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.
Nearly a third of U.S. businesses experienced a data breach: Survey
13th December 2017
According to a recent survey for The Hartford Steam Boiler Inspection and Insurance Company (HSB), a division of global reinsurer Munich Re, 29% of U.S. businesses experienced a data breach in the previous year. The survey was conducted by Zogby Analytics for HSB, as part of a continuing effort by HSB ... Read the full article
Hiscox sets up virtual business unit to drive cyber innovation
7th December 2017
Hiscox has set up a virtual Business Unit (vBU) to pool the expertise of its group of 70 cyber staff to enhance collaboration and drive progress in the cyber sector. Hiscox said the cyber vBU will provide dedicated cyber resource and be responsible for ensuring a consistent Group-wide approach to product ... Read the full article
Ascent expands cyber solution for medical billings cover
7th December 2017
Specialist niche-product managing general agent, Ascent Underwriting, has enhanced its CyberPro Regulatory Billings product to offer protection from social engineering and computer crime, and also now offers its cyber cover on a nil deductible basis. When first launched in 2014, the product offered financial protection against U.S. healthcare billing and coding regulation ... Read the full article
Swiss Re Corporate Solutions & Argo Group back cyber insurer Coalition
6th December 2017
Cyber risk insurance solution provider Coalition launched today with its cyber solutions backed by capacity from Swiss Re Corporate Solutions and Argo Group. Coalition was co-founded by technology entrepreneurs Joshua Motta and John Hering, and provides a full range of cybersecurity products for small to midsize businesses (SMBs) as well as comprehensive ... Read the full article
AGCS boosts UK cyber division with two appointments
1st December 2017
Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, has announced the promotion of Yogesh Virji to lead its UK Cyber division and the appointment of Hui Yu as a Senior Underwriter, within the UK Cyber team. Virji was previously Underwriting Manager for Financial Lines at AGCS, and ... Read the full article
Pool Re coverage to include physical damage from cyber terrorism
28th November 2017
The UK's government-backed mutual terrorism reinsurer, Pool Re, has said that from April 2018 it will expand its coverage to include material damage and direct business interruption (BI) as a result of cyber terrorism. According to an announcement from the terrorism reinsurance pool, the cover excludes intangible assets and will be ... Read the full article
Demand for cyber cover could expand to general public: GlobalData
28th November 2017
As the cyber insurance market develops alongside rising online crime, data and analytics firm GlobalData says personal cyber insurance could be adopted by the general public, significantly increasing demand for cyber cover. Personal cyber products are currently offered by AIG and Hiscox, who offer cyber protection for high net worth (HNW) ... Read the full article
If cyber insurance were bigger, 2017 would really hurt
27th November 2017
As the market for cyber insurance grows the amount of exposure in the re/insurance industry is increasing, so reinsurance companies are also finding their portfolios more exposed making the ability to hedge that exposure vital, according to Tom Johansmeyer, Assistant Vice President, PCS Strategy & Development at ISO. While you were ... Read the full article
SMEs remain underprepared as cyber threat grows
24th November 2017
Small-medium sized enterprises (SMEs) remain particularly vulnerable to cyber attacks, with just half of SMEs surveyed by Argo Group having purchased protection despite the drastically rising threat of cyber crime. Nearly two-thirds of SMEs surveyed have already been victims of a cyber incident, but the majority of firms remain underprepared with ... Read the full article
MSK & Hannover Re unit partner for actuarially sound cyber risk pricing
20th November 2017
German actuarial specialists Meyerthole Siems Kohlruss (MSK) and E + S Rück, the German unit of global reinsurance giant Hannover Re, are partnering to develop tools to assist with pricing of cyber risks. In a two-pronged partnership, the pair are developing a pricing model for cyber risk underwriting as well as ... Read the full article
Cyber coverage to grow fastest in retail and manufacturing industries
17th November 2017
The cyber insurance market has been forecast to reach almost $17 billion by 2023, growing over 20% CAGR between 2017-2023, according to P&S Market Research Global. The Banking Financial Services and Insurance (BFSI) sector has been the largest consumer of cyber insurance, as these companies are more prone to cyber-attacks - ... Read the full article
Cyber risk influence on re/insurer ratings mostly gradual: Fitch
15th November 2017
Despite the fact that the cyber insurance and reinsurance market is forecast to grow rapidly, rating agency Fitch believes that the influence of cyber risks on the ratings it gives will be mostly gradual. The reason is that, so far, cyber risks only make up a relatively small proportion of re/insurers ... Read the full article
Preservation Capital acquires stake in cyber MGA Ascent
9th November 2017
Cyber and specialty lines Managing General Agent, Ascent Underwriting, has agreed that Preservation Capital Partners will take a substantial stake in the business subject to regulatory approval, providing significant capital to support Ascent’s growth ambitions. The Ascent managing team will retain a significant shareholding in Ascent and will continue to manage the ... Read the full article
Social engineering attacks on the rise but hacking & malware still dominate: Beazley
2nd November 2017
Social engineering attacks are on the rise across numerous industries as cyber attackers increasingly look to deceive in order to scam, according to London re/insurer Beazley's Q3 2017 Breach Insights report. The most prevalent cause of data breach during the first nine months of 2017 remains hacking and malware, which amounted ... Read the full article
Restoration costs of ransomware attacks triples since 2016
31st October 2017
Ransomware has become the new plague to run rampant through the cyber world, rising to the fifth most common malware type and causing the costs of restoring computer systems from such attacks to triple since 2016. Consequently, Head of BDO International Cybersecurity, Gregory Garrett, warned re/insurers to urgently assess their cyber ... Read the full article
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