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.
NAIC’s new security model to improve U.S. insurance sector’s cyber risk management: Fitch
4th September 2017
Fitch Ratings expects the National Association of Insurance Commissioner's (NAIC) recently approved Insurance Data Security Model Law to drive more rigorous cyber risk management in the U.S. insurance sector, but does warn of the potential for increased compliance costs. The NAIC has sought to establish industry standards for data security that will ... Read the full article
Chubb releases new cyber cover policies
31st August 2017
In response to increasing demand for cyber protection as threat of systemic cyber attacks grows, Chubb has released two new policy forms Cyber Enterprise Risk Management (Cyber ERM) and DigiTech® Enterprise Risk Management (DigiTech® ERM). The new policies combine cyber cover with extensive loss mitigation and incident response services, to provide clients ... Read the full article
Aggressive action needed to tackle cyber risk as a property issue: Lockton
25th August 2017
Events like the recent WannaCry ransomware attack show just how far-reaching a cyber attack can be, and cyber's ability to impact property insurance lines is expanding and needs to be addressed, according to Lockton's property risk cyber expert in New York, Jared Wosleger. "Just one cyber event can cause multiple losses in ... Read the full article
Ironshore to offer cyber claims response for any business line
24th August 2017
Specialty property and casualty insurer and part of the Liberty Mutual group Ironshore has announced the formation of a computer emergency response team to better manage cyber claims across all of its business lines. In a clear indication that cyber risks are inherent in a multitude of insurance and reinsurance lines, ... Read the full article
Cyber insurance rates decline on capacity increase
24th August 2017
Cyber insurance rates and prices in the United States declined for the second consecutive quarter in Q2 2017, as the increasing availability of capacity targeting cyber liability underwriting influences the market. According to the latest quarterly look at global insurance rates by broker Marsh, the cyber risk underwriting segment has just ... Read the full article
Pioneer launches new suite of cyber coverages for allied healthcare entities
23rd August 2017
Pioneer Special Risk has launched a new suite of cyber solutions that provides allied healthcare entities with protection against a range of digital exposures. The cyber risk landscape is one of the most rapidly advancing and changing exposures in the global insurance and reinsurance industry, with breaches having the potential to ... Read the full article
Munich Re releases cyber exposure cover for oil & gas sector
21st August 2017
Munich Re's syndicate at Lloyd's of London has expanded its cyber solutions to include cyber exposure cover for the independent oil and gas sector, which goes beyond traditional data breaches to cover physical losses or expenses associated with cyber-attacks. The operational and financial complexity of this particular sector presents growing threats to ... Read the full article
Ransomware attacks up by 50% in H1 2017: Beazley
7th August 2017
Insurer Beazley has said that during the first six months of this year ransomware attacks increased by 50% when compared with the previous year, with accidental breaches also continuing to drive a significant volume of losses. The insurer has released its H1 2017 Beazley Breach Insight report, which, based on its ... Read the full article
Beazley Ireland prepares to expand cyber lines as demand grows
4th August 2017
Increasing demand for high quality cyber insurance is opening up attractive growth opportunities across Beazley Ireland's specialty lines portfolio. This comes against a backdrop of stifled demand for the more traditional catastrophe exposed risk lines, Beazley said in its H1 2017 results report. Data breach handling regulations tightening and increased awareness among ... Read the full article
Brokers must educate SMEs on rising security threats: A.J. Gallagher
1st August 2017
A report commissioned by Arthur J. Gallagher (A. J. Gallagher) reveals how unprepared UK small and medium-sized enterprises (SMEs) are to manage and respond to rising security threats, calling on the broker community to improve awareness and education of the exposures. UK SMEs are becoming increasingly aware of security threats to ... Read the full article
JLT Re names Ben Gray as new London & International Cyber Treaty partner
31st July 2017
JLT Re has named Ben Gray as a new Partner in the firm's London and International Markets (LIM) team, where his main focus will be on Cyber Treaty reinsurance. Gray brings extensive experience in the Cyber Treaty reinsurance brokerage space, joining from a position as Cyber Treaty broker with Ed, prior ... Read the full article
Economy, insurance penetration, cyber to drive Asia reinsurance demand: Fitch
31st July 2017
The continuing and often accelerating expansion of Asian economies, as well as the growth of their domestic insurance markets, are anticipated to be the two key drivers of reinsurance demand in the Asian region, according to Fitch Ratings. Citing a "robust expansion" of Asian economies and their local insurance markets, Fitch ... Read the full article
XL Catlin’s Cyber & Data Protection cover launches in Asia-Pacific
26th July 2017
Global insurer and reinsurer, XL Catlin, has launched its Cyber and Data Protection Insurance policy in the Asia-Pacific, as companies across the region find themselves increasingly vulnerable to more sophisticated cyber threats. The new policy is designed to protect businesses across the Asia-Pacific from business interruption as a result of a network compromise and ... Read the full article
Collaboration between re/insurers & cyber modellers a “positive step” says A.M. Best
26th July 2017
In light of a recent cyber risk report produced by the Lloyd's of London marketplace and cyber risk analytics firm, Cyence, rating agency A.M. Best has welcomed the collaborative effort to improving the understanding and management of cyber risk, describing the report as "a positive step forward." The report, Counting the ... Read the full article
Inaugural IFTRIP a defining moment for terror risk pools: Pool Re’s Enoizi
21st July 2017
Speaking ahead of the inaugural International Forum of Terrorism Risk Pools' (IFTRIP) conference, held in Paris on June 28th, 2017, Pool Re Chief Executive Officer (CEO), Julian Enoizi said that as the first formal collaboration event between the world's terrorism re/insurance entities it would be a defining moment for national ... Read the full article
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