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.
Sompo International names Head of Cyber for London Market
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 ... Read the full article
Cyber growth slows as profits less certain: AM Best
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 ... Read the full article
Munich Re unit HSB finds cyber attacks on the rise
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 ... Read the full article
Spike in home workers a new opportunity for cyber criminals: Aon, CyberCube
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 ... Read the full article
Chubb remains top writer of cyber lines in 2019: AM Best
29th July 2020
According to a new AM Best report, Chubb held on to its place as the top writer of cyber lines in the US in 2019, writing almost $360 million in DPW, while expanding its market share to 17.6%, up from 16% in the previous year. AXA XL remains the ... Read the full article
Verisk updates cyber risk modelling platform ARC
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 ... Read the full article
Coalition expands to excess cyber insurance market
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 ... Read the full article
Cyber policy sales up 340% amid COVID-19: SchemeServe
28th July 2020
Cyber policy sales have increased by almost three and a half times during the COVID-19 lockdown, according to SchemeServe, a UK based insurtech specialising in schemes software. New data from SchemeServe’s Schemes Premium Index compares data for April 2020 at the height of the lockdown to data from the same period ... Read the full article
COVID-19 pandemic compounding cyber risk: AM Best
27th July 2020
The COVID-19 pandemic has compounded cyber risk and should cause re/insurers to rethink and enhance their stress tests, according to analysts at AM Best. The rating agency noted a significant uptick in ‘spoofing’ attacks, with hackers posing as figures from the World Health Organization (WHO) or the Centers for Disease Control ... Read the full article
Beazley launches cyber, financial lines offering in Colombia
21st July 2020
Specialist insurer Beazley has launched a suite of cyber and financial lines insurance products aimed at protecting businesses and senior executives in Colombia. The information security and privacy (InfoSec) policy protects against a range of cyber and data security risks impacting Colombia-based businesses. The core policy provides first and third party protection ... Read the full article
Kovrr adds Visesh Gosrani to Advisory Board
21st July 2020
Cyber risk modelling company Kovrr has expanded its Advisory Board with the addition of Visesh Gosrani, Chair of the Institute and Faculty of the Actuaries Cyber Risk Working Party. Gosrani has over 20 years of experience as an actuary and Chief Risk Officer in the insurance industry. He currently runs a consulting ... Read the full article
Renewable energy firms increasingly looking at non-damage cyber cover: GCube
20th July 2020
GCube Insurance, a provider of insurance services for renewable energy projects, is seeing heightened demand for its non-damage cyber risk insurance product amid a spate of recent cyber-attacks on global renewable energy companies. The company has emphasised that, during the current period of COVID-19-induced lockdowns and beyond, renewable energy asset owners ... Read the full article
Twitter hack exposes business risk to high-profile accounts: CyberCube
20th July 2020
The recent cyber attacks that targeted Twitter accounts of high profile celebrities has highlighted the potential for these kinds of incidents to move company share prices, says cyber analytics provider CyberCube. Darren Thomson, Head of Cyber Security Strategy for CyberCube, said that a sophisticated social engineering attack had been used by ... Read the full article
AXIS Insurance bolsters US Cyber team with three senior underwriters
14th July 2020
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, has added three underwriters to its US Cyber and Technology team. Peter Smith will join AXIS as Underwriting Manager, US Cyber and Technology, while Emma Werth and Jessica Currier join as Senior Underwriters. “AXIS Insurance’s Global Cyber and Technology business continues ... Read the full article
Kovrr releases open framework to measure catastrophic cyber risk exposure
10th July 2020
Cyber risk modelling company Kovrr has developed an open framework designed to measure and understand catastrophic cyber risk exposure. The CRA-Zones framework defines the minimal elements needed to provide a view of cyber risk aggregations, allows for analysis across multiple portfolios of risks and allows for monitoring of exposure trends. CRA-Zones group ... Read the full article