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.
Capsicum Re launches New York cyber hub, led by Patrick Bousfield
5th June 2018
Specialist reinsurance broker Capsicum Re has extended its cyber presence to New York with the launch of a new cyber hub, which will be led by Patrick Bousfield, who has been promoted to Executive Director. Rupert Swallow, Chief Executive Officer (CEO) of Capsicum Re, said: “The cyber team has received overwhelming ... Read the full article
Beazley splits specialty lines into two divisions led by Eaton and Donovan
4th June 2018
Specialist and Lloyd’s focused re/insurer Beazley plc has completed a split of its specialty underwriting unit into two separate divisions, which places the cyber risk practice at the firm outside of specialty risks and into a new unit aligned on technology, media, business and management liabilities. Beazley has been reorganising its ... Read the full article
Chubb expands cyber offering, signs up to CyberCube
1st June 2018
Chubb, the world’s largest publicly traded property and casualty insurer, has rolled out comprehensive new protections for its policyholders against cyber-related incidents. Following its agreement with CyberCube, a leading provider of cyber risk analytics for the insurance industry, Chubb is able to leverage the firms’ analytical capabilities to supplement their ability ... Read the full article
Cyber insurance must tackle ‘hidden costs’ of franchise value impact: JLT Re
1st June 2018
JLT Re has reported that cyber re/insurance must be expanded to better account for the ‘hidden costs’ of franchise value impact following a cyber breach, which often outstrip the reported losses of affected organisations by mid to high single-digit multiples. Many re/insurers already offer cyber liability policies that account for reputational ... Read the full article
Envelop Risk adds former XL CEO Brian O’Hara to Board of Directors
31st May 2018
Envelop Risk, a global specialty cyber re/insurance analytics and underwriting firm, has appointed Brian O’Hara, former Chairman and Chief Executive Officer (CEO) of XL Capital Ltd (now XL Group), to its Board of Directors. O’Hara served as President and CEO of XL from 1994 until 2008, and as Chairman of XL’s ... Read the full article
GDPR will drive surge in new cyber claims, reports AIG
30th May 2018
The European Union’s (EU’s) General Data Protection Regulations (GDPR) are expected to result in a further surge in data breach and other security failure insurance claims, according to a new study by AIG Europe. The cyber re/insurance industry already experienced a record-breaking year in 2017, receiving as many cyber claim notifications ... Read the full article
Cyber market faces pricing challenges despite steady growth, reports A.M. Best
30th May 2018
A.M. Best has reported that the cyber re/insurance market currently faces a challenging pricing environment, although the sector continues to exhibit steady growth and capacity generally remains plentiful. In most cases, A.M. Best found that re/insurers seem willing and able to offer capacity but reluctant to have cyber constitute a significant ... Read the full article
Silent cyber drives Petya loss to $2.7 billion, says PCS
23rd May 2018
The insurance and reinsurance industry loss from the Petya / NotPetya cyber attack continues to rise as a result of silent cyber exposure, with the loss now viewed as high as $2.7 billion by Property Claim Services (PCS), reports Artemis. According to Tom Johansmeyer, Co-Head, PCS Strategy & Development at ISO, ... Read the full article
IUA launches reinsurer focused cyber group
23rd May 2018
The International Underwriting Association (IUA) has announced the establishment of the IUA Cyber Reinsurance Committee, a new group focused on the concerns of reinsurers with regards to cyber risk. Building on the activities of the IUA's existing Cyber Underwriting Group, the new committee has been launched to consider the specific concerns ... Read the full article
One third of brokers lack understanding of cyber risks: DAS UK Group
16th May 2018
Although a majority of UK brokers consider cyber to be an important and rapidly expanding market, 31% also admit that they possess ‘poor’ or ‘very poor’ understanding of cyber risks and cyber insurance, according to a survey by DAS UK Group and HSB Engineering Insurance. DAS and HSB considered these results ... Read the full article
Fierce competition leads to buyers market for cyber re/insurers: Fitch
16th May 2018
Profitable results in the fast-growing cyber space have led to fierce competition and a buyers market, with renewal rates expected to suffer, according to Fitch Ratings. Fitch observed that cyber continues to represent a significant growth opportunity for U.S property & casualty (P&C) re/insurers, driven by increasingly high-profile cyber-attacks and regulatory requirements. In ... Read the full article
Silent risk the key impediment to cyber re/insurance market growth: X-Analytics
14th May 2018
A recent study by X-Analytics has revealed that silent cyber risks are one of the major impediments to growth in the cyber re/insurance market, and that measurement of cyber risk in general is highly deficient among both customers and the wider re/insurance industry. Non-affirmative cyber, or silent cyber, refers to instances ... Read the full article
Berkshire Hathaway won’t be a pioneer in cyber insurance: Warren Buffett
5th May 2018
Speaking at the annual shareholders meeting of his conglomerate Berkshire Hathaway Inc. today, Warren Buffett said that he doesn't believe anyone understands cyber risk well enough today, so his firm will not seek to be a pioneer in underwriting cyber insurance. Cyber risks are seen as an enormous opportunity by many ... Read the full article
Growing cyber market presents both opportunities and risks, reports PwC
2nd May 2018
PwC has reported that although cyber re/insurance remains a rapidly growing, fertile sector for re/insurers, there are also significant risks and downside potential to writing this business, such as limitations in historical data and uncertainties in accumulation risk. Companies are becoming increasingly aware of potential cyber threats and associated risk mitigation ... Read the full article
Guy Carpenter works with CyberCube on new cyber risk modelling platform
1st May 2018
Guy Carpenter & Company has entered into a formal license agreement with CyberCube Analytics following a two year strategic partnership that delivered the industry’s first cyber risk modelling platform with an inside-out view of cyber exposure. CyberCube, which was formerly part of Symantec Corporation and is backed by investment from Trident ... Read the full article
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