Reinsurance News

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.

AIR Worldwide launches new cyber risk application for re/insurance markets

24th April 2017

Catastrophe risk modeling firm AIR Worldwide today released ARC (Analytics of Risk from Cyber), a cyber risk modeling application that can evaluate any commercial policy, and measure aggregations of cyber risk within a company's portfolio, allowing for easy assessment of key firms' cyber risk from across the globe. The application uses ... Read the full article

Cyber risk as a standalone market will increase re/insurance industry resilience: JLT

24th April 2017

Cyber risk insurance and reinsurance continues to develop in what's now a crucial time for the marketplace and buyers of cyber protection. And while there's ample available, and essential reinsurance capacity to address and support the issue, JLT Re believes considering cyber as a standalone line of business could create a ... Read the full article

MGA Ascent Underwriting appoints claims director

10th April 2017

Niche product specialist managing general agency Ascent Underwriting, which offers cyber reinsurance solutions among its range of products, has appointed Mark Bowers, previously of Tokio Marine Kiln, as its claims director. Bowers joins Ascent Underwriting with immediate effect and will take on responsibility for maintenance and development of the companies claims ... Read the full article

Willis Towers Watson to offer airline cyber insurance solutions

7th April 2017

Willis has moved deeper into cyber risk solutions with the introduction of CyFly - an insurance product that expands business interruption cover to include a wider range of airline cyber exposure associated costs. Willis’ recent industry risk index identified failure of critical IT systems as the biggest risk facing the global aviation ... Read the full article

RMS releases cyber-physical risk model for property exposures

6th April 2017

Leading risk modeller RMS today announced the introduction of a new range of ‘cyber-physical’ models to help property re/insurers manage and understand the growing risk of  cyber attack scenarios that could lead to physical damage to property. The model’s focus is on attacks against I.T. (information technology systems) that are intended ... Read the full article

Endurance appoints cyber insurance product leader

24th March 2017

Bermuda-based insurance and reinsurance group Endurance Specialty Holdings Ltd. has named Brad Gow as its cyber insurance product leader. Gow has been with Endurance since March 2011, as a Senior Vice President with product responsibilities for the firm's Endurance Pro professional liability and cyber risk insurance businesses. As Global Cyber Product Leader for Endurance ... Read the full article

XL Catlin names Tuplin International Head of Cyber & Tech, Media & Telecoms

23rd March 2017

Insurer and reinsurer XL Catlin has named James Tuplin Head of Cyber & Technology, Media and Telecoms, International, based in the firm's London office. In his new role Tuplin will be responsible for the underwriting of cyber insurance and professional indemnity insurance for the technology and media sectors. Tuplin has roughly 15 years ... Read the full article

Pool Re cyber risk coverage to incentivise cyber-resilience

17th March 2017

Pool Re, the UK government and industry backed terrorism reinsurance scheme, is ploughing ahead with its plans to add property coverage for terror-related cyber events to its offering. According to its Chief Executive Officer (CEO), Julian Enoizi who spoke with Reuters last week, the coverage arrangements will include incentives to ... Read the full article

Pool Re hopeful to include terror-related cyber for property cover: CEO, Enoizi

10th March 2017

Pool Re, the UK government and industry backed terrorism reinsurance scheme, is planning to extend its coverage to include cyber attacks on property, says the entities Chief Executive Officer (CEO), Julian Enoizi. Speaking to Reuters, Enoizi said "Insurance is there for the unimaginable - we're here to insure the unforeseen," and revealed that ... Read the full article

Driverless cars may increase cyber reinsurance demand: Fitch

9th March 2017

The adoption of driverless or autonomous cars and other vehicles will completely transform the motor insurance sector, according to a report from Fitch Ratings. The impact on reinsurance markets is as yet unclear, although many believe that a general shrinking of the motor insurance risk pool will occur, as accidents become ... Read the full article

Swiss Re highlights role of re/insurance in cyber risk

6th March 2017

Swiss Re has launched its new re/insurance think tank, the Swiss Re Institute, with the release of a report that investigates the growing sphere of cyber risk, examining constraints in risk assessment as well as potential new models for risk analytics and coverage. Opportunities for reinsurance are expanding in the fast-developing ... Read the full article

Report highlights potential shortcomings of organisations’ cyber controls

1st March 2017

A new report claims that insurance and reinsurance protection alone is insufficient to manage the growing threat of cyber attacks, citing that cyber controls utilised by organisations to mitigate data breaches, and similar, might not be up to the task. The analysis and report on the capabilities of cyber controls comes ... Read the full article

Tom Ridge’s cyber advisory firm to partner with Risk Cooperative

21st February 2017

Former U.S. Homeland Security Secretary Tom Ridge’s cyber advisory firm, Ridge Global, has announced plans to form a strategic and leadership partnership with Risk Cooperative to offer a new blend of advisory, education, technology and risk-transfer solutions. The firms will be led by Tom Ridge, who will serve as Chairman, and ... Read the full article

New York cyber rules could increase demand, but also potential for loss

16th February 2017

Cyber security regulations being put in place by the New York Department of Financial Service (NYDFS) could help to increase demand for cyber risk insurance cover, and ultimately reinsurance, but may also increase the exposure and loss potential re/insurers hold, says Fitch Ratings. The regulations coming into effect on March 1st ... Read the full article

Barbican boosts cyber team

14th February 2017

Barbican Insurance has appointed two new executives to head up its cyber division, naming Graeme King as new business group leader, and Richard Spotswood as underwriting manager. Both practitioners join Barbican’s Syndicate 1955 from Allianz, where King served as practice leader and underwriter for PI and cyber, and Spotswood acted as ... Read the full article

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