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.
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
CNA paid $40mn ransom to resolve March cyber attack
21st May 2021
US insurer CNA is reported to have paid a $40 million ransom last March as the company attempted to regain control over its network and meet the demands of a highly organised cybercrime syndicate. The hackers had been successful in infecting CNA’s network with a type of malware known as ransomware, ... Read the full article
Cybersecurity control failures top exec concerns in Q1, finds poll
19th May 2021
Cybersecurity control failures was listed as the top emerging risk in the first quarter of 2021, according to the latest Gartner, Inc. Emerging Risks Monitor Report. The global poll of 165 senior executives found that 67% of respondents singled out cybersecurity risk as a major concern, with consistency across all geographic ... Read the full article
Pipeline attack a “timely reminder” of cyber cost: Bloomberg Intelligence
17th May 2021
Bloomberg Intelligence has said that the recent attack on Colonial Pipeline serves as a “timely reminder” of the vulnerability of energy infrastructure and the need for cyber insurance. BI cited a recent report by the Center for Strategic and International Studies in partnership with McAfee which estimates the annual monetary cost ... Read the full article
Pipeline cyber attack not surprising, says Swiss Re’s Mumenthaler
13th May 2021
Swiss Re CEO Christian Mumenthaler has said that he is “not too surprised at all” that cyber criminals were able to successfully target and disrupt the operations of Colonial Pipeline, and warned that key infrastructures remain open to similar hacks. Asked about the eventual cost and fallout of last week’s attack ... Read the full article
Colonial Pipeline cyber attack a wakeup call: McGill & Partners
11th May 2021
Analysts at specialist insurance broker McGill & Partners have said that the recent cyber attack on Colonial Pipeline should serve as a “wakeup call to organisations all over the world.” Last week’s ransomware attack on the largest fuel pipeline in the US took the service offline over the weekend, causing major ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
