder security
23rd June 2023
Corvus Insurance has announced that it has launched a "first of its kind" endorsement to help make policyholders safer through proactive engagement with Corvus Signal™, a cyber risk prevention solution that is set to reduce the frequency and costs of cyber breaches by up to 20%. According to the announcement, the ... Read the full article
Resilience launches into European Market
21st June 2023
Cyber insurer Resilience has expanded its operations in the European market now supporting clients in Ireland, Spain, Italy, Sweden, and Denmark. The EU launch comes on the heels of the successful launch of the Resilience Solution in the US and UK markets. Its expansion to other countries will follow soon, ... Read the full article
Cyber insurance GDPW values around $13.5bn in 2022: Insuramore
20th June 2023
According to Insuramore’s global rankings, cyber insurance gross direct premiums written (GDPW) valued around $13.5 billion in 2022, rising towards $14 billion if captive insurers are also included. The firm said in a statement that this shows that the top 20 groups for this class are likely to have accounted for ... Read the full article
Intangic MGA unveils new early warning tool for predicting cyber breaches
19th June 2023
Intangic MGA, a data science-driven London-based Managing General Agent (MGA), has announced the launch of the Intangic CyFi™ Dashboard, an early warning tool to provide companies with data-backed predictions for cyber breaches and offer pre-breach insurance. Intangic states that the new dashboard observes cyber attacks targeting companies at an "unparalleled scale", ... Read the full article
“We will find a way to provide significant capacity” to cyber, says Swiss Re’s Lot
15th June 2023
Despite its challenges and its ever changing nature, Swiss Re’s CUO P&C Re, Gianfranco Lot, is convinced that the industry will be able to provide significant capacity to cyber risks. Cyber insurance is a growing line, and just like natural catastrophes, it requires a lot of modelling, Swiss Re stated during ... Read the full article
Coalition unveils vulnerability scoring system designed to mitigate cyber threats
15th June 2023
Cyber insurance provider Coalition, has unveiled the Coalition Exploit Scoring System (Coalition ESS), a vulnerability scoring system designed to help risk managers mitigate potential cyber threats. Developed by Coalition Security Labs - the firm's research and innovation center - Coalition ESS is a security risk prioritization scoring system that leverages real-time ... Read the full article
Chubb launches Cyber Central, its new quoting platform
14th June 2023
Chubb has launched Cyber Central, an innovative quoting platform designed for agents and brokers who specialize in cyber risks. The cutting-edge platform simplifies and enhances the process of quoting and issuing Cyber, Technology E&O, and Miscellaneous Professional Liability coverages on a stand-alone basis. William A. Wise, Executive Vice President of Chubb's North ... Read the full article
AI & Deep fakes becoming the latest surge behind phishing scams: AM Best
14th June 2023
Artificial intelligence (AI) technology and deep fakes are becoming the latest surge behind phishing scams, as they are creating new opportunities for criminals. A combination of voices and writing styles are being mimicked to look as if calls, messages and emails are coming through from a familiar source, therefore making it ... Read the full article
U.S. cyber insurance growth continued in 2022 with direct premium up 50%
13th June 2023
According to AM Best, the U.S. cyber insurance market's strong growth continued in 2022, with direct premium increasing by 50% to $7.2 billion. In its Market Segment Report titled, US Cyber: First Hard Market Cycle Brings a Return to Profitability, AM Best states that direct premiums written (DPW) have tripled in ... Read the full article
Guy Carpenter strengthens its cyber team with various senior appointments
13th June 2023
Guy Carpenter, the global risk and reinsurance specialist and a business of Marsh McLennan, has announced the expansion of its Cyber team with a series of appointments and promotions. Matthew McCabe has been appointed as the Managing Director of Cyber Broking, based in New York. McCabe’s remits go beyond reinsurance structure ... Read the full article
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