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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.
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The future reality of artificial intelligence
AI as an emerging threat has the potential to form its own insurance product, but also to reshape elements of existing products
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Flight to quality: cyber risks in aviation
The CrowdStrike incident serves as a stark reminder not all cyber or technology loss events are deliberate attacks
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CrowdStrike losses could reach $1.5bn: CyberCube
Global IT outage would represent a loss ratio impact of between 3% and 10% on the current global cyber premiums, which total $15bn
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CrowdStrike insured losses could surpass $1bn for Fortune 500
Only 10% to 20% of total losses are likely to be covered by cyber insurance policies, owing to high deductibles and low policy limits, according to analysis by Parametrix
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CrowdStrike outage not a material event for insurers: Fitch
Ratings agency expects total economic losses of several billion dollars, with limited insured exposure
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Insurers must prepare for a rise in cyber crime
The growing ability of threat actors to make use of AI is contributing to the rise in cyber crime, with supply chain attacks a particular concern
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Beazley maintains COR guidance following CrowdStrike outage
London-listed carrier signals no change to ‘low 80s’ full-year undiscounted combined ratio guidance
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Insurers brace for surge in claims in wake of global IT outage
Cyber insurers face business interruption losses, while D&O and property/casualty writers could also see exposures, brokers warn
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Global chaos from Microsoft IT outage highlights systemic cyber threat
Cyber insurers will be scrambling to understand their exposures to the outage as businesses worldwide are affected
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Cyber premium growth to shift to non-US markets: Howden
Foundations have been laid for a mature cyber market driven by exposure-led growth, broker says
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Buyers of cyber insurance are still unclear about what it covers
As penetration of cyber coverage continues to increase, it is important insurers and brokers work with buyers to make sure they are crystal clear on the scope and limits of their coverage
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European risk managers call for more climate insurance
Risk managers’ association calls on EU to close protection gaps and consider public cyber reinsurance pool
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