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.
Focus: Market must prioritise cyber security as solution to ransomware crisis
Around 80% of ransomware incidents can be avoided if organisations follow cyber security best practices such as regular patching and multi-factor authentication
Focus: Cyber reinsurance renewals must create conditions for sustainable growth
In addition to ensuring profitability over the cycle, the market must prioritise risk data that is more meaningful, and allows for more in-depth and frequent analyses than in the past
Insurers win in long-awaited Google data case
Supreme Court ruling prevents flood of UK claims - but it is not the end of the story, lawyers warn
The ransomware crisis will not be solved through sanctions, insurers warn
Insurers see enhanced cyber security infrastructure as more effective way to stem rise in ransomware claims
Silent cyber covers ransomware, US court rules
The Supreme Court in Indiana has ruled that policies including silent cyber must also cover ransomware
Crypto asset risk capacity set to grow amid investor demand surge
The sharp rise in institutional investors’ interest in cryptocurrencies will force better regulation of the sector and increase insurance capacity for smaller to mid-sized risks, says the chief executive of crypto asset insurer, Relm
Cyber insurers on alert as US Treasury targets cryptocurrency exchange
Move will have far-reaching implications for insurers, as US targets ransomware payments, lawyers warn
Focus: Reinsurers must not discount the cyber expertise in the all-risks market
It is critical the reinsurance market avails itself of the expertise in related classes in order to tackle the monumental challenge of cyber
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