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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.

Guy Carpenter appoints Siobhan O’Brien as Head of International Cyber Centre

1st October 2018

Guy Carpenter & Company, LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has appointed Siobhan O’Brien Head of the Cyber Centre of Excellence for International and Global Specialties, effective October 1. The newly-created role will see O’Brien lead the International Cyber Centre of Excellence and work ... Read the full article

GDPR & cyber concerns hindering UK SME’s Brexit planning: Zurich

28th September 2018

Complex Issues such as GDPR compliance plus concerns surrounding cyber security may be causing the UK’s small medium-sized business to overlook the importance of planning for Brexit, finds broker survey conducted by Zurich. 24% of respondents said that their SME clients now ask them about GDPR on a regular basis. However, regular ... Read the full article

Munich Re develops new cyber reinsurance solution for SMEs

26th September 2018

Munich Reinsurance America, Inc. (Munich Re) has developed a new reinsurance solution for U.S property and casualty (P&C) insurance carriers seeking to provide cyber coverage to their small and medium-sized enterprise (SME) clients. The new cyber solution will provide reinsurance capacity for limits up to $15 million, as well as technical ... Read the full article

G20 Insurance Forum to outline insurers’ role in tackling global challenges

26th September 2018

A series of discussions are due to take place in Argentina this week as the G20 Insurance Forum examines the role of insurers in tackling global challenges. The forum’s first session will examine insurers’ role in boosting resilience and stability in society, and the part insurers play in food security and ... Read the full article

Boost Insurance launches Paladin Cyber InsurTech program

26th September 2018

Boost Insurance, a recently established InsurTech development platform, has announced the launch of its first InsurTech program, Paladin Cyber. Boost said that, by utilising its technology and end-to-end insurance infrastructure, Paladin’s admitted, multi-state SMB cyber program was brought to market in just four and a half months, which compares with an ... Read the full article

RSA launches £25m capacity cyber protection product

20th September 2018

RSA, one of the largest UK commercial insurers, has expanded its cyber protection to provide standalone, comprehensive worldwide cover of up to £25 million in capacity. The new cover is an evolution of its existing cyber product for small and medium-sized enterprises and offers a Deloitte-supported, detailed cyber risk assessment for ... Read the full article

Price cycles less pronounced, rates to fade out in 2019: S&P Global

20th September 2018

In the wake of Monte Carlo’s 62nd "Rendez-Vous de Septembre", S&P Global believes 2018 clearly demonstrated that price cycles have become less pronounced, reinforcing its belief that rate increases will fade out in 2019. The main reason for this pressure, S&P says, is the significant capacity of both traditional and alternative ... Read the full article

Companies that don’t embrace change face irrelevancy: Ed CEO Steve Hearn

14th September 2018

Companies that fail to embrace new dynamics and “Continue to peddle the old model” will ultimately become redundant, says Steve Hearn, Chief Executive Officer of the London and global insurance and reinsurance brokerage, Ed. In a conversation at the Reinsurance Rendez-vous with Hearn and Kieran Angelini-Hurll, CEO of Reinsurance at Ed, ... Read the full article

Aon addresses silent cyber with $350m reinsurance solution

11th September 2018

Global re/insurance broker Aon has announced the launch of a new reinsurance solution, backed with $350 million capacity, designed to help carriers navigate the consequences of silent cyber. Silent cyber can occur when other types of insurance or reinsurance products fail to explicitly exclude cyber risks, which could result in an ... Read the full article

MS Amlin enters cyber reinsurance market with Envelop Risk partnership

11th September 2018

Global re/insurer MS Amlin is partnering with the recently-launched cyber insurance analytics firm Envelop Risk on solutions for the reinsurance market. Under the terms of the partnership, Envelop Risk and MS Amlin will underwrite a cyber reinsurance portfolio with MS Amlin AG as capacity provider. Led by Envelop Risk Chief Underwriting ... Read the full article

Re/insurers are not mastering cyber: SCOR’s Victor Peignet

10th September 2018

French reinsurance giant SCOR does still not feel that the re/insurance industry has mastered cyber to a level where it is able to underwrite on a big scale. Speaking in Monte Carlo today at the Reinsurance Rendez-vous, Victor Peignet, CEO of SCOR’s Global P&C division explained that, while they’ve been putting ... Read the full article

Re/insurers risk irrelevancy by ignoring cyber, say Munich Re heads

9th September 2018

The re/insurance industry is at risk of becoming irrelevant if it avoids the challenge of tackling cyber risk, which also remains an area with huge growth potential, according to senior executives at German reinsurance giant Munich Re. Speaking at a media conference on the first day of the Rendezvous event in Monte ... Read the full article

GCube launches cyber risk cover for renewables

6th September 2018

Specialist renewable energy insurer GCube has a launched cyber risk policy aimed at protecting renewable energy sources from attacks. The policy follows a rise in cyber hostility towards global power generation and transmission infrastructure. “In the renewables market, the benefits of ‘big data’ and interconnectivity in driving operational efficiency are well-established ... Read the full article

Swiss Re Corporate Solutions appoints Codding as Global Head of Cyber & Tech

5th September 2018

Swiss Re Corporate Solutions, the commercial insurance arm of the global reinsurance firm, has appointed Sandy Codding as Global Head Cyber & Technology, effective immediately. Codding brings over 30 years’ experience to the company and in his new role will be responsible for overseeing cyber and technology underwriting guidelines, rating methodology, ... Read the full article

Capsicum Re partners with AIR Worldwide on silent cyber risk models

5th September 2018

Specialist reinsurance broker Capsicum Re has announced that it is collaborating with AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, in order to enhance the re/insurance industry’s modelling of silent cyber incidents. As part of the arrangement, Capsicum Re has also adopted AIR’s cyber modelling and analytics platform, ARC, ... Read the full article

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