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.
Cyber risk management lags behind growing threat to business: Marsh, Microsoft
16th February 2018
Although the majority of senior executives view cyber as a top risk management priority, few organisations are confident in their ability to manage the risk of a cyber-attack, according to a survey by Marsh and Microsoft that highlighted ways in which risk management is falling behind in cyber risk mitigation ... Read the full article
Cyber offerings and demand for protection to increase in 2018: Fitch
12th February 2018
The increasing number of data breaches has seen property and casualty re/insurers' advance their efforts to offer much-needed cyber protection for their clients, and throughout 2018 Fitch Ratings expects firms' to expand their offerings in the cyber space as demand spikes. According to the Identity Theft Resource Center and Cyber Scout, the ... Read the full article
Validus Specialty expands cyber offering with new standalone solution
8th February 2018
Validus Specialty, the cyber and technology insurance unit of Validus Specialty Underwriting Services, Inc., has released a new cyber solution that focuses on privacy and network protection. Further expanding its cyber insurance offering, Validus Specialty has launched a new standalone cyber insurance solution designed to meet the challenges faced by U.S. ... Read the full article
Cyber re/insurance is already rapidly maturing: PCS
7th February 2018
The budding cyber insurance and reinsurance industry is already in the process of rapidly maturing with policy limits currently five times larger than those of just 4-5 years ago, according to loss trends highlighted in a new PCS report. 2017 became the most active year for cyber risk losses in market ... Read the full article
Cisco, Apple, Aon, & Allianz introduce new cyber cover for businesses
6th February 2018
Cisco, Apple, Aon and Allianz have collaborated to launch a new cyber risk management solution for businesses which combines cyber resilience evaluation services from Aon, the most secure technology from Cisco and Apple, and options for enhanced cyber insurance cover from Allianz. The new solution is designed to improve firms' management ... Read the full article
Willis Towers Watson names Tim Rees as new cyber leader
5th February 2018
Willis Towers Watson has expanded its UK cyber unit with the appointment of Tim Rees as Client Engagement and Strategy Leader for the UK Cyber Risk Solutions business. Based in London and reporting to Anthony Dagostino, Global Head of Cyber Risk, Rees will be responsible for developing the firm's integrated approach ... Read the full article
IUA calls for national authorities to help address cyber issues
1st February 2018
The International Underwriting Association’s Cyber Underwriting Group (IUA) has called for registry of claims data in a new report that highlights the need for national authorities to help address some cyber threat issues and raise awareness of liabilities. The re/insurance industry is struggling to keep up in responding to the rapid ... Read the full article
Munich Re member firm The Hartford Steam Boiler expands cyber offer
29th January 2018
Munich Re member firm The Hartford Steam Boiler, has expanded its cyber offer with the launch of a comprehensive cyber insurance cover designed for mid-sized businesses, HSB Cyber Suite. HSB Cyber Suite combines a range of cyber insurance covers and services for data breach, identity theft and cyber attacks, including malware, viruses, ... Read the full article
Pockets of re/insurance growth remain despite largely flat 1/1 rates: S&P
26th January 2018
Much of the hype around significant pricing gains for reinsurers at the January renewals has faded as demand overall was flat to marginally up, but hope remains for some higher demand from regional insurers focused on Florida and the Caribbean, as well as U.S. mortgage credit risk and other emerging ... Read the full article
Beazley adds cyber breach advisory services to breach response cover
25th January 2018
Beazley has added post-breach consultation and remediation services to its Beazley Breach Response (BBR) cover for small and mid-sized policyholders in the U.S., in conjunction with its specialist advisory subsidiary Lodestone Security. The expanded cover provides up to 100 hours post-breach consultation services to help policyholders who have suffered unauthorized access or ... Read the full article
Preservation Capital completes Ascent Underwriting acquisition
25th January 2018
Preservation Capital Partners has completed its acquisition of cyber and specialty lines managing general agent (MGA), Ascent Underwriting, having received approval from the Financial Conduct Authority (FCA). Under the transaction, the existing Ascent management team will retain a substantial shareholding in the company, and will continue to manage the business through ... Read the full article
Cloud service provider failure could cost $15bn, says Lloyd’s
23rd January 2018
A new report from the Lloyd's of London insurance and reinsurance market in collaboration with catastrophe risk modeller, AIR Worldwide, reveals that businesses in the U.S. could lose as much as $15 billion were a leading cloud service provider to experience a downtime of at least three days. The new report, ... Read the full article
Barbican partners with FICO to offer cyber risk assessment tool
22nd January 2018
The Barbican Insurance Group has partnered with software analytics provider FICO to offer a cyber threat monitoring and vulnerability assessment solution, the FICO Enterprise Security Store Portrait (FICO ESS Portrait). Barbican will now provide all its cyber insurance clients with a free subscription to the product. Graeme King, business group leader for ... Read the full article
Cyber-attack more of a threat to re/insurance industry than nat cats, warns Inga Beale
19th January 2018
The re/insurance industry's biggest threat is no longer natural disasters but successful cyber-attackers, and companies across all sectors must do more to defend themselves against the growing cyber threat, warns Lloyd's of London Chief Executive Officer (CEO), Inga Beale. Speaking at the Asian Financial Forum, Beale highlighted the potentially huge costs ... Read the full article
BI, cyber & larger nat cat losses top global business risks in 2018: Allianz
19th January 2018
Business interruption (BI), cyber incidents and larger losses from natural catastrophe events are the top three business risks globally in 2018, according to the latest Allianz Risk Barometer. The Allianz 2018 Risk Barometer, which includes responses from over 1,900 risk experts from 80 countries, ranks BI as the number one business ... Read the full article
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