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.
Pen Underwriting relaunches cyber insurance for large corporates
New offering includes £10m in primary cover while excess-of-loss limits have been doubled to £15m
Ransomware claims severity surges 68% in H1
Increased severity driven by the Play and BlackSuit ransom variants, although frequency of attacks falls in first six months of the year, according to Coalition
Customer churn 'threatens growth of cyber market': CFC's Trueman
To expand the size of the market, underwriters and brokers must articulate the full value and cost of cyber insurance, the specialist underwriting business's chief underwriting officer argues
Beazley, Munich Re and Gallagher Re publish cyber risk whitepaper
Research examines accumulation model assessing cyber risk from extreme malware events
Cyber claims surge in 2024 amid data breaches and privacy litigation
Large cyber claims jump 14% in first half of the year as severity accelerates, Allianz study finds
Insurers must not pay cyber ransoms, White House official says
Deputy national security adviser, Anne Neuberger, says insurers should require clients to have better IT defences as they do for fire alarms and home cover
Ferma urges EU to ease 'onerous' cyber reporting rules
Risk managers’ association says officials have created excessive regulatory burden on incident reporting
The changing shape of cyber regulation in Hong Kong
Hong Kong is set to introduce a landmark cyber security law, which will have profound implications for businesses, while growing the region's reputation for cyber resilience on the global stage
Half of UK businesses look to increase cyber cover after CrowdStrike
The outage changed perceptions of cyber risks among businesses, QBE survey finds
Cyber returns as US business leaders’ top concern: Travelers
Security breach and unauthorised access to financial accounts or control systems were seen as top cyber threats by businesses, survey finds
Lloyd’s underwriters not doing enough on US general liability
Managing agents have already materially reduced line sizes, but chief underwriting officer, Rachel Turk, questions if this is enough
Cyber reinsurance market continues steady path to maturity
Cedants are continuing to explore event-based cover, but some argue the class still lacks a number of the key characteristics of a mature market
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