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.
BitSight & MMC study correlates cyber ratings and security incidents
26th October 2022
BitSight has released results from an independent study which found fourteen BitSight analytics, including the BitSight Security Rating, and thirteen BitSight risk vectors, to be correlated with cybersecurity incidents. The study was conducted by the Marsh McLennan Cyber Risk Analytics Center, which brings together the cyber risk data and analytics expertise ... Read the full article
Climate change becomes the number one risk around the world: AXA
26th October 2022
Climate change is becoming the number one concern around the world, according to AXA's Future Risks Report 2022, with geopolitical risks coming in second place. The report also found that the feeling of vulnerability to certain risks has been increasing and confidence has waned. Based on responses from a panel of 4,500 ... Read the full article
CyberCube launches Exposure Databases to improve cyber modeling
26th October 2022
CyberCube has announced that it has launched the world’s first set of detailed Exposure Databases to enable re/insurers and brokers to perform a wide range of benchmarking, sensitivity, and real-time analyses for cyber risks. The Exposure Databases provide a foundation for cyber risk model and include CyberCube’s Economic Exposure Database (EED) ... Read the full article
Munich Re to increase cyber cover prices in Germany & Europe
21st October 2022
According to Claudia Hasse, Chief Executive Manager at Munich Re, given the accumulation potential the firm sees in cyber re/insurance, it plans to increase cover prices in Germany and Europe. Hasse, who is responsible for Non-Life business in Germany, Cyber business in Europe and Latin America, and the German Pharmapool, noted ... Read the full article
Businesses may be overconfident about resilience to cyber threats: Beazley
18th October 2022
According to a recent Risk & Resilience research report from Beazley, there is a "worrying" degree of complacency around active cyber risk management and maintaining resilience to cyber threats, with over 41% of UK and US business leaders feeling "very prepared" to meet the cyber threat, which although down marginally ... Read the full article
Lockton Re appoints Oliver Brew as Cyber Practice Leader, London
18th October 2022
Global insurance broker Lockton’s dedicated reinsurance division, Lockton Re, has appointed Oliver Brew in a new role as Cyber Practice Leader in London. Brew brings more than 20 years of industry experience towards the role. He joins from CyberCube where he most recently served as Head of Client Success as part ... Read the full article
Cowbell appoints David Junius to CFO role
13th October 2022
Cowbell has appointed David Junius to be its new chief financial officer. Junius, who recently departed his role of chief financial officer at SiriusPoint, joins the firm in the wake of Cowbell debuting Adaptive Cyber Insurance. Jack Kudale, founder and CEO at Cowbell, said: "I am looking forward to David joining ... Read the full article
Coalition and BDT Capital Partners announce the formation of Ferian Re
13th October 2022
Coalition has announced the formation of Ferian Re – an independent Bermuda-based Class 3B reinsurer that will provide capacity across Coalition’s cyber programs. Ferian Re will be capitalized with approximately $300 million from an investor group led by funds managed by BDT Capital Partners, LLC, an affiliate of BDT & Company, LLC, a merchant ... Read the full article
Bank of England survey warns of cyber threat to UK financial system
13th October 2022
The risk most cited as a threat to the UK’s financial system is a cyberattack, according to the Bank of England’s Systemic Risk Survey. According to the bank, nearly three-quarters (74%) cited a cyberattack when asked to list the five risks most likely to have the greatest impact. The survey also found ... Read the full article
Over a quarter of firms have suffered data breaches costings millions: PwC
12th October 2022
A new report from PwC says that 27% of companies have suffered a data breach leading to costs between $1m and $20m in the last three years. The survey, which the financial giant says was conducted amongst 3,500 senior executives in sixty-five countries, found that 34% of North American firms reported ... Read the full article
Cyber cover to become ubiquitous as demand grows: GILC
12th October 2022
In a new report, Global Insurance Law Connect (GILC) predicts that cyber cover will become as ubiquitous as public liability or professional indemnity insurance as the level of threat continues to amplify globally. It adds that while the increased demand has led to the growth of capacity in the market, the ... Read the full article
Quod Orbis & Liberty Specialty collaborate to study future of cyber insurance
11th October 2022
Quod Orbis and Liberty Specialty Markets (LSM) have released a white paper report exploring the prospective future of cyber insurance, alongside the role data can play to enhance the understanding of risk. According to the report, global cyber insurance premiums totalled $8bn in 2021, and are growing rapidly, with one estimate ... Read the full article
Probitas 1491 hires Ezeugo Aguta as new head of cyber strategy and innovation
11th October 2022
Probitas 1492 has hired Ezeugo Aguta to be its new head of cyber strategy and innovation. The firm said in a statement that Aguta will spearhead the development of the firm’s technical capabilities. This will, said the company, be accomplished through the establishment of Probitas Labs. Probitas Labs focus on three main ... Read the full article
DeNexus launches new version of cyber risk platform
10th October 2022
DeNexus, a provider of second-generation cyber risk modelling for industrial organisations, reinsurers and investors in insurance-linked securities (ILS), has announced the launch of the new version of its data-driven cyber risk platform aimed to better quantify and manage risks associated with cyber breaches. According to the announcement, DeRISK 5.0 offers a ... Read the full article
Relay announces partnership with CyberCube
7th October 2022
Relay Platform, a technology solutions provider enabling the digital transformation of commercial insurance placements, has partnered with CyberCube, a cyber risks analytics provider, on the cyber quoting experience. This new partnership aims to enable brokers and agents who use Relay to gain access to the CyberCube cyber insurance report directly within ... Read the full article
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