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.
Ascent Underwriting expands cyber cover offer for SMEs
18th September 2017
Specialist niche-product Managing General Agent, (MGA) Ascent Underwriting, is targeting Small-Medium Enterprises (SMEs) with a global offer on all cyber insurance policies for nil deductible/ zero excess options. Ascent said the cyber cover will be available to all new and renewal SME clients that opt to use the firm's panel of ... Read the full article
“Cyber probably not insurable,” Swiss Re CEO
12th September 2017
While cyber cover has often been heralded as one of the biggest re/insurance opportunities of the future, the Chief Executive Officer (CEO) of reinsurer Swiss Re, has a very different take on the realities of the emerging risk, saying that despite the hype he remains "extremely skeptical about cyber.” Speaking at ... Read the full article
We love cyber. But how do we bring more into the reinsurance market?
10th September 2017
Cyber risk is a hot topic for the insurance and reinsurance industry, perhaps the highest profile of the new lines of business everyone would like to break into. But to date, the industry has been a little tentative at assuming too much cyber risk, something that can change according to ... Read the full article
Willis Re survey highlights uncertainty of silent cyber exposures
10th September 2017
A recent survey by the reinsurance arm of brokerage Willis Towers Watson, Willis Re, reveals that over the coming year the risk of "silent cyber" exposure has the potential to increase, although uncertainty remains across the risk transfer industry. Silent cyber refers to potential cyber-related losses from an insurance policy not ... Read the full article
GC executives call for common cyber risk currency development
8th September 2017
The global insurance and reinsurance industry needs to develop a common cyber risk currency in order to improve risk differentiation in a rapidly expanding part of the risk transfer space, according to Guy Carpenter's Morley Speed and Carolyn Morley. As the cyber risk market continues to evolve, diversification is essential, but so ... Read the full article
PCS releases Global Cyber Industry Loss Index
4th September 2017
Property Claim Services (PCS) has released a new Global Cyber Industry Loss Index for insured cyber losses with a minimum threshold of $20 million industry wide. The cyber loss index was developed in collaboration with Capsicum Re in response to growing demand for an independent view of cyber industry loss estimates. The new ... Read the full article
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
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
