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.
9% of banks global net income at risk from cyber: IMF’s Christine Lagarde
25th June 2018
The International Monetary Fund (IMF) has introduced a new cyber risk model and loss estimation system to assess the potential impact of cyber-attacks on the world’s financial institutions. The findings highlight a number of remaining hurdles that must be cleared to ensure an adequate level of security within the sector. By leveraging ... Read the full article
Everest offers discounted cyber policy to Center for Internet Security members
21st June 2018
Everest Insurance has announced a joint initiative with the Center for Internet Security (CIS) to offer a premium discount on its new Everest Cyber Elevation Policy to eligible CIS SecureSuite members. CIS is a non-profit entity that uses a global IT community to safeguard private and public organisations against cyber threats. Over ... Read the full article
Barbican adds Lauren Webb to cyber underwriting team
19th June 2018
Barbican Insurance Group has appointed Lauren Webb as a Class Underwriter for cyber within its team at Lloyd’s Syndicate 1955. Webb has 14 years’ underwriting experience, 7 of which have been in the cyber insurance sector, and joins Barbican from Chubb, where she most recently served as London Cyber Underwriting Manager. She ... Read the full article
Beazley launches updated InfoSec cyber policy
18th June 2018
Beazley has launched an enhanced version of its Beazley InfoSec policy to ensure its large business clients remain protected against the evolving nature of cyber exposures. When Beazley's policy was first launched in 2006, policyholders were mainly concerned with third party exposure from the loss of personal customer data, but, more recently, ... Read the full article
Concern for industry’s underdeveloped cyber-risk offerings: Airmic survey
18th June 2018
A new survey by Airmic indicates that, as cyber-related risks emerge as one of the greatest perceived threats amongst risk managers, many feel that the industry must increase its own understanding and further develop offerings to clients. The survey, which represents approximately 1100 Airmic members and nearly 500 different companies, placed ... Read the full article
Beazley considers GDPR implications of Dixons Carphone data breach
13th June 2018
Beazley has considered the potential General Data Protection Regulation (GDPR) implications of a recently reported data breach at Dixons Carphone, which involved 5.9 million payment cards and 1.2 million personal data records. Dixons Carphone said there was no evidence that any of the cards had been used fraudulently following the breach, ... Read the full article
Cyber insurance premiums to dominate by 2021, says Aon
8th June 2018
By examining insurance purchased by corporate, public sector and not-for-profit organisations between 2013 and 2017, Aon Inpoint - Aon’s data, analytics, engagement and consulting team - has predicted that by 2021 the most rapid growth of premiums will be seen in cyber insurance products, with a global market worth estimated at ... Read the full article
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
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