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.
Companies make strides in cyber defense and resilience amid escalating cyber threats: Aon
2nd August 2023
In Aon's latest Cyber Resilience Report, companies are shown to have made significant strides in strengthening their cyber defenses and achieving greater resilience in the face of escalating cyber threats. The report reveals key insights gathered from over 2,000 Aon clients worldwide, showcasing a positive global shift in cyber maturity from ... Read the full article
MOVEit attacks provide key lessons for cyber re/insurance industry: CyberCube
31st July 2023
Cl0p’s MOVEit attacks have shone light on the cyber re/insurance industry’s blind spots, a recent report by cyber analytics firm CyberCube revealed. The global MOVEit MFT (Managed File Transfer) attack is an ongoing cybersecurity incident, led by the Cl0p ransomware and extortion gang, that has affected companies and government agencies on ... Read the full article
Coinnect: Leading the charge in the revolutionary ‘Cyber Insurtech’ domain
27th July 2023
As the digital landscape continues to accelerate, cybersecurity threats continue to evolve and have raised the prominence of the cyber insurtech, reflecting an innovative intersection of cyber security technologies and cyber insurance solutions, according to Massimiliano Rijllo, CEO of Coinnect. Coinnect is a cyber insurtech firm which provides services and platforms ... Read the full article
Fermat expands relationship with CyberCube through license of IED
18th July 2023
Fermat Capital Management, LLC, the specialist insurance-linked securities (ILS) investment manager, is set to broaden its relationship with CyberCube by licensing the firm's Industry Exposure Database (IED). The cyber analytics firm launched the IED in October 2022 to enable re/insurers and brokers to perform a wide variety of benchmarking, sensitivity, and ... Read the full article
Economic impact of cybercrime on business predicted to reach $10.5 trillion by 2025: Cybersecurity Ventures
13th July 2023
The threats that are posed by new technologies such as artificial intelligence (AI), which had consistently reduced since 2021, is now predicted to be a growing threat for the next 12 months ahead, according to Beazley's latest Risk & Resilience report: Spotlight on: Cyber & Technology Risks 2023. The report highlighted ... Read the full article
Risk Strategies unveils new cyber risk management service offering
13th July 2023
Insurance brokerage and risk management firm, Risk Strategies, has unveiled its Cyber Risk Management Platform (RMP), a new cyber risk management service offering that "goes beyond" providing clients with external vulnerability scans to recommend practical ways to shore up cyber defences. According to the announcement, the new solution is powered in ... Read the full article
BFL Canada to license CyberCube’s Broking Manger product to help clients make better decisions
11th July 2023
Leading cyber analytics firm CyberCube has announced that BFL Canada - one of the largest risk management, insurance brokerage and benefits consulting firms in Canada - will license its Broking Manager product to help clients make better informed cyber insurance coverage and limit decisions. BFL Canada will utilize Broking Manager to ... Read the full article
Zurich NA unveils cyber insurance offering targeted for middle market businesses
11th July 2023
Zurich North America has unveiled a cyber insurance offering designed specifically for middle market businesses. The Zurich Cyber Insurance Policy Concierge Suite includes not only cyber insurance coverage, but also loss-prevention and resilience services such as a breach coach and a cybersecurity hotline available 24/7. Cyber Concierge, which has the ability to ... Read the full article
Cyber reinsurance premiums must triple by 2030 to meet growth expectations
7th July 2023
"Whilst cyber reinsurance premiums are currently in the range of $6 billion, they would need to increase more than three times over in order to fulfil growth expectations by the end of the decade," analysts at international insurance broker Howden suggest. According to the analysts, such high levels of growth would ... Read the full article
Increased pressure from reinsurers to place cyber separately at renewals: Gallagher Re
6th July 2023
According to Gallagher Re's 1st View report, cyber insurance carriers continued to explore standalone cyber placements at the mid-year renewals in response to increasing pressure from reinsurers. Gallagher's report also noted that incumbent reinsurance markets continued to grow following improved rate and portfolio optimisation across cyber insurance risk, building on the ... Read the full article
Global cyber insurance premiums could exceed $50bn by 2030: Howden
5th July 2023
International insurance broker Howden has suggested that the size of the cyber insurance market could reach $50 billion by 2030, though the realisation of this potential is tied to three key factors: distribution, tail-risk management and attracting capital. "If these challenges can be navigated successfully, the cyber market is on the ... Read the full article
Revenue among the key drivers of cyber model divergence: Guy Carpenter
30th June 2023
There is a notable degree of variability across cyber catastrophe vendor model outputs, according to a recent study which revealed a number of parameters driving discrepancies, including revenue, industry sector classification and differing treatment of specific coverages. Guy Carpenter’s report, titled Under the Lens: Investigating Cyber Vendor Model Divergence, investigates the ... Read the full article
Canopius launches Cyber Incident Management Team to provide support to insureds & brokers
30th June 2023
Specialty re/insurance firm Canopius Group, has launched its Cyber Incident Management Team (CIMT), which is available to all Canopius cyber policyholders worldwide with immediate effect. According to Canopius, the service provides comprehensive support to both insureds and brokers as they manage the disruptions caused by cyber-attacks. The service is led by Cyber ... Read the full article
Re/insurance alone cannot absorb all risks from cyber incidents: Munich Re’s Kreuzer
29th June 2023
Collaboration among stakeholders in the risk and insurance industry to tackle evolving cyber risks is essential, a recent report from Federation of European Risk Management Associations (FERMA) has stated, with individuals like Martin Kreuzer, Senior Risk Manager Cyber Risks at Munich Re, highlighting that re/insurance cannot absorb the number ... Read the full article
We have to continue to look for new solutions within cyber, Allianz AGCS’s Sayce
28th June 2023
A joint report from Federation of European Risk Management Associations (FERMA) and its industry partners, which examines how Europe can be the driving force towards cyber resilience, was recently published earlier this month. The report was produced in partnership with leading industry players including Allianz Global Corporate & Specialty, AXA ... Read the full article