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.
Industrial cyber vulnerability could spell multi-billion dollar loss for re/insurers
23rd August 2019
Analysis by predictive cyber risk modelling firm Kovrr has warned of the potential for a multi-billion dollar loss to the re/insurance industry stemming from a recently discovered vulnerability in the IoT operating system of a major security company. Kovrr modelled two scenarios in which attackers exploit the URGENT/11 exposure in VxWorks, ... Read the full article
Bermuda to play key role in cyber coverage: Hannover Re’s Rentrup
16th August 2019
Cyber reinsurance is likely to become an increasingly critical area of growth for the Bermuda market, which will play a key role in the development of the coverage, according to Konrad Rentrup, President and Chief Executive Officer at Hannover Re Bermuda. “I can only stress how important this line is for ... Read the full article
NotPetya insured loss could creep 30%+ as tail develops: Johansmeyer, PCS
14th August 2019
The insurance and reinsurance industry loss from the NotPetya cyber-attack has the potential to increase by over 30% as the ongoing development of the event brings the tail into focus, according to Tom Johansmeyer, Co-Head of Property Claim Services (PCS). The NotPetya attack was the first designated cyber catastrophe event under ... Read the full article
InsurTech Corvus expands offering with the launch of Smart Tech E&O
14th August 2019
Boston-based InsurTech, Corvus Insurance has expanded its product line with the launch of Smart Tech E&O, a data-enabled Tech E&O and Cyber Liability policy which helps both brokers and policyholders better predict and prevent risk. The product assists both brokers and policyholders through automated IT security analysis, industry benchmarking and ongoing ... Read the full article
Cyber may force reinsurers to redefine boundaries of war: Capsicum Re
9th August 2019
A new report by specialist reinsurance broker Capsicum Re has contended that cyber perils transcend traditional lines of business and challenge the very concept of war as it has historically been understood by the re/insurance market. Analysts argue that current war exclusionary language has been rendered unfit for purpose, due to ... Read the full article
Failure to screen for silent-cyber exposures could drive significant losses: S&P
8th August 2019
Analysts at S&P Global Ratings have called on insurers and reinsurers to better screen their insurance portfolios for non-affirmative cyber exposures or manage them, warning that failure to do so might result in significant losses in the future. In a recent report, S&P has said that economic and insured losses from ... Read the full article
PCS designates and monitors Capital One data breach
7th August 2019
Following the Capital One hacking and data breach, which is among the largest ever in the banking and financial world, Property Claim Services (PCS) is monitoring the event for cyber catastrophe implications. This is according to PCS Co-Head, Tom Johansmeyer, who told Reinsurance News that this sort of development can take ... Read the full article
Chubb launches new Pro ERM solution
5th August 2019
Insurer and reinsurer Chubb has announced the launch of Pro ERM, a new comprehensive offering which combines Miscellaneous Professional Liability, Media Liability, Cyber Liability, and first-party Cyber coverages with extensive loss mitigation and incident response services. Chubb states that Pro ERM, which combines numerous covers into a single policy, is an ... Read the full article
Capital One cyber breach may have affected other major companies, say researchers
1st August 2019
It's been reported that the alleged hacker behind the Capital One data breach may have also hit other major companies, which if true, could result in the largest cyber loss event the insurance industry has ever seen. On July 29th, 2019 Capital One said that an individual accessed its IT systems, ... Read the full article
Capital One data breach puts $400m insurance tower on-watch
31st July 2019
Capital One, the U.S. and global banking and personal finance group, has disclosed a $400 million cyber insurance tower that the market is now watching closely, following its hacking and loss of data for more than 100 million of its customers. Capital One said on July 29th that an individual accessed ... Read the full article
Markel hires Chris Burgess to head up cyber team in London
30th July 2019
Markel International, the specialist insurer, has announced the appointment of Chris Burgess as Head of Cyber in London. Most recently, Burgess worked as UK Cyber Leader at AIG, where he was responsible for the company’s cyber, technology, Telco, and media professional portfolios, as well as leading global strategies. He has more than ... Read the full article
HSCM-backed insurtech Corvus develops silent cyber offering for cargo
26th July 2019
Corvus Insurance, an AI-driven insurtech MGA backed by ILS and reinsurance investment manager Hudson Structured Capital Management (HSCM), has expanded its product line with an offering that focuses on silent cyber risks posed by cargo insurance policies. The offering, called Smart Cargo + Cyber, will allow brokers and their policyholders to ... Read the full article
Norsk Hydro puts H1 cyber-attack impact at up to $75 million
23rd July 2019
The cyber-attack that hit aluminium manufacturing giant Norsk Hydro in March is expected to result in an overall financial impact of up to $75 million (NOK 650 million), with the majority of the impact being felt in its Extruded Solutions business. For Q1, Norsk Hydro puts the overall impact at between ... Read the full article
Cyber market growth supported by more widely available reinsurance: A.M. Best
11th July 2019
Despite a slowdown on the previous two years, the cyber insurance market continued to expand in 2018, with premium volume exceeding $2 billion for the first time and which is supported by the sector's heavy use of reinsurance, highlights A.M. Best. As the world strives to become truly digital and advanced ... Read the full article
Marriott faces £99mn GDPR fine days after record BA penalty
10th July 2019
Marriott International, the multinational hotel chain, is facing a £99.2 million fine for non-compliance with data protection laws following a 2018 cyber attack that exposed personal data on 339 million guest records. The Information Commissioner’s Office (ICO) notified Marriott of its intentions just days after levelling a record £183 ... Read the full article
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