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Cyber insurance & reinsurance news

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.

Tokio Marine opts for CyberCube analytics solutions

26th August 2021

Tokio Marine, the global P&C insurance group, has partnered with cyber analytics provider CyberCube to gain access to its suite of products, including Account Manager, Portfolio Manager and a range of other modelling solutions. Tokio Marine Group currently writes cyber insurance via TMNF in Japan, TMHCC in US, Europe and Asia, ... Read the full article

Fitch sees cyber reinsurance opportunities in Asia Pacific

20th August 2021

Cyber reinsurance’s potential to drive growth across the Asia Pacific (APAC) region has been underlined in a new report from Fitch Ratings. The APAC region is reported to have accounted for 7% of the total reported ransomware incidents in 2020. Fitch says several Asian markets have developed regulations to reflect the increased ... Read the full article

Connected Insurance partners with Swiss Re on cyber protection

3rd August 2021

Insurtech firm Connected Insurance (CI) has partnered with Swiss Re to launch an embedded cyber protection that offers personal cyber insurance to individuals and families. The product, called The Digital-Life Insurance, will provide risk prevention tools that help consumers protect themselves and their electronic devices against cyber-attacks. "We have redesigned the traditional ... Read the full article

Beazley secures significant rate increases off ransomware rise

26th July 2021

Beazley has been described during a recent roundtable as having achieved good rate increases across all classes, platforms and territories during H1 2021, with most significant hardening in cyber in response to ransomware. Ransomware, and cyber crime more generally, was described as both a societal as well as an insurance issue. Beazley ... Read the full article

Financial services firms to boost spending on cyber security: PwC

19th July 2021

Financial services firms are expected to boost IT spending in an effort to tighten up cybersecurity, according to new data from PwC UK and the CBI. The latest results from the CBI/PwC Financial Services Survey 2021 show that 70% of firms are planning to invest more over the next 12 months, ... Read the full article

Sepio Systems partners with Munich Re on hardware mitigation solution

19th July 2021

Security and safety services firm Sepio Systems has partnered with reinsurer Munich Re as part of the launch of its Hardware Access Control Index (HACx), which aims to help organizations improve hardware security. The company offers a rogue hardware mitigation guarantee as part of its HAC-1 solution, whereby Munich Re insures ... Read the full article

Cyber market GWP to hit $20.6bn by 2025, says GlobalData

13th July 2021

GlobalData analysis suggests the global cyber insurance market is set to thrive post-Covid and reach $20.6 billion in Gross Written Premium (GWP) by 2025. The cyber market is already reported to have hit the $7 billion GWP mark, as the COVID-19 pandemic forced businesses to digitise processes and adopt remote working ... Read the full article

Howden declares a ‘digital pandemic’ as ransomware attacks rise 170%

5th July 2021

Insurance broker Howden has released a report examining today’s cyber insurance market, one it says is being driven by rampant ransomware attacks, higher rates and shifting regulation. Declaring a ‘digital pandemic’, Howden says ransomware is now the predominant cyber threat confronting businesses of all sizes, with 170% more attacks having taken ... Read the full article

“Cyber market needs to catch up fast”: Verisk’s Bethany Vohlers

22nd June 2021

Recent attacks on the Colonial Pipeline and on the meat processor JCS have highlighted the ongoing threat of cyber attacks to national infrastructure and the global supply chain, and shown that there is an urgent need for the cyber market to “catch up” with the risk. This is according to Bethany ... Read the full article

Cyber industry loss ratio at record-high 67% in 2020: Aon

21st June 2021

A new report on the US cyber market by re/insurance broker Aon shows that the overall industry loss ratio jumped up by 22.0 percentage points last year to reach a record high of 67.0%. Analysts attributed that increase primarily the growing severity of ransomware claims, which included heightened incident response costs ... Read the full article

Mosiac adds cybersecurity specialist Lopez to US team

14th June 2021

Newly launched insurer Mosiac has appointed cybersecurity specialist Daisy Lopez to its US team of underwriters. Based in New York, Lopez will serve as VP, production specialist, cyber, reporting to Mosaic’s Head of Americas Cyber, Brian Dusek. “We are excited to welcome Daisy to our growing global team of cyber experts,” said ... Read the full article

Acrisure Re partners with Kovrr to launch cyber division

14th June 2021

Acrisure Re, the reinsurance division of global brokerage Acrisure, has announced the formation of a new London-based cyber reinsurance unit in partnership with cyber risk modeller Kovrr. The new division will be led by Cyber Practice Leader, Tom Quy, and will utilise data-driven risk analysis from Kovrr. Kovrr’s modelling technology is designed ... Read the full article

P&C insurers to increase cyber pricing in 2021: Fitch

11th June 2021

A new report by Fitch Ratings has shown that U.S. property and casualty (P&C) insurers that provide cyber insurance coverage are taking significant pricing and underwriting actions in 2021. This is in response to a spike in cyber claims with immediate improvement unlikely this year. The report showed that cyber insurance direct ... Read the full article

Canopius partners with Cyber Reliant on data protection warranty

11th June 2021

Specialty re/insurer Canopius Group has partnered with data privacy firm Cyber Reliant to offer data protection with coverage of up to $5 million. The warranty is designed to protect commercial and institutional purchasers of Cyber Reliant's data protection products. The Cyber Reliant platform is certified by US Federal Testing Labratories and promises ... Read the full article

Grim prospects for US cyber market: AM Best

9th June 2021

A new AM Best report has argued that prospects for the US cyber insurance market are "grim," due to the significantly worsening risk hazard environment and issues such as ransomware, business interruption and aggregation. Analysts noted that cyber insurance, which began as a diversifying secondary line, is now a primary component ... Read the full article

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