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.
GFIA calls for more resilient and widespread cybersecurity
7th March 2018
The Global Federation of Insurance Associations (GFIA) has published a paper that details a number of challenges the cybersecurity and cyber insurance industries currently face, and which proposes some solutions moving forward. GFIA notes that cyber risk is a rapidly evolving global issue. It suggests that growing connectivity and supply chain ... Read the full article
Swiss Re & Argo backed cyber insurer Coalition raises $10 mn
1st March 2018
Swiss Re and Argo backed cyber insurer Coalition has raised $10 million in Series A funding from leading technology investors including Vy Capital, Ribbit Capital, Valor Equity Partners, Sam Altman (President, Y Combinator), and Deep Nishar (Senior Managing Director, Softbank Vision Fund). Proceeds from the funding will be used to grow Coalition’s ... Read the full article
RMS names Adam Sandler as Head of Underwriting, Cyber and Model Solutions
28th February 2018
Risk modeller RMS has named Adam Sandler as Head of Underwriting, Cyber and Model Solutions, set to oversee the expansion of RMS business in cyber, data, underwriting and models solutions with a focus on digital risk and underwriting transformation. Sandler joins from QBE North America, where he was Senior Vice President and ... Read the full article
Cyber re/insurance market “frustratingly immature”: Inga Beale, Lloyd’s
27th February 2018
Lloyd's Chief Executive Officer (CEO) Inga Beale, told delegates at the Organisation for Economic Cooperation and Development (OECD) conference in Paris recently that the cyber insurance and reinsurance market remains "frustratingly immature" and highlighted partnerships as the best way to tackle the risk. “In 2016, the stand-alone cyber market reached an estimated ... Read the full article
Cybercriminals steal up to 1% of global GDP in 2016: CSIS, McAfee
27th February 2018
Cybercrime ranks third in dollar value as a global scourge leaving losses of close to $600 billion annually, or about 1% of global GDP a year, according to a joint Centre for Strategic and International Studies (CSIS) and McAfee report, making cyber risk re/insurance and mitigation more pertinent than ever ... Read the full article
Willis Towers Watson launches cyber solution for aviation industry
27th February 2018
Willis Towers Watson has launched a tailored cyber insurance solution for the general aviation industry, Willis Towers Watson Aerospace Cyber Guard. The product is available to North American-based general aviation companies, including charter operators, tour operators, flying clubs, flight schools, fixed-based operators, maintenance repair operators, small aviation-related manufacturing and fleet management ... Read the full article
Cyber incidents evolving and becoming more sophisticated: Beazley
20th February 2018
Specialist insurer Beazley has released its 2018 Breach Briefing, which explores the evolving cyber risk landscape and highlights a number of growing threats to businesses around the world, further supporting the need for affordable and effective cyber risk insurance and reinsurance solutions. Over the past year Beazley helped clients manage 2,615 ... Read the full article
Cyber risk management lags behind growing threat to business: Marsh, Microsoft
16th February 2018
Although the majority of senior executives view cyber as a top risk management priority, few organisations are confident in their ability to manage the risk of a cyber-attack, according to a survey by Marsh and Microsoft that highlighted ways in which risk management is falling behind in cyber risk mitigation ... Read the full article
Cyber offerings and demand for protection to increase in 2018: Fitch
12th February 2018
The increasing number of data breaches has seen property and casualty re/insurers' advance their efforts to offer much-needed cyber protection for their clients, and throughout 2018 Fitch Ratings expects firms' to expand their offerings in the cyber space as demand spikes. According to the Identity Theft Resource Center and Cyber Scout, the ... Read the full article
Validus Specialty expands cyber offering with new standalone solution
8th February 2018
Validus Specialty, the cyber and technology insurance unit of Validus Specialty Underwriting Services, Inc., has released a new cyber solution that focuses on privacy and network protection. Further expanding its cyber insurance offering, Validus Specialty has launched a new standalone cyber insurance solution designed to meet the challenges faced by U.S. ... Read the full article
Cyber re/insurance is already rapidly maturing: PCS
7th February 2018
The budding cyber insurance and reinsurance industry is already in the process of rapidly maturing with policy limits currently five times larger than those of just 4-5 years ago, according to loss trends highlighted in a new PCS report. 2017 became the most active year for cyber risk losses in market ... Read the full article
Cisco, Apple, Aon, & Allianz introduce new cyber cover for businesses
6th February 2018
Cisco, Apple, Aon and Allianz have collaborated to launch a new cyber risk management solution for businesses which combines cyber resilience evaluation services from Aon, the most secure technology from Cisco and Apple, and options for enhanced cyber insurance cover from Allianz. The new solution is designed to improve firms' management ... Read the full article
Willis Towers Watson names Tim Rees as new cyber leader
5th February 2018
Willis Towers Watson has expanded its UK cyber unit with the appointment of Tim Rees as Client Engagement and Strategy Leader for the UK Cyber Risk Solutions business. Based in London and reporting to Anthony Dagostino, Global Head of Cyber Risk, Rees will be responsible for developing the firm's integrated approach ... Read the full article
IUA calls for national authorities to help address cyber issues
1st February 2018
The International Underwriting Association’s Cyber Underwriting Group (IUA) has called for registry of claims data in a new report that highlights the need for national authorities to help address some cyber threat issues and raise awareness of liabilities. The re/insurance industry is struggling to keep up in responding to the rapid ... Read the full article
Munich Re member firm The Hartford Steam Boiler expands cyber offer
29th January 2018
Munich Re member firm The Hartford Steam Boiler, has expanded its cyber offer with the launch of a comprehensive cyber insurance cover designed for mid-sized businesses, HSB Cyber Suite. HSB Cyber Suite combines a range of cyber insurance covers and services for data breach, identity theft and cyber attacks, including malware, viruses, ... Read the full article