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.
Willis launches CyCon, a new cyber solution for the construction industry
13th July 2018
Re/insurance broker Willis Towers Watson has announced the launch of its CyCon cyber insurance solution, having concluding that cyber attacks and the failure of IT systems rank among the top risks facing the construction industry. While the construction sector has continued to embrace and integrate more sophisticated technologies for project design, ... Read the full article
JLT Re partners with CyberCube
11th July 2018
Reinsurance broker JLT Re has partnered with cyber risk analytics firm CyberCube in a move it says will “provide new and unique insights to help clients face the challenges of cyber risk.” The combination of JLT Re’s existing cyber and enterprise modelling tools with CyberCube is expected to enhance the reinsurance broker's offerings ... Read the full article
U.S. cyber market continues to grow, remains profitable: Aon
10th July 2018
The latest market update from Aon indicates U.S. cyber insurance is growing increasingly sophisticated while the market expands and becomes less concentrated, resulting in continued profitability and shrinking claims. Following an ‘unprecedented year’ for ransomware attacks a total of 170 U.S. insurers were reportedly writing cyber insurance in 2017, up from ... Read the full article
Marsh names Kevin Richards as Global Head of Cyber Risk Consulting
10th July 2018
Global insurance and reinsurance broker Marsh has appointed Kevin Richards to the newly-created position of Global Head of Cyber Risk Consulting. Richards will be tasked with leading the strategic development and delivery of Marsh’s cyber risk consulting business worldwide, and will work closely with the company's regional and local cyber risk ... Read the full article
ACORD, Aon, and Beazley release new Cyber Data Breach Standard
9th July 2018
ACORD, the insurance and reinsurance industry data standards body, has collaborated with Aon and Beazley on the development of the ACORD Cyber Data Breach Standard, a new standard that aims to increase operational efficiency across the global re/insurance value chain. According to a 2017 ACORD survey, nearly 60% of re/insurers consider ... Read the full article
Steady growth in cyber market but fresh opportunities remain: A.M. Best
6th July 2018
Although the cyber insurance and reinsurance market has seen steady growth over the last year, there remain significant untapped opportunities, particularly in regard to cover for SMEs, according to rating agency A.M. Best. The agency’s Market Segment Report observed that cyber risk awareness benefitted from a number of high-profile cyber events ... Read the full article
9% of banks global net income at risk from cyber: IMF’s Christine Lagarde
25th June 2018
The International Monetary Fund (IMF) has introduced a new cyber risk model and loss estimation system to assess the potential impact of cyber-attacks on the world’s financial institutions. The findings highlight a number of remaining hurdles that must be cleared to ensure an adequate level of security within the sector. By leveraging ... Read the full article
Everest offers discounted cyber policy to Center for Internet Security members
21st June 2018
Everest Insurance has announced a joint initiative with the Center for Internet Security (CIS) to offer a premium discount on its new Everest Cyber Elevation Policy to eligible CIS SecureSuite members. CIS is a non-profit entity that uses a global IT community to safeguard private and public organisations against cyber threats. Over ... Read the full article
Barbican adds Lauren Webb to cyber underwriting team
19th June 2018
Barbican Insurance Group has appointed Lauren Webb as a Class Underwriter for cyber within its team at Lloyd’s Syndicate 1955. Webb has 14 years’ underwriting experience, 7 of which have been in the cyber insurance sector, and joins Barbican from Chubb, where she most recently served as London Cyber Underwriting Manager. She ... Read the full article
Beazley launches updated InfoSec cyber policy
18th June 2018
Beazley has launched an enhanced version of its Beazley InfoSec policy to ensure its large business clients remain protected against the evolving nature of cyber exposures. When Beazley's policy was first launched in 2006, policyholders were mainly concerned with third party exposure from the loss of personal customer data, but, more recently, ... Read the full article
Concern for industry’s underdeveloped cyber-risk offerings: Airmic survey
18th June 2018
A new survey by Airmic indicates that, as cyber-related risks emerge as one of the greatest perceived threats amongst risk managers, many feel that the industry must increase its own understanding and further develop offerings to clients. The survey, which represents approximately 1100 Airmic members and nearly 500 different companies, placed ... Read the full article
Beazley considers GDPR implications of Dixons Carphone data breach
13th June 2018
Beazley has considered the potential General Data Protection Regulation (GDPR) implications of a recently reported data breach at Dixons Carphone, which involved 5.9 million payment cards and 1.2 million personal data records. Dixons Carphone said there was no evidence that any of the cards had been used fraudulently following the breach, ... Read the full article
Cyber insurance premiums to dominate by 2021, says Aon
8th June 2018
By examining insurance purchased by corporate, public sector and not-for-profit organisations between 2013 and 2017, Aon Inpoint - Aon’s data, analytics, engagement and consulting team - has predicted that by 2021 the most rapid growth of premiums will be seen in cyber insurance products, with a global market worth estimated at ... Read the full article
Capsicum Re launches New York cyber hub, led by Patrick Bousfield
5th June 2018
Specialist reinsurance broker Capsicum Re has extended its cyber presence to New York with the launch of a new cyber hub, which will be led by Patrick Bousfield, who has been promoted to Executive Director. Rupert Swallow, Chief Executive Officer (CEO) of Capsicum Re, said: “The cyber team has received overwhelming ... Read the full article
Beazley splits specialty lines into two divisions led by Eaton and Donovan
4th June 2018
Specialist and Lloyd’s focused re/insurer Beazley plc has completed a split of its specialty underwriting unit into two separate divisions, which places the cyber risk practice at the firm outside of specialty risks and into a new unit aligned on technology, media, business and management liabilities. Beazley has been reorganising its ... Read the full article