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.
Specialty cyber analytics and underwriting firm, Envelop Risk launches
16th April 2018
A new global specialty cyber insurance analytics and underwriting company has launched, called Envelop Risk. Envelop Risk announced the launch of its business at the RSA conference in San Francisco, explaining that it provides cyber risk underwriting to insurers and reinsurers, and partners with cyber security companies to deliver bespoke cyber ... Read the full article
Barbican teams up with cyber specialists on ‘One-Step-Ahead’ resilience product
13th April 2018
Barbican Insurance Group has developed a new cyber resilience product in collaboration with specialists TSC Advantage and FICO, called Barbican Cyber ‘One-Step-Ahead’ (OSA). OSA combines software components, on- and off-site training, and detailed evaluation and recommendation reports to help insured organisations assess and improve their overall cyber security measures. Barbican has structured ... Read the full article
Endeavour introduces cyber coverage for physical damage to manufacturers
12th April 2018
Endeavour Insurance Services, a Delegated Authority Specialist and Lloyd’s Broker, has launched a new cyber security product that protects manufacturers from physical damage related to cyber attacks. The new programme, called Ensconce, targets new risks that are arising out of increasingly automated manufacturing processes and the internet of things (IOT), which ... Read the full article
TransRe promotes Geary to head of Cyber Liability team
10th April 2018
TransRe has announced that Elizabeth Geary has been appointed leader of its global Cyber Liability team, replacing recently departed cyber risk head Kara Owens. In her new role, Geary will oversee TransRe’s existing cyber business, and manage all risk analytics relating to cyber exposures. She will also support the development of new ... Read the full article
ISO’s cyber insurance programme implemented in 42 states and U.S. territories
9th April 2018
Verisk ISO's new cyber insurance programme, which features rating information and advisory loss costs along with an array of cover options, has been implemented in 42 states and U.S. territories. The programme is designed to help insurance companies expand into the growing cyber market, which is forecast by Verisk analytics to ... Read the full article
Specialty re/insurers explore avenues into energy sector cyber cover
5th April 2018
Growing cyber threats to the U.S. power grid have led specialty re/insurers in the energy/utility sector to explore avenues to leverage their industry knowledge into areas of profitable - but conservative and controlled - growth in cyber, according to A.M. Best. For the utility sector the threat of cyber attacks has ... Read the full article
Tokio Marine Kiln partners on new cyber security offering
3rd April 2018
Tokio Marine Kiln (TMK) has launched a new insurance and services policy in conjunction with intelligence experts XCYber and Sytorus, which will protect clients from cyber-attacks and offer consultancy on the European Union’s (EU) General Data Protection Regulation (GDPR), which comes into effect in May. The new product, called Cyber Ctrl, ... Read the full article
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
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