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.
Cyber re/insurance is unsustainable on its current path: Arceo’s Ben Beeson
20th September 2019
The cyber insurance and reinsurance market is likely to be unsustainable if it continues on its current path, but better use of data and more informed regulation may offer a solution. This is according to Ben Beeson, Founding Member and Head of Insurance at Arceo, a risk analytics provider for the ... Read the full article
Cyber risk quantifier Cytegic launches insurance unit
20th September 2019
Cyber risk quantifier Cytegic has launched its own insurance unit in a move it says will help support the industry in better understanding and mitigating cyber risk. Heading the unit will be cyber risk and insurtech expert Steven Schwartz, who joins Cytegic as Vice President of Strategy & Insurance. He is a ... Read the full article
Cyber risk modeller Kovrr secures $5.5m in funding round
17th September 2019
Israel-headquartered cyber risk modeller Kovrr has raised $5.5 million in a funding round led by StageOne Ventures and Mundi Ventures. Kovrr intends to use the capital on product development and to help accelerate global growth. “Cyber attacks cause billions of dollars of damage and currently affect every category of risk," said Kovrr’s Chief ... Read the full article
Mario Vitale appointed President of cyber analytics InsurTech, Arceo.ai
16th September 2019
Provider of risk analytics for the cyber insurance and reinsurance market, Arceo.ai, has named Mario Vitale as its President, effective September 3rd, 2019. As President of Arceo, which is a newly created position, Vitale will bring his extensive insurance industry experience to lead the firm in blending cyber security expertise, credible ... Read the full article
Annual global cyber losses to reach $6 trillion by 2021
10th September 2019
With analysts suggesting that annual global cyber losses could reach US $6 trillion by 2021, Aon has gathered views from cyber-focused business leaders in the EMEA region on how to build more cyber-resilient organisations. This research, which was conducted by CyberSecurity Ventures, also forecast that cyber security spending is set to ... Read the full article
Cyber unlikely to be a panacea for reinsurers: Vickers, Willis Re
9th September 2019
The still emerging cyber risk insurance and reinsurance market is not likely to prove the panacea that some hope it will, according to Willis Re International Chairman James Vickers. Vickers explained in a recent interview that while cyber risk is increasing rapidly around the globe, it is not yet clear where ... Read the full article
Guy Carpenter, CyberCube detail results of cyber cat loss study
8th September 2019
A collaborative effort by global reinsurance brokerage Guy Carpenter and CyberCube analytics has examined the potential financial impact a large-scale cyber attack could have on the standalone cyber insurance market as it exists today. By analysing 23 loss scenarios on CyberCube’s modelling platform, it was determined that a widespread data loss ... Read the full article
Marsh announces senior cyber, digital assets appointments
5th September 2019
Global re/insurance brokerage Marsh has announced the appointments of Adam Wickens as Digital Asset Leader and Brian Warszona as Cyber Growth Leader in the UK Financial & Professional Practice of Marsh JLT Specialty. Wickens, who brings 20 years’ experience to Marsh, steps into a newly created position and will be responsible ... Read the full article
AIG to shift towards affirmative cyber coverage
5th September 2019
As of January 2020 global insurer AIG will begin affirmatively covering or excluding physical and non-physical cyber exposures for the majority of its commercial P&C policies, in a move it hopes will provide great clarity on cyber risk. Silent cyber has for some time existed as a grey area for the ... Read the full article
Capsicum Re expands London cyber team with four new hires
5th September 2019
Specialist reinsurance broker Capsicum Re has expanded its capabilities with the addition of four new appointments to its cyber team, based in London. Umair Ghani and Thomas Lashkari have joined as a cyber pricing actuary and a cyber analyst, respectively, and will report to Justyna Pikinska, Head of Analytics, Specialty Lines ... Read the full article
Swiss Re & Capsicum Re launch holistic cyber reinsurance solution, Decrypt
2nd September 2019
Global reinsurance giant Swiss Re has partnered with specialist reinsurance broker, Capsicum Re, on the launch of a new holistic cyber reinsurance solution, called Decrypt. The new solution offers a single, flexible, end-to-end solution to insurers' cyber risk challenges, including embedded, silent, and affirmative cyber exposures. An announcement on the release explains ... Read the full article
Demand for cyber protection rising as clients tackle a top concern: CIAB
30th August 2019
The Council of Insurance Agents & Brokers (CIAB) has revealed that the majority of respondents to a recent survey have reported an increase in demand for cyber insurance, with cyber risk continuing to be a top client concern in the second-quarter of 2019. The CIAB's Commercial Property/Casualty Market Report Q2 2019 ... Read the full article
China’s digitisation opening up previously uninsurable risks: Swiss Re
30th August 2019
The digital transformation currently taking place across China is expanding the boundaries of re/insurance and facilitating the development of solutions for previously uninsurable risks, according to a new report from Swiss Re. Swiss Re describes digitisation as the main engine of China’s economy and expects to see exponential sector growth over ... Read the full article
Re/insurers’ silent cyber concerns ease in 2019, finds Willis Re survey
29th August 2019
The re/insurance sector is considerably less concerned about silent cyber exposures than it was in 2018, according to an annual global survey by Willis Re, the reinsurance division of broker Willis Towers Watson. Analysts believe that the fall in silent cyber claims expectations could stem from the absence of wide-scale cyber ... Read the full article
Cyber, IT security the “soft underbelly” of UK SMEs: Gallagher
29th August 2019
Analysis conducted by global insurance brokerage Gallagher has highlighted the vulnerability of Small and Medium Enterprises across the UK to what it describes as “crisis events”, a category that includes cyber-attacks, extortion, industrial espionage and terrorism. Gallagher says such events are costing UK SMEs billions of pounds a year and that ... Read the full article
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