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.
Cyber underwriters search for new sources of data as competition grows
As capacity continues to enter the market, insurers are looking to more sophisticated data analysis to give them the edge in selecting good risks
Cyber buyers ‘looking to increase limits following retail attacks’
Recent cyber attacks have ‘reignited’ conversations, even with insureds partway through previously renewed programmes, according to Marsh
Canadian cyber incidents triple in two years
Disruptive cyber attacks expected to hit 32 by year-end, new report by QBE Canada finds
Guy Carpenter names Everest’s Maritzen as senior client executive
Reinsurance broker also names Mago as head of cyber ILS for North America
Axis restructures global cyber team
Carrier names Smith head of cyber North America and cuts three senior underwriting roles
Insurers wrestle with AI-driven liability exposures
With mounting concern over potential liability exposures related to artificial intelligence, insurers are looking at ways to address the threat, such as through exclusion clauses. But legal experts warn that difficulties in defining AI can make exclusions challenging to implement
US cyber premiums dip 6% in 2024
Loss ratios are well below 50% but claims volumes rise, according to Fitch analysis
Insurers must balance risk and reward from ‘silent AI’ and policy wordings
Insurers will need to innovate to take advantage of AI technology and control exposures within existing policies or new standalone products
Cyber specialist Resilience enters Germany and Austria
US-based MGA has been expanding its European footprint
US commercial lines pricing slows in Q1: CIAB
Softening trend continues as price rises slow to 4.2% in first quarter of the year, down from 5.4% in the last three months of 2024, survey finds
Markel launches cyber war cover for indirect losses
New wraparound cyber product offers up to $5m of cover per risk for indirect losses resulting from an act of war
As cyber underwriters look for growth, attritional losses cannot be ignored
Cyber claims continue to trend upwards at a time when rates are falling and underwriters are looking for new growth opportunities
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