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.
Munich Re views cyber as an opportunity for “sustainable new business”: Jurgen Reinhart
30th May 2019
Munich Re wants to help the re/insurance industry approach the cyber challenge as an opportunity for “sustainable new business,” rather than as an insurmountable obstacle to be overcome. This is according to Jurgen Reinhart, Munich Re’s Chief Underwriter for Cyber, who told Reinsurance News that the company was “ready to accept ... Read the full article
Hiscox launches London market cyber product
30th May 2019
Global re/insurer Hiscox has announced the launch of CyberClear365, a new London Market cyber product. CyberClear365’s cover includes first-party incident costs such as regulatory response, bricking for disabled electronic devices and a reward fund. In the event of a claim, CyberClear365 offers assured mitigation coverage and a percentage excess discount if Hiscox ... Read the full article
Beazley adds cyber cover to media, tech industry insurance policy
29th May 2019
Specialist insurer Beazley has incorporated cyber coverage into its MediaTech insurance policy as it looks to protect businesses against new and evolving forms of risk. The Beazley MediaTech policy has been streamlined to provide clear and concise wording and seamless protection, says Beazley, combining errors and omissions (E&O) and media liability ... Read the full article
CFC launches cyber insurance platform
28th May 2019
Specialist insurer CFC Underwriting has announced the launch of a new cyber insurance platform that enables brokers to access and “self-serve” the company’s cyber insurance products for SME clients. The platform will be available on 1 June 2019. Developed by CFC’s in-house technology and innovation team, the platform reportedly boasts an ... Read the full article
Reports of ransomware attacks surged 105% in Q1: Beazley
28th May 2019
Ransomware attacks surged 105% in the first three months of 2019 when compared against the same period in 2018, with attackers shifting their focus to larger organisations able to pay high ransom amounts, according to a report by Beazley. While ransomware-as-a-service (RaaS) attacks remain commonplace and tend to hit unsuspecting small ... Read the full article
CNA Hardy bolsters cyber offering with new pre-breach partnership
20th May 2019
Specialist commercial insurer CNA Hardy has announced a partnership with GamaSec, a cyber-security firm, in a move designed to strengthen policyholders’ resilience and preparedness to cyber threats. The addition of GamaSec, which offers a pre-breach tool designed to prevent cyber attacks, joins a suite of partner services already available including penetration ... Read the full article
Munich Re member firm HSB announces cyber cover for farmers
17th May 2019
Munich Re member firm The Hartford Steam Boiler has announced a new cyber solution designed to help protect farmers and farm technology from hackers, malware and other cyber attacks. HSB Farm Cyber Insurance protects farmers against cyber attacks involving computers and electronic devices located on the farm premises, including the farm ... Read the full article
Beazley develops affirmative cyber cover for marine risks
15th May 2019
Specialist insurer Beazley has developed a new affirmative cyber insurance product for the marine space, designed to protect vessel owners and operators. The product, called Beazley Cyber Defence for Marine, will provide insurance for physical damage and loss of hire in the event that a cyber incident impacts a vessel’s operational ... Read the full article
AXIS partners with cyber startup accelerator CyLon
14th May 2019
Bermuda-based insurance and reinsurance firm AXIS Capital Holdings has announced a new partnership with cyber security startup accelerator CyLon. The partnership, which aims to inform and educate cyber security startups on the threats and opportunities unique to the space, will see the two firms work together with startups entering the CyLon ... Read the full article
SCOR CEO calls for cyber ‘Richter scale’: reports
13th May 2019
The re/insurance industry must act together with the relevant authorities and design a common, global scale with which to accurately assess cyber loss events, according to Denis Kessler, the Chief Executive of French reinsurance giant SCOR. “It would be very helpful to have measurement and modeling tools,” Kessler added, suggesting something ... Read the full article
CNA Hardy adds new features to cyber offering
13th May 2019
Specialist commercial insurer CNA Hardy has added a number of features to its cyber proposition, including a new pre-breach service and additional coverages. The company’s policy now includes cover for impersonation fraud and social engineering, which it considers to be one of the biggest exposures for businesses. Existing and new policyholders in ... Read the full article
Munich Re partners with Curv on digital asset insurance
10th May 2019
Munich Re has announced a new partnership with Curv, a cryptography firm for the digital economy, to provide insurance protection of up to $50m for digital assets in Curv's Institutional Digital Asset Wallet Service. The arrangement will provide Curv with the financial capability to pay for losses of crypto assets, with ... Read the full article
Arch Insurance steps into cyber market with SME product
30th April 2019
Arch Insurance (UK), a division of Arch Insurance International, is entering the cyber insurance market with ‘Cyber Searchlight’, a product designed for small to medium enterprise (SME) clients. Due to be launched at BIBA 2019, Cyber Searchlight aims to provide policy structures more appropriately suited for the needs of SMEs in ... Read the full article
Norsk Hydro updates cyber attack loss estimate to $52mn
30th April 2019
Norwegian aluminium manufacturer Norsk Hydro has provided an updated loss estimate of NOK 400-450 million (USD $46-52 million) for the cyber attack in March that caused major disruption to its operations. Norsk Hydro had previously disclosed that it expected to lose 300-350 Norwegian crowns (USD $35-41 million) for the first ... Read the full article
Cyber insurance surges as risk awareness grows: Marsh report
29th April 2019
Over the last five years, the number of Marsh’s US clients purchasing cyber insurance has doubled, from 19% in 2014 to 38% in 2018, according to a new report by the global re/insurance broker. The report indicates that as risk awareness has grown, cyber insurance products have evolved to address a ... Read the full article
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