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 preparing for “exponential” growth in cyber demand
22nd October 2018
Global reinsurance firm Munich Re has said that it is preparing for “exponential” growth in demand for cyber re/insurance coverage by developing updated, flexible solutions and exploring new technology-based partnerships. In a recent statement, the reinsurer noted that the cyber threat is developing rapidly alongside digitalisation efforts, and is a risk ... Read the full article
AIR develops advanced probabilistic cyber model
22nd October 2018
Global catastrophe risk modeller AIR Worldwide has announced the development of a probabilistic model for cyber risk, which is capable of accounting for security breaches and cloud server provider downtime for global insurance portfolios. The new cyber model from AIR will be included in the firm's latest release of ARC (Analytics ... Read the full article
Liberty adds cyber underwriter to Zurich office
16th October 2018
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has appointed Roland Heinesch to serve in a newly-created cyber underwriter role in its Zurich office. Reporting to Felix Böni, Switzerland General Manager, Heinesch will be responsible for the development of LSM’s cyber book in the region. Prior to joining Liberty in ... Read the full article
Aon & Marsh collaborate with European industry bodies on cyber risk guide
12th October 2018
A group of European industry bodies including BIPAR (European Federation of Insurance Intermediaries), FERMA (Federation of European Risk Management Associations), and Insurance Europe have published a guide to help organisations better evaluate their cyber security posture and need for cyber insurance. The guide, published in association with Aon and Marsh, is ... Read the full article
Generali launches tech startup, introduces cyber platform
10th October 2018
Italian insurance giant Generali has announced the launch of CyberSecurTech, its own technology startup aimed at the provision of innovative cyber risk assessments for its customers. Furthermore, the wholly owned ‘startup’ will support Generali’s newly-launched technology platform Majorana, designed and developed entirely by the group’s team of IT security experts. The introduction ... Read the full article
Silent cyber perceived as a far greater risk than ever before: Willis Towers Watson
5th October 2018
Cyber-related losses are expected to increase across all business lines over the next 12 months while silent cyber continues to pose a massive threat, according to an industry-wide survey conducted by insurance and reinsurance broker Willis Towers Watson (WTW). “The insurance market considers ‘silent cyber’ to be a far greater risk ... Read the full article
Risk modeller Kovrr develops new silent cyber product
4th October 2018
Kovrr, an Israel-headquartered cyber risk modeller, has developed a new silent cyber risk offering that enables insurance and reinsurance carriers to identify uncalculated capital at risk and quantify policy clauses that may leave them liable in the event of a cyber-attack. The product, which Kovrr claims is the first fully integrated ... Read the full article
Munich Re’s BI&I to launch home cyber coverage in Canada
4th October 2018
The Boiler Inspection and Insurance Company of Canada (BI&I), a subsidiary of reinsurer Munich Re, has announced the launch of a new personal lines cyber insurance product for consumers in Canada, called Home Cyber Protection. The product will offer a suit of coverages and services for cyber attacks, cyber extortion, online ... Read the full article
Businesses recognise cyber threat yet 50% lack insurance, reports Travelers
3rd October 2018
Cyber risk is the second biggest concern for business leaders across most industries and more than half believe that suffering a cyber attack is inevitable, according to the latest Risk Index by The Travelers Companies, Inc., yet 50% of businesses still lack any cyber insurance cover. The survey of more than ... Read the full article
Ascent appoints Brit’s Caspar Stops to Head of Cyber
3rd October 2018
Cyber and specialty lines Managing General Agent, Ascent Underwriting, has announced the appointment of Caspar Stops as Head of Cyber. Stops joins from Brit where he served as Global Cyber, Privacy and Technology Underwriter. He previously served at Aegis and Hiscox, also in underwriting roles. Effective at the end of November, Stops ... Read the full article
Guy Carpenter appoints Siobhan O’Brien as Head of International Cyber Centre
1st October 2018
Guy Carpenter & Company, LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has appointed Siobhan O’Brien Head of the Cyber Centre of Excellence for International and Global Specialties, effective October 1. The newly-created role will see O’Brien lead the International Cyber Centre of Excellence and work ... Read the full article
GDPR & cyber concerns hindering UK SME’s Brexit planning: Zurich
28th September 2018
Complex Issues such as GDPR compliance plus concerns surrounding cyber security may be causing the UK’s small medium-sized business to overlook the importance of planning for Brexit, finds broker survey conducted by Zurich. 24% of respondents said that their SME clients now ask them about GDPR on a regular basis. However, regular ... Read the full article
Munich Re develops new cyber reinsurance solution for SMEs
26th September 2018
Munich Reinsurance America, Inc. (Munich Re) has developed a new reinsurance solution for U.S property and casualty (P&C) insurance carriers seeking to provide cyber coverage to their small and medium-sized enterprise (SME) clients. The new cyber solution will provide reinsurance capacity for limits up to $15 million, as well as technical ... Read the full article
G20 Insurance Forum to outline insurers’ role in tackling global challenges
26th September 2018
A series of discussions are due to take place in Argentina this week as the G20 Insurance Forum examines the role of insurers in tackling global challenges. The forum’s first session will examine insurers’ role in boosting resilience and stability in society, and the part insurers play in food security and ... Read the full article
Boost Insurance launches Paladin Cyber InsurTech program
26th September 2018
Boost Insurance, a recently established InsurTech development platform, has announced the launch of its first InsurTech program, Paladin Cyber. Boost said that, by utilising its technology and end-to-end insurance infrastructure, Paladin’s admitted, multi-state SMB cyber program was brought to market in just four and a half months, which compares with an ... Read the full article
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