Cyber
Cyber remains a major opportunity for global specialty re/insurers with premiums rocketing in recent years. Awareness of the risks posed by cyber is also rising, with companies taking action to ensure ‘silent’ cyber is not present within business written across several other classes of business. While several re/insurers are actively growing their position in the cyber market, this class has yet to be tested by a major catastrophic loss event. Understanding the risk potential of cyber exposures is vital as the market continues to grow.
Rising GPS spoofing threat exposes gaps in marine insurance
Cyber exclusions, including the LMA5403 clause, are creating uncertainty for shipowners facing a surge in GPS spoofing incidents, according to the Association of Average Adjusters
Coalition launches cyber product in France
Active insurance aims to help French policyholders identify, mitigate and respond to emerging cyber threats before they escalate into major attacks
Physical cyber incidents could cost $31bn annually
The cost of cyber breaches on operational technologies such as industrial control systems is far higher than previously understood, Marsh report finds
How to gain clarity on cyber insurance accumulation
It is essential to assess the accumulation potential of cyber insurance in safeguarding the digital lives of private individuals and their families
Spike in phishing attacks targeting UK private school admissions
In what is becoming a new summer tradition, cybercriminals are exploiting the busy admissions period to target private schools and their fee-paying parents
‘Rational’ market will provide growth opportunities: Beazley’s Cox
Lines such as US cyber, D&O and US property are stabilising, chief executive says, after company downgrades full-year growth guidance
Half of UK businesses ‘have no cyber insurance’
Average cyber insurance claim totals $115,000, rising to $812,360 for large businesses, survey finds
Softening in cyber market slowing: Gallagher
Ransomware, supply chain attacks and state actors among leading cyber risks
Insurers face higher professional liability cover costs
Social inflation and natural catastrophe exposure exert some strain on insurance company professional liability lines
Soft market facing stress test, Aon warns
Beneath the soft market surface, casualty, property and cyber risks continue to deteriorate, broker says
DynaRisk secures $4.7m to accelerate global cyber insurance growth
Funding aims to support DynaRisk’s international scale-up as demand for cyber insurance solutions accelerates
Maturing cyber seeks new reinsurance lines
Broker argues that, as primary cyber underwriters get a better handle on their catastrophe risk, there is more room for new types of reinsurance
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