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.
One third of brokers lack understanding of cyber risks: DAS UK Group
16th May 2018
Although a majority of UK brokers consider cyber to be an important and rapidly expanding market, 31% also admit that they possess ‘poor’ or ‘very poor’ understanding of cyber risks and cyber insurance, according to a survey by DAS UK Group and HSB Engineering Insurance. DAS and HSB considered these results ... Read the full article
Fierce competition leads to buyers market for cyber re/insurers: Fitch
16th May 2018
Profitable results in the fast-growing cyber space have led to fierce competition and a buyers market, with renewal rates expected to suffer, according to Fitch Ratings. Fitch observed that cyber continues to represent a significant growth opportunity for U.S property & casualty (P&C) re/insurers, driven by increasingly high-profile cyber-attacks and regulatory requirements. In ... Read the full article
Silent risk the key impediment to cyber re/insurance market growth: X-Analytics
14th May 2018
A recent study by X-Analytics has revealed that silent cyber risks are one of the major impediments to growth in the cyber re/insurance market, and that measurement of cyber risk in general is highly deficient among both customers and the wider re/insurance industry. Non-affirmative cyber, or silent cyber, refers to instances ... Read the full article
Berkshire Hathaway won’t be a pioneer in cyber insurance: Warren Buffett
5th May 2018
Speaking at the annual shareholders meeting of his conglomerate Berkshire Hathaway Inc. today, Warren Buffett said that he doesn't believe anyone understands cyber risk well enough today, so his firm will not seek to be a pioneer in underwriting cyber insurance. Cyber risks are seen as an enormous opportunity by many ... Read the full article
Growing cyber market presents both opportunities and risks, reports PwC
2nd May 2018
PwC has reported that although cyber re/insurance remains a rapidly growing, fertile sector for re/insurers, there are also significant risks and downside potential to writing this business, such as limitations in historical data and uncertainties in accumulation risk. Companies are becoming increasingly aware of potential cyber threats and associated risk mitigation ... Read the full article
Guy Carpenter works with CyberCube on new cyber risk modelling platform
1st May 2018
Guy Carpenter & Company has entered into a formal license agreement with CyberCube Analytics following a two year strategic partnership that delivered the industry’s first cyber risk modelling platform with an inside-out view of cyber exposure. CyberCube, which was formerly part of Symantec Corporation and is backed by investment from Trident ... Read the full article
Cyber defence investment desperately required in manufacturing sector: AIG
26th April 2018
AIG has urged the re/insurance industry to improve its cyber defence investment following a report that revealed nearly half of UK manufacturers have been the victim of cyber-crime, and that a quarter have suffered related financial loss or business disruption. The report, which was published by AIG and EEF, the manufacturer’s ... Read the full article
Hiscox reveals new CyberClear Academy
25th April 2018
International specialist insurer and reinsurer, Hiscox, has announced the launch of the Hiscox CyberClear Academy, an online interactive suite of cyber training content accredited by the UK's cyber security intelligence agency, GCHQ. Cyber risk remains a key challenge and opportunity for the global insurance and reinsurance industry, and in light of ... Read the full article
Israel’s Kovrr launches predictive cyber risk modelling platform
24th April 2018
Tel Aviv, Israel headquartered cyber risk modeller, Kovrr, has announced the launch of a predictive cyber risk modelling platform for the property and casualty (P&C) insurance and reinsurance sectors, designed to enable re/insurers to better manage and underwrite cyber risks. According to Kovrr, on a daily basis it analyses millions of ... Read the full article
Marsh develops new cyber suite for business interruption risks
19th April 2018
Re/insurance broker and risk management solutions firm Marsh has committed to addressing the growing threat of business interruption (BI) from cyber-attacks with the launch of a suite of new and enhanced risk analytics and insurance solutions. Demand for BI solutions has grown in response to high-profile cyber events like the WannaCry ... Read the full article
Hannover Re’s Ari Chatterjee named CUO of Envelop Risk
19th April 2018
Envelop Risk, a recently launched global specialty cyber insurance analytics and underwriting firm, has appointed cyber risk expert Aritra (Ari) Chatterjee from Hannover Re as its Chief Underwriting Officer (CUO). Launched on Monday, Envelop Risk provides cyber risk underwriting to insurers and reinsurers, and partners with cyber security companies to deliver ... Read the full article
Cyber remains top enterprise risk management priority: A.M. Best
18th April 2018
A.M. Best has reported that the assessment of cyber risk continues to remain a top enterprise risk management (ERM) priority for insurers and reinsurers, as InsurTech innovations have required companies to continually expand and enhance their risk management capabilities. The report contends that, as companies try to keep up with the ... Read the full article
Willis Towers Watson partners with IBM Security on cyber services
17th April 2018
Willis Towers Watson has announced that it plans to enhance its global cybersecurity risk advisory services by integrating IBM Security’s suite of cyber features. Insurance and reinsurance broker Willis believes the collaboration will allow its clients to more holistically assess cyber threats, which will facilitate more effective risk transfer and overall ... Read the full article
AXIS establishes Cyber Center of Excellence
16th April 2018
AXIS Capital Holdings Limited has announced the launch of the AXIS Cyber Center of Excellence, a project which aims to develop products and solutions for mitigating cyber threats associated with companies’ tangible and intangible assets. Led by Dan Trueman, Global Head of Cyber at AXIS, the new center will address the ... Read the full article
Specialty cyber analytics and underwriting firm, Envelop Risk launches
16th April 2018
A new global specialty cyber insurance analytics and underwriting company has launched, called Envelop Risk. Envelop Risk announced the launch of its business at the RSA conference in San Francisco, explaining that it provides cyber risk underwriting to insurers and reinsurers, and partners with cyber security companies to deliver bespoke cyber ... Read the full article