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.
Zurich to buy cyber insurer Boxx
Toronto-based Boxx was one of the first all-in-one cyber insurance and protection companies
Expanding cyber to international markets requires clear messaging: CFC’s Philippa Berry
Coverage developments have made the cyber product more appealing to markets outside the US, underwriting firm’s head of portfolio partnerships, Philippa Berry, tells the Insurance Day Podcast
Half of firms do not have cyber insurance, survey finds
Phishing and social engineering attacks are most cited cyber peril
Cyber reinsurance rates fall at 7/1
Pricing on aggregate covers falls 15% to 20% amid excess reinsurance capacity and a slowdown in market's organic growth
Marsh launches European cyber facility for mid-sized businesses
The facility will offer limits of up to $5m and promises to remove barriers to buying cyber insurance
Hacking group shifts target from retailers to insurers
Aflac, Erie Indemnity and Philadelphia Insurance have been hit by cyber attacks this month
Middle East war threatens marine, aviation and cyber lines: Morningstar DBRS
Accumulation of risk exposures across war, cyber, travel, and political risk lines could place ‘meaningful capital pressure’ on many insurers, rating agency warns
M&S and Co-op cyber attacks could cost up to £440m: CMC
Cyber Monitoring Centre classifies attacks as a category 2 systemic event, in first live assessment
US cyber direct premiums fall amid declining rates
Little change in cyber risk exposure between 2023 and 2024 as direct written premiums dip 2.3% to $7.08bn
Renewable energy needs cyber insurers
Renewable energy plants bring a new set of challenges and opportunities for underwriters, Gallagher’s head of cyber risk management and director of renewable energy argue
McGill launches cyber cover for battery energy storage systems
New policy offers battery energy storage systems dedicated cyber protection, including physical damage and regulatory compliance cover
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
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