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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.

Cryptoasset insurer BlockRe to launch new risk assessment tool

19th November 2018

BlockRe, a cryptoasset insurance company, has announced the launch of a new underwriting and risk assessment tool to aid in the issuing of insurance policies in the cryptoasset and blockchain space. BlockRe claims the solution, which was created in July, will be one of the only comprehensive third-party risk assessment tools ... Read the full article

UK in “ideal position” to provide cyber re/insurance: John Glen MP

14th November 2018

With the cyber market set for rapid growth over the coming years, the UK is currently in “an ideal position” to provide this kind of re/insurance, according to John Glen MP, Economic Secretary to the Treasury and City Minister. Glen spoke at a round table hosted by Andrew Horton, Chair of ... Read the full article

With cyber risk, market players need to create as much transparency as possible: Torsten Jeworrek

9th November 2018

Attempting to tackle the growing cyber risk landscape through just insurance and reinsurance expertise will have limited results, says Munich Re's Torsten Jeworrek, while at the same time calling on market participants to create as much transparency as possible when it comes to cyber risks. Member of the Board of Management ... Read the full article

Brit Global Specialty USA names head of Cyber & Technology

8th November 2018

Brit Global Specialty USA (BGSU), a division of global specialty re/insurer Brit Ltd, has appointed Jeff Norton as Senior Vice President, Cyber & Technology, effective October 1, 2018. Norton joins BGSU from Beazley Group, where he most recently served as a Senior Underwriter, Private Enterprise, with responsibility for leading the U.S ... Read the full article

Cyber risk a growing concern for D&O re/insurers, Airmic report finds

7th November 2018

Cyber risk is a growing concern for Directors and Officers (D&O) liability re/insurers as business models continue to increasingly integrate and revolve around technology, according to a new report published by Airmic with support from Marsh and AIG. Airmic found that the frequency of cyber-attacks has continued to rise dramatically, with ... Read the full article

CNA to utilise CyberCube’s risk modelling and analytics platform

7th November 2018

Cyber risk analytics firm CyberCube has announced that CNA, one of the largest U.S commercial property and casualty (P&C) insurance companies, has signed an agreement to use its cyber insurance risk modelling and analytics platform. CyberCube’s platform combines single risk underwriting and aggregation modelling to help insurers measure the financial impact ... Read the full article

Petya cyber industry loss passes $3bn driven by Merck & silent cyber: PCS

7th November 2018

The insurance and reinsurance industry loss caused by the Petya / NotPetya cyber attack continues to creep northwards and shows that these types of cyber events are driven more by silent losses than affirmative. According to Property Claim Services (PCS) the total industry loss from the Petya / NotPetya cyber attack ... Read the full article

Argo broker survey identifies most pressing re/insurance shortfalls

6th November 2018

A survey of brokers and the small and medium-sized businesses (SMEs) they serve, conducted by global specialty re/insurer Argo Group International Holdings, Ltd., has identified cybercrime, climate change, and talent retention as among the areas where re/insurance is most likely to fall behind. For example, Argo found that 71% of brokers ... Read the full article

Ensurance UK to offer cyber cover for construction sector, backed by Beazley

5th November 2018

Ensurance UK Limited, a managing general agent (MGA) and Lloyd’s Coverholder, has announced that it plans to target the construction sector with a new cyber insurance product, backed by global specialty insurer Beazley. Ensurance has been appointed as a distributor for the new product, which is designed to minimise business disruptions ... Read the full article

Australian Reinsurance Pool to conduct cyber terrorism study

31st October 2018

The Australian government’s terrorism reinsurance agency, Australian Reinsurance Pool Corporation (ARPC), has commenced a 12-month research study on the threat of cyber terrorism in Australia. The study will aim to identify and explore current and prospective threats, and assess the practicalities of extending insurance coverage to include cyber terrorism in Australia, ... Read the full article

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

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