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 cover to become one of leading U.S. P&C growth areas: A.M. Best
12th July 2017
Cyber cover, estimated to range from $7.5 billion - $20 billion by 2020, is predicted by industry observers to become one of the leading areas of U.S. Property & Casualty market growth, and the sector is shifting to accommodate this growth, moving from underwriting cyber as part of a combined policy ... Read the full article
Cyber market can achieve scale needed to absorb excess capacity, says Cavanagh
6th July 2017
Cyber risk has fast become one of the reinsurance industry's biggest challenges and opportunities, and with an improved understanding of the risks, creating a cyber reinsurance market large enough to absorb the wealth of excess industry capital is achievable, according to Willis Re Chief Executive Officer (CEO), John Cavanagh. The reinsurance ... Read the full article
Delta Insurance commences Singapore operations
5th July 2017
New Zealand's Delta Insurance has become the first cyber and technology Lloyd's of London coverholder in Asia, following the launch of Delta Insurance Singapore. The launch is the company's first overseas office in Singapore, and is part of the company's broader, strategic expansion plans. Ian Pollard, Managing Director of Delta International, said; ... Read the full article
Korean government to back cyber insurance uptake
5th July 2017
The Korean government has launched a research initiative with the Consortium of Computer Emergency Response Team, to boost the domestic cyber insurance market. The Korean Ministry of Science, ICT & Future Planning's new cyber-smart policies could include incentives for policyholders that make use of both cyber insurance and information security service providers. On the ... Read the full article
No cyber insurance surge following WannaCry: Research
3rd July 2017
The recent ransomware cyber attack named WannaCry has not stimulated much of an uptick in demand for cyber insurance coverage, according to research carried out among brokers. The survey of 250 UK insurance brokerages shows that after the WannaCry cyber attack there has been little increase at all in the number ... Read the full article
Reputational risk from cyber “kills modern businesses” – Inga Beale, Lloyd’s
28th June 2017
Inga Beale the Chief Executive of the Lloyd's of London insurance and reinsurance market has warned today that it is reputational risks and fallout from a cyber breach that "kills modern businesses." With the recent WannaCry ransomware attacks, and the ongoing impacts of Petya or PetrWrap which is a current attack, ... Read the full article
Lack of employee knowledge threatens firms’ cyber security: Willis Towers Watson
16th June 2017
The so-called human element of the cyber equation, employees' understanding of cyber risk, was ranked by 79% of U.S. employees as the biggest barrier to firms' cyber risk management in a recent Willis Towers Watson survey. The survey revealed a massive disparity between firms' beliefs about their level of protection, and ... Read the full article
Reinsurers shift from quota share arrangements to directly acess cyber risk: Aon Benfield
16th June 2017
Evolving consumer demand and increased regulation and awareness of cyber risk are driving an expected near-term exponential market growth, and reinsurers who have so far cautiously tread into the cyber space through quota share arrangements with insurers are making bolder moves to directly take on the risk, Aon Benfield said ... Read the full article
Cyber growth to drive increased profitability at Munich Re, says J.P. Morgan
15th June 2017
J.P. Morgan has maintained that reinsurance giant Munich Re will beat its conservative full-year 2017 net profit target and also increased its full-year 2018 and 2019 profit estimates for the reinsurer, driven by an expectation of continued cyber growth. The German domiciled reinsurer announced in March a 2017 profit guidance of ... Read the full article
Growing loss complexity driving loss adjusting innovation: Cunningham Lindsey
6th June 2017
The evolution of the risk transfer landscape, underlined by increasingly complex insured losses, is driving greater innovation in loss adjusting, according to recent analysis from Cunningham Lindsey. Loss adjusting, claims management, and risk solutions firm, Cunningham Lindsey, has produced its 2017 Major and Complex Loss Review, which reveals increased innovation in loss adjusting ... Read the full article
Chief Risk Officers need to update skills for re/insurer’s success
6th June 2017
Chief Risk Officers (CROs) are "integral to the future success of insurance companies,” but need to develop a new set of strategic skills to match demands of the future, according to a joint report by Mazar, accounting and advisory services firm and risk technology research firm, Chartis Research, which found ... Read the full article
Re/insurers need proactive cyber development and marketing strategies: Inga Beale
5th June 2017
Speaking at Mexico's AMIS Insurance Conference, Lloyd's Inga Beale reiterated the urgency of getting aboard the cyber insurance market, which she said could triple in size to $7.5 billion by 2020. "I don’t think that, as a sector, we are doing enough to promote the benefits of cyber insurance and make ... Read the full article
Increasing regulation on data breaches to spur cyber re/insurance growth: RBC
2nd June 2017
Cyber has been hailed as the re/insurance shooting star with the potential to more than double in size by 2020 - nothing brings more promise to the industry then this emerging market space. Although growth so far has stemmed mostly from the U.S. cyber market, RBC said in a recent report ... Read the full article
Cyber risk aggregation a threat to re/insurer solvency
1st June 2017
While underwriting cyber risks is seen as one of the biggest opportunities in insurance and reinsurance right now, the risks to re/insurers could be equally large. Cyber attacks such as the recent WannaCry ransomware have clearly demonstrated that self-propagating cyber exploits could become major sources of aggregated losses for the insurance ... Read the full article
Cyber, the innovative opportunity for the London market: Bousfield, Capsicum Re
30th May 2017
There's been notable concern across the global insurance and reinsurance industry of London's ability to maintain its position as an international re/insurance hub in an increasingly competitive and post-Brexit world, but could the cyber reinsurance market be the perfect opportunity for London to embrace? Discussing the growing threat of cyber in relation ... Read the full article
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