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.
Ransomware claims stabilised in 2024
Ransomware claims frequency declined 3% last year, while severity fell 7% year on year, analysis by Coalition finds
UK cyber claims continue to trend upwards
Last year saw the second-highest number of claims on record, with ransomware remaining a key threat, analysis by Marsh finds
Cyber reinsurance market needs greater diversity: Howden
Increased retrocession capacity needed to support growth of non-proportional cyber reinsurance, broker argues
Resilience launches technology E&O offering in UK and Europe
The new product offers limits of up to £10m or €10m for both primary and excess placements
Marsh launches CyberShore Bermuda excess cyber facility
New facility provides up to $30m of follow-form excess Bermuda capacity attaching anywhere above $75m
AM Best downgrades outlook on London market
AM Best report says ‘underwriting cycle management will be a key focus’ for London insurers
Beazley promotes Williams to head of international cyber risks
Williams was most recently cyber risks focus group leader, having joined Beazley in 2019
Cyber underwriters look to new markets as growth slows
The exponential growth expected of the cyber market has not materialised. Amid fears the product could ultimately become irrelevant, insurers and brokers are looking at how to tap into new markets and adapt the cover to the evolving needs of businesses
The AI Opportunities Action Plan brings new risks for insurers
The UK government’s plans for AI adoption and development will require insurers to refine their own strategies and policies to cover a market grappling with a new landscape of opportunity but also considerable risk
WTW expands London CyXS cyber facility
Expanded facility will offer up to $115m/£115m/€115m capacity through Lloyd’s
Cyber protection gap continues to grow for small businesses
Protection gap presents both an opportunity and a responsibility for brokers and re/insurers, CyberCube says
Travelers launches new suite of services for cyber customers
The new suite includes a full-time cyber risk dashboard enabling policyholders to monitor risks
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