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.
Insurers increasingly willing to up capacity for cyber risk: WTW
The broker said Q2 had seen generally improved trading conditions for cyber insurance
US cyber premiums jumped 94.7% in 2021: report
The jump was led by Fairfax Financial, according to a market ranking by AM Best
'Insurers should be concerned about the increasing number of cyber attacks against professional firms'
Professional firms are often seen as targets by cyber criminals, as they hold vast amounts of sensitive data, yet many firms have gaps in their defences, which has a serious impact on losses claimed after an attack
Cyber rates to reach 'equilibrium', Beazley CEO predicts
Improved attritional loss ratio and increased capacity will flatten rate rises, chief executive says, as Beazley take steps to clearly define and limit systemic risks
SiriusPoint and R&Q invest another $100m in Corvus
The additional funding will allow the insurtech firm to expand its offering
Insurtech At-Bay names Carmilani and Lockton as directors
Former chief executives of Allied World and broker Lockton join US-Israeli cyber insurtech
Travelers sued for rejecting UK jeweller’s $7.5m Bitcoin ransom claim
US insurer argues Graff policy does not cover cryptocurrency ransom payments
'The loss recovery challenges arising from software vulnerabilities and exploits'
Many organisations will be looking to third parties to recover their losses following a cyber attack. This is very much the start and many claims are expected to follow
DeNexus expands with Swiss office and senior cyber hires
Cyber risk modelling company opens an office in Lugano, Switzerland and announces two senior hires to its cyber team
'Getting to grips with cryptocurrency – an old risk in a new guise'
Although dented by a dramatic fall in the value of Bitcoin, the market for cryptocurrency appears to be here to stay. And the risks associated with storing cryptocurrency represent an opportunity for insurers
US cyber rates accelerate in Q2
Property/casualty rates rise 5.9% in aggregate in the second quarter, while cyber rates soar 21%, according to MarketScout
Dual bulks up cyber expertise with five European hires
Managing general agent hires HDI Global's Beimann as cyber product manager as it targets growth opportunities in the region
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