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.
Silent risks undermine insurers’ cyber exposure efforts, says Fitch
13th December 2019
Despite underwriters being increasingly aware of the potential exposures presented by silent cyber risks it remains a very real and urgent threat, which analysts at Fitch Ratings say is key to understanding, and therefore the effective management of the evolving cyber risk landscape. In a recent report, analysts at Fitch Ratings ... Read the full article
AXA XL partners with insurtech Slice, Microsoft on cyber solution
13th December 2019
AXA XL, the property and casualty and specialty risk unit of AXA, is partnering with cloud-based insurtech firm Slice Labs to help improve the cyber resilience of Microsoft 365 Business, Office 365 Business Premium and Office 365 Business customers. The collaboration, aimed at servicing small to medium sized businesses, will give ... Read the full article
QOMPLX, Chaucer launch multi-peril parametric product for SMEs
11th December 2019
Analytics and insurance software provider QOMPLX has partnered with international specialty re/insurance group Chaucer on a multi-peril parametric insurance product aimed at small to medium-sized enterprises. WonderCover will first be made available in the UK and offer protection triggered by specific instances of cyber, IT interruption, and terrorism. This parametric product allows ... Read the full article
CAC Specialty forms new Professional Liability & Cyber Practice Group
5th December 2019
CAC Specialty has announced the launch of its new Professional Liability and Cyber Practice Group, which is to be led by Adam Lantrip as Senior Vice President (SVP). The newly-established Professional Liability and Cyber Practice Group is responsible for the design, placement, and ongoing service of complex professional liability, cyber, and ... Read the full article
CFC’s cyber risk heat map looks to assist brokers
27th November 2019
Specialist insurer CFC has announced the launch of a free tool designed to help brokers sell cyber insurance. The new cyber risk heat map has been built from data that relates to 2,500 cyber claims that CFC has dealt with over the past 24 months, as well as trends that the ... Read the full article
The industry is starting to understand an infant cyber market: Guenther, Hacker
21st November 2019
Still in its infancy, the global cyber risk market continues to grapple with data and modelling challenges, but increasingly, re/insurers are becoming aware of a need for new and innovative approaches. This is according to the owner and founder of PeriStrat GmbH, Hans-Joachim Guenther and Peter Hacker, a globally recognized cyber ... Read the full article
Ransomware incidents up threefold in 2019, as costs escalate: Aon
20th November 2019
Ransomware incidents rates have increased threefold since Q4 2018, according to a new report from Aon, with average costs escalating at a similar rate. The Cyber Practice Group of Aon’s Reinsurance Solutions business found that the costs of ransomware attacks continued to increase across all sectors this year, with payments tripling ... Read the full article
CyberCube secures $35mn in funding, led by HSCM Bermuda
19th November 2019
Cyber risk analytics firm CyberCube has secured $35 million of additional funding in a series B round led by Hudson Structured Capital Management Ltd. (HSCM Bermuda) and existing investor ForgePoint Capital. As part of the arrangement, Michael Millette, Founder and Managing Partner at HSCM Bermuda, will join CyberCube’s Board of Directors. Launched ... Read the full article
Brit launches e-trading Cyber Portal
18th November 2019
Specialty re/insurer Brit has announced the launch of its e-trading portal for cyber risk. Launching in the UK and the US, the online platform will target SMEs in both regions and is designed to give brokers an agile, user-friendly outlet for Brit’s cyber underwriting capabilities, allowing them to quote and bind ... Read the full article
Ransomware losses driving cyber rates up: Willis Towers Watson
15th November 2019
Primary and excess cyber renewals are now averaging premium increases in the 5-10% range, driven by an explosion of ransomware losses during the second half of 2019, according to re/insurance broker Willis Towers Watson (WTW). Analysts noted that the uptick in losses has been prompting carriers to re-evaluate their positions in ... Read the full article
LMA cyber clauses provide clarity for property and marine
15th November 2019
The Lloyd’s Market Association (LMA), an organisation set up to represent the interests of the Lloyd's community, has published a number of new clauses for the property and marine markets that aim to provide clarity for cyber coverage under first-party property damage policies. The publication comes as part of a push ... Read the full article
Smaller businesses disproportionately hit by cyber incidents: Arceo.ai
15th November 2019
Small and medium-size enterprises are “disproportionately burdened” by cyber incidents and face higher sharply higher costs compared with larger organisations, according to Arceo.ai, a risk analytics provider for the cyber re/insurance market. Analysis using Advisen Cyber Data Set found that the financial loss per incidents for SMEs was nearly 70 times ... Read the full article
Survey highlights lack of cyber risk due diligence among private equity firms
12th November 2019
A recent survey conducted by commercial insurance placement and disputes firm, Mactavish, reveals that numerous senior private equity professionals feel that the due diligence carried out by private equity firms on cyber security issues of target companies is lacking. The survey results show that just 23% of those interviewed describe the ... Read the full article
Quantum computing a potential cyber risk for re/insurers: Fitch
12th November 2019
The day when quantum computing power can be applied to real world scenarios is fast approaching, posing a number of important questions around the parameters of cyber risk and security of data encryption. Fitch Ratings analysts note how quantum computers - estimated to run 100 million times faster than current technology ... Read the full article
IFTRIP highlights divergent views on cyber terrorism across commercial market
11th November 2019
Further collaboration and discussion is needed around the response to, and definition of, cyber terrorism, while more broadly, divergent views around the insurability of cyber risk remains across the commercial market. This is according to delegates that attended the 2019 International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) conference, held in ... Read the full article
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