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.
Zurich launches new cyber security offering
26th February 2020
Global insurer Zurich has partnered with cybersecurity firm CYE on a new offering aimed at helping businesses define and deploy effective cyber risk management programs. Available to companies globally, Zurich Cyber Security Services is designed to close unknown security blind spots, reduce the risk and impact of security incidents, and protect ... Read the full article
TMK cyber policy includes physical damage cover
24th February 2020
Tokio Marine Kiln, part of global insurance group Tokio Marine, has launched an enhanced policy designed to protect against physical damage from cyber attacks. Cyber Ctrl PD+ offers affirmative cover for property damage and ensuing business interruption arising from a cyber attack. “As most cyber insurance policies exclude cover for property damage, ... Read the full article
Munich Re-backed At-Bay raises $34mn in Series B round
24th February 2020
At-Bay, a cyber insurance start-up writing policies through Munich Re’s HSB Specialty Insurance Company, has announced a $34 million Series B funding round. Led by Munich Re Ventures and Acrew Capital, the new investment brings At-Bay’s total funding to $51 million. At-Bay offers continuous vulnerability monitoring across the perimeter of each portfolio ... Read the full article
Accenture to provide cyber response service for AXA XL clients
11th February 2020
As part of its existing partnership, professional services firm Accenture is to provide its Cyber Incident Response Service to help AXA XL clients respond to and recover from cyberattacks. Accenture will provide post-breach security services for AXA XL clients outside the US, including incident management and information technology (IT) forensics. The ... Read the full article
Norsk Hydro claims a further $20.2mn from its cyber insurance in Q4
7th February 2020
Aluminium manufacturing giant Norsk Hydro has announced that during the fourth-quarter of 2019, it recognised NOK 187 million (USD 20.2 million) of insurance compensation in relation to the cyber-attack on its operations in March, 2019. The firm detected unusual activity on its servers that disabled part of its smelting operations, leading ... Read the full article
Munich Re’s HSB warns crypto adoption can raise SME cyber risk
6th February 2020
HSB, part of reinsurance giant Munich Re, has underlined the risks of cryptocurrency after a survey found at least one-third of US small and medium-sized businesses accept it as a payment method. The survey, conducted in conjunction with Zogby Analytics, found that 36% of SMEs accepted cryptocurrency, while 59% of those ... Read the full article
AXA XL adds Chief Underwriting Officer, Cyber
5th February 2020
AXA XL, the property and casualty and specialty risk unit of AXA, has named Elizabeth W. Benet to Global Chief Underwriting Officer (CUO), Cyber, a newly created position. The appointment is expected to assist with the management of the firm's international cyber risk portolfio. In her new role, Benet will report ... Read the full article
AkinovA facilitates parametric cyber purchase for Asian tech firm
5th February 2020
AkinovA, the electronic marketplace for the transfer and trading of re/insurance risk, has announced that it recently facilitated the purchase of a parametric Cloud Outage product for an Asia-based technology company. Completed on January 30, 2020, this transaction will provide protection in the event that a named Cloud Service Provider (CSP) ... Read the full article
Aon enhances cyber services with Cytelligence acquisition
4th February 2020
Re/insurance broker Aon has expanded its cyber offering with the acquisition of Cytelligence Inc, a Canadian-based cyber security firm that provides incident response advisory, digital forensic expertise, and security consulting and training services. The acquisition will help Aon expand its current coverages within the cyber market at a time when cyber ... Read the full article
US insurers hiking cyber premiums as ransomware costs rise
3rd February 2020
US insurers are hiking cyber premiums by as much as 25% in some cases following a surge of costly ransomware claims, according to reports from Reuters. The rate increases come as many insurers look to reduce their exposure to these forms of cyber attacks, which are becoming increasingly sophisticated and dangerous. Ransomware ... Read the full article
Lloyd’s details phased implementation of silent cyber mandate
30th January 2020
Lloyd's of London has revealed updated arrangements for the phased implementation of classes of business that require underwriters to ensure that all policies either affirm or exclude cyber cover. The Lloyd's insurance and reinsurance marketplace announced last year that is to mandate that all policies clearly state whether they will provide ... Read the full article
WTW bolsters cyber modelling suite with security ratings platform
29th January 2020
Re/insurance broker Willis Towers Watson has integrated SecurityScorecard security ratings into its cyber risk quantification modelling platform. SecurityScorecard reviews a company’s technical security and in order to forecast potential data breach frequencies and related impacts. Ratings are provided to companies which can be used to improve their cyber security as well as ... Read the full article
CyberCube CEO calls for public-private collaboration on cyber standards
27th January 2020
Pascal Millaire, Chief Executive Officer (CEO) of cyber risk analytics firm CyberCube, has argued that re/insurers must work closely with governments to help enforce minimum security standards as the world continues to grow its cyber vulnerabilities. Speaking alongside the World Economic Forum annual meeting in Davos, Millaire said that the re/insurance ... Read the full article
Markel & RenRe back new policy from AI start-up Cowbell Cyber
23rd January 2020
Reinsurers Markel Global Reinsurance Company and Renaissance Re Holdings are among a group of companies that have provided backing for a new policy from Cowbell Cyber, a start-up focused on AI-powered cyber insurance for SMEs. The policy, called Cowbell Prime 100, is designed to enable insurance agents to issue personalised cyber ... Read the full article
Beazley partners with HewardMills, expands cyber risk services
22nd January 2020
Specialist insurer Beazley is partnering with Data Protection Officer (DPO) HewardMills, as it expands the cyber risk management services provided to policyholders. Beazley’s new suite of services includes pre-breach and risk management services selected and managed by a dedicated in-house Beazley Breach Response (BBR) Services team. “Working closely with the Beazley team ... Read the full article