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.
Axis doubles cyber reinsurance book in Q1
Bermuda-based carrier continues to build its cyber reinsurance portfolio as it pivots cyber insurance book away from undesirable smaller risks
Cyber market braces for return to volatility
Cyber insurance rates are now falling after rapid hikes two years ago, but some underwriters fear the adjustment is happening too fast and too soon and risks damaging market credibility
EU insurance regulator finds AI use widespread but uneven
Half of survey respondents said they used artificial intelligence for non-life business
Marsh adds $25m capacity to Echo cyber facility
Broker’s excess cyber facility now has capacity of $125m
Transfer fraud and email compromise biggest source of cyber claims: Coalition
Ransomware accounted for just 19% of reported claims in 2023, cyber MGA says
Ariel Re and Hiscox launch cyber catastrophe consortium
New consortium will offer event-based reinsurance protection to insurers of up to $50m
The cyber insurance market must focus on closing the protection gap
The cyber insurance market is set to triple in size over the next decade, but will still cover less than 1% of the economic impact of cyber crime
Softening cyber market threatens price adequacy, Brit's Maidment warns
Too much emphasis is being put on the recent dip in ransomware attack frequency, London market carrier’s head of cyber says
Aegis London returns to cyber market
Lloyd’s insurer hires two cyber underwriters from AIG to spearhead re-entry into the class
US cyber profits grow again in 2023
But premium growth stalls, declining 2% during the year, following years of rapid expansion
Hannover Re sponsors first cat bond to cover cloud outages
Reinsurer secures $13.75m of retro coverage through Cumulus Re issuance
Newline launches cyber liability business in Germany
Johannes Beckers joins from Zurich as cyber liability lead
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