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.
XL Catlin and RedSeal launch risk analysis tool for cyber insurers
29th March 2018
Insurer and reinsurer XL Catlin and RedSeal have launched a risk analysis tool for cyber insurers with a dynamic measure of resilience to gauge risk and improve cybersecurity and insurance terms. The risk analysis objectively measures a network's resilience to help underwriters more thoroughly evaluate their clients’ risks over time, while ... Read the full article
Markel hires Kara Owens from TransRe to lead global cyber
28th March 2018
Markel Corporation has named Kara Owens as Managing Director of its Global Cyber Executive, set to head up the firm's enterprise-wide cyber liability strategy and develop best practices for cyber re/insurance products in all Markel divisions with underwriting teams. In her new role, Owens will be based in New York and ... Read the full article
CyberCube Analytics launches cyber risk modelling platform
26th March 2018
CyberCube Analytics, which is backed by investment from Trident Capital Cybersecurity and technology from Symantec Corporation, recently announced the launch of its first product, a new cyber risk modelling platform. CyberCube has announced the availability of its risk-modelling platform, which processes terabytes of unique data sets and applies multidisciplinary analytic methods. Alberto ... Read the full article
Hiscox launches cyber industry loss warranty (ILW) product
15th March 2018
Global insurer and reinsurer Hiscox has announced the launch of a first-of-its-kind cyber industry loss warranty (ILW) product within its Hiscox Re & ILS division, designed to improve re/insurers understanding of cyber tail risk. The new solution responds to an accumulation of cyber losses throughout the year, and can act as ... Read the full article
Big data, cyber security, and AI top InsurTech trends: Survey
15th March 2018
Top insurance trends where InsurTech is expected to make its mark in the next three years were identified in an Infosys market survey as big data for customer insight and wallet share, cyber security for data protection and compliance, artificial intelligence (AI) for underwriting and automation, and technology for business ... Read the full article
Barbican strengthens cyber cover with incident response & phishing simulation
13th March 2018
Barbican Insurance Group has strengthened its cyber insurance cover by providing incident response exercises and phishing simulation as part of the overall package to be delivered through risk and cybersecurity consulting firm, TSC Advantage. Read the full article
Written premium for commercial cyber liability to reach $6.2 billion by 2020
9th March 2018
Written premium for the commercial cyber liability market is estimated to reach $6.2 billion by 2020 with annual take-up rates forecast to grow by 20 to 30% over the next several years, according to Verisk Analytics. Maroun Mourad, President of commercial lines at Verisk's ISO business, said cyber liability risk is rapidly ... Read the full article
RMS announces launch of re/insurance industry’s first probabilistic cyber risk model
7th March 2018
Global catastrophe risk modeller RMS recently announced the launch of RMS Cyber Solutions Platform v3.0, the re/insurance industry's first probabilistic model for cyber loss. The new platform is RMS' third generation of its cyber model, and has been renamed to Cyber Solutions Platform 3.0 to reflect its expanded functionality. RMS announced the launch ... Read the full article
GFIA calls for more resilient and widespread cybersecurity
7th March 2018
The Global Federation of Insurance Associations (GFIA) has published a paper that details a number of challenges the cybersecurity and cyber insurance industries currently face, and which proposes some solutions moving forward. GFIA notes that cyber risk is a rapidly evolving global issue. It suggests that growing connectivity and supply chain ... Read the full article
Swiss Re & Argo backed cyber insurer Coalition raises $10 mn
1st March 2018
Swiss Re and Argo backed cyber insurer Coalition has raised $10 million in Series A funding from leading technology investors including Vy Capital, Ribbit Capital, Valor Equity Partners, Sam Altman (President, Y Combinator), and Deep Nishar (Senior Managing Director, Softbank Vision Fund). Proceeds from the funding will be used to grow Coalition’s ... Read the full article
RMS names Adam Sandler as Head of Underwriting, Cyber and Model Solutions
28th February 2018
Risk modeller RMS has named Adam Sandler as Head of Underwriting, Cyber and Model Solutions, set to oversee the expansion of RMS business in cyber, data, underwriting and models solutions with a focus on digital risk and underwriting transformation. Sandler joins from QBE North America, where he was Senior Vice President and ... Read the full article
Cyber re/insurance market “frustratingly immature”: Inga Beale, Lloyd’s
27th February 2018
Lloyd's Chief Executive Officer (CEO) Inga Beale, told delegates at the Organisation for Economic Cooperation and Development (OECD) conference in Paris recently that the cyber insurance and reinsurance market remains "frustratingly immature" and highlighted partnerships as the best way to tackle the risk. “In 2016, the stand-alone cyber market reached an estimated ... Read the full article
Cybercriminals steal up to 1% of global GDP in 2016: CSIS, McAfee
27th February 2018
Cybercrime ranks third in dollar value as a global scourge leaving losses of close to $600 billion annually, or about 1% of global GDP a year, according to a joint Centre for Strategic and International Studies (CSIS) and McAfee report, making cyber risk re/insurance and mitigation more pertinent than ever ... Read the full article
Willis Towers Watson launches cyber solution for aviation industry
27th February 2018
Willis Towers Watson has launched a tailored cyber insurance solution for the general aviation industry, Willis Towers Watson Aerospace Cyber Guard. The product is available to North American-based general aviation companies, including charter operators, tour operators, flying clubs, flight schools, fixed-based operators, maintenance repair operators, small aviation-related manufacturing and fleet management ... Read the full article
Cyber incidents evolving and becoming more sophisticated: Beazley
20th February 2018
Specialist insurer Beazley has released its 2018 Breach Briefing, which explores the evolving cyber risk landscape and highlights a number of growing threats to businesses around the world, further supporting the need for affordable and effective cyber risk insurance and reinsurance solutions. Over the past year Beazley helped clients manage 2,615 ... Read the full article
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