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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

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

United Kingdom Cyber

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

International Cyber

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

London Lloyds

Beazley, Munich Re and Gallagher Re publish cyber risk whitepaper

Research examines accumulation model assessing cyber risk from extreme malware events

Beazley Munich Re

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

International Allianz

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

United States Cyber

Ferma urges EU to ease 'onerous' cyber reporting rules

Risk managers’ association says officials have created excessive regulatory burden on incident reporting

Europe Cyber

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

Hong Kong Regulation

Half of UK businesses look to increase cyber cover after CrowdStrike

The outage changed perceptions of cyber risks among businesses, QBE survey finds

United Kingdom Specialty

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

United States Specialty

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

London Lloyds

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

International Reinsurance
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