Reinsurance News
Cyber insurance & reinsurance news
Cyber insurance and reinsurance news, covering the growth of cyber reinsurance underwriting, the risks faced by cyber risk insurer’s, major cyber loss events, cyber reinsurance product development and cyber risk innovation trends.
Cyber risk is an emerging and fast-growing class of insurance and reinsurance business, so our cyber reinsurance news follows industry trends and reports on innovations, industry cyber risk capacity issues, as well as what is happening in the cyber underwriting market.
Beazley Ireland prepares to expand cyber lines as demand grows
4th August 2017
Increasing demand for high quality cyber insurance is opening up attractive growth opportunities across Beazley Ireland's specialty lines portfolio. This comes against a backdrop of stifled demand for the more traditional catastrophe exposed risk lines, Beazley said in its H1 2017 results report. Data breach handling regulations tightening and increased awareness among ... Read the full article
Brokers must educate SMEs on rising security threats: A.J. Gallagher
1st August 2017
A report commissioned by Arthur J. Gallagher (A. J. Gallagher) reveals how unprepared UK small and medium-sized enterprises (SMEs) are to manage and respond to rising security threats, calling on the broker community to improve awareness and education of the exposures. UK SMEs are becoming increasingly aware of security threats to ... Read the full article
JLT Re names Ben Gray as new London & International Cyber Treaty partner
31st July 2017
JLT Re has named Ben Gray as a new Partner in the firm's London and International Markets (LIM) team, where his main focus will be on Cyber Treaty reinsurance. Gray brings extensive experience in the Cyber Treaty reinsurance brokerage space, joining from a position as Cyber Treaty broker with Ed, prior ... Read the full article
Economy, insurance penetration, cyber to drive Asia reinsurance demand: Fitch
31st July 2017
The continuing and often accelerating expansion of Asian economies, as well as the growth of their domestic insurance markets, are anticipated to be the two key drivers of reinsurance demand in the Asian region, according to Fitch Ratings. Citing a "robust expansion" of Asian economies and their local insurance markets, Fitch ... Read the full article
XL Catlin’s Cyber & Data Protection cover launches in Asia-Pacific
26th July 2017
Global insurer and reinsurer, XL Catlin, has launched its Cyber and Data Protection Insurance policy in the Asia-Pacific, as companies across the region find themselves increasingly vulnerable to more sophisticated cyber threats. The new policy is designed to protect businesses across the Asia-Pacific from business interruption as a result of a network compromise and ... Read the full article
Collaboration between re/insurers & cyber modellers a “positive step” says A.M. Best
26th July 2017
In light of a recent cyber risk report produced by the Lloyd's of London marketplace and cyber risk analytics firm, Cyence, rating agency A.M. Best has welcomed the collaborative effort to improving the understanding and management of cyber risk, describing the report as "a positive step forward." The report, Counting the ... Read the full article
Inaugural IFTRIP a defining moment for terror risk pools: Pool Re’s Enoizi
21st July 2017
Speaking ahead of the inaugural International Forum of Terrorism Risk Pools' (IFTRIP) conference, held in Paris on June 28th, 2017, Pool Re Chief Executive Officer (CEO), Julian Enoizi said that as the first formal collaboration event between the world's terrorism re/insurance entities it would be a defining moment for national ... Read the full article
PRA urges re/insurers to adopt measures to assess and reduce silent cyber risks
17th July 2017
The UK's Prudential Regulation Authority (PRA) unit of the Bank of England has issued a supervisory statement outlining its expectations of firms that underwrite cyber risks, with an important recognition of the potential for non-affirmative, or silent cyber risk. The statement comes after a cross-industry review of which the key findings were published ... Read the full article
Cyber losses could be far higher than expected, suggests Lloyd’s
17th July 2017
Lloyd's and Cyence have produced a report that highlights potential economic losses of up to $121 billion from cyber attacks with less than a fifth being covered by re/insurance, revealing a cyber protection gap in the tens of billions of dollars. The report looks at both a cloud service provider hack and a ... Read the full article
Australian Reinsurance Pool to consider adding cyber terrorism
17th July 2017
The Australian government terrorism reinsurance agency, the Australian Reinsurance Pool Corporation (ARPC), will consider expanding its terrorism coverage to include cyber terrorism in its 2018 tri-annual review. The ARPC is a public financial corporation which manages the terrorism reinsurance scheme - which offers reinsurance for insurers covering commercial property and associated business interruption ... Read the full article
Re/insurers could face up to $2.5 billion loss from next global cyber attack
14th July 2017
Graeme Newman, Chief Innovation Officer at CFC Underwriting, warned in a recent interview that the next global WannaCry cyber attack could cost the industry up to $2.5 billion, Bloomberg reported. "It’s exceptionally likely that we will see an event over the next months that will seriously affect insurers," said Graeme ... Read the full article
European cyber demand to grow as re/insurers prepare for GDPR: A.M. Best
13th July 2017
Re/insurers are taking steps to shore up their data usage as new data protection laws, the General Data Protection Regulation (GDPR) are set to be implemented across the European Union (EU), bringing an anticipated boom in cyber insurance revenues, according to A.M. Best's recent market briefing. The GDPR will come into force ... Read the full article
Cyber cover to become one of leading U.S. P&C growth areas: A.M. Best
12th July 2017
Cyber cover, estimated to range from $7.5 billion - $20 billion by 2020, is predicted by industry observers to become one of the leading areas of U.S. Property & Casualty market growth, and the sector is shifting to accommodate this growth, moving from underwriting cyber as part of a combined policy ... Read the full article
Cyber market can achieve scale needed to absorb excess capacity, says Cavanagh
6th July 2017
Cyber risk has fast become one of the reinsurance industry's biggest challenges and opportunities, and with an improved understanding of the risks, creating a cyber reinsurance market large enough to absorb the wealth of excess industry capital is achievable, according to Willis Re Chief Executive Officer (CEO), John Cavanagh. The reinsurance ... Read the full article
Delta Insurance commences Singapore operations
5th July 2017
New Zealand's Delta Insurance has become the first cyber and technology Lloyd's of London coverholder in Asia, following the launch of Delta Insurance Singapore. The launch is the company's first overseas office in Singapore, and is part of the company's broader, strategic expansion plans. Ian Pollard, Managing Director of Delta International, said; ... Read the full article
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