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.
Global cyber attack could cost businesses almost $200bn, finds study
4th February 2019
The global re/insurance industry is underprepared for the impact of a single large-scale ransomware cyber attack, which could cost businesses as much as $193 billion, according to a new study by the Cyber Risk Management (CyRiM) project. The report modelled an attack that infects 30 million devices worldwide and forces companies ... Read the full article
Cyber and business interruption top global risk rankings: Allianz
1st February 2019
Cyber incidents and business interruption (BI) are tied as the most concerning risks for global businesses in 2019 and beyond, according to the results of the latest Allianz Risk Barometer report. The annual survey by Allianz, which questioned 2,415 experts from 86 countries, found that 37% of respondents identified cyber as ... Read the full article
PRA calls for silent cyber action from Lloyd’s, UK insurers
31st January 2019
The Prudential Regulation Authority (PRA) believes Lloyd's and the wider UK insurance industry can do more to ensure the effective management of affirmative and non-affirmative (silent) cyber risk exposures, ordering firms to develop an action plan in the first half of 2019, with clear milestones and dates by which action ... Read the full article
Cyber risk could cost businesses $5.2tr within five years: Accenture
22nd January 2019
Professional services firm Accenture says that, over the next five years, companies worldwide risk losing an estimated $5.2 trillion in value creation opportunities from the digital economy—almost the size of the economies of France, Italy and Spain combined—to cyber attacks. Today, many of the base Internet protocols—the set of rules embedded ... Read the full article
Hiscox Re and MS&AD invest in AkinovA’s electronic marketplace
16th January 2019
Hiscox Re and MS&AD have made investments in digital insurtech firm AkinovA to support the development of its electronic marketplace for the transfer and trading of re/insurance risk. AkinovA claimed that the investments would further accelerate its progress ahead of the marketplace’s launch. The company is currently building its marketplace in collaboration ... Read the full article
International discord hindering ability to tackle global risks: WEF
16th January 2019
Deteriorating international relations are hindering the world’s ability to foster collective action and tackle the most serious global risks, according to the World Economic Forum (WEF). The Forum’s Global Risks Report 2019 said that international cooperation looks set to worsen further over the coming year, with experts identifying rising geopolitical and ... Read the full article
CFC expands cyber policy to include business interruption
9th January 2019
London-headquartered specialist insurer CFC has expanded its cyber insurance offering to include business interruption triggered by an IT system failure as well as a malicious event. Also included in the updated policy is full supply chain business interruption cover, extending to events that impact the insured’s systems, the systems of technology ... Read the full article
Reinsurers speculate over nature of Marriott cyber loss: Johansmeyer, PCS
24th December 2018
Following the major cyber attack and resulting data breach of one of the Marriott hotel chain’s reservation systems, Reinsurance News spoke with the Co-Head of Property Claim Services (PCS), Tom Johansmeyer, about the nature of the event and expected industry loss. The breach, announced on November 30th, led the insurance ... Read the full article
Cyber risk biggest threat to European business as attacks surge: WEF
21st December 2018
The World Economic Forum (WEF) has identified cyber risk as the biggest threat to doing business in Europe following a survey that revealed a surge in cyber attacks over the first half of 2018. Estimates suggest that the number of cyber attacks across Europe increased by around a third in 2018. The ... Read the full article
Marriott breach cyber industry loss could be up to $600m: AIR
18th December 2018
The insurable loss from the recent major cyber hack and resulting data breach of one of the Marriott hotel chain’s reservation systems could rise to as much as $600 million, according to AIR Worldwide. AIR estimates that the insurable loss from the Marriott breach will be between $200 million and $600 ... Read the full article
Mondelez’s NotPetya cyber attack claim disputed by Zurich: Report
17th December 2018
A significant cyber insurance claim related to the Petya / NotPetya malware attack is being disputed by insurer Zurich, as the policy language includes an exclusion for hostile acts by sovereign actors. The NotPetya ransomware, a variation of Petya, hit companies around the world, interrupting their business through systems being out ... Read the full article
TigerRisk to adopt AIR’s cyber risk modelling platform
14th December 2018
Reinsurance brokerage, risk and capital strategic advisory firm TigerRisk Partners LLC has announced that it plans to adopt catastrophe risk modeller AIR Worldwide’s cyber risk analytics platform, ARC. TigerRisk intends to grow its cyber risk reinsurance offering using the platform, which is designed to inform risk selection, pricing, portfolio management and ... Read the full article
Cyber not included in Australia’s terrorism reinsurance pool
13th December 2018
With the Australian Cyber Security Centre considering the current risk of terrorist groups using a cyber-attack to impact Australia’s interests and security as low, the threat has not been included in the country’s terrorism reinsurance pool. The Australian Reinsurance Pool Corporation (ARPC) was set up in 2003 to correct a market ... Read the full article
AkinovA adds Tokio Marine’s Daljitt Barn to Advisory Board
13th December 2018
AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has announced the addition of Daljitt Barn to its Advisory Board. Barn is the Global Head of Cyber Risk for Tokio Marine Group and an industry leader in cyber insurance and cyber risk, combining insurance value-chain expertise with a ... Read the full article
Sompo International expands U.S cyber insurance capabilities
11th December 2018
Bermudian property and casualty re/insurer Sompo International Holdings has announced an expansion of its cyber insurance capabilities with the introduction of a U.S team focused on cyber offerings, an enhanced cyber and professional liability product, and an expanded suite of cyber risk management services. The new U.S-based underwriting team will be ... Read the full article
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