Insurtech Cowbell released Modeling Catastrophic Cyber Events
Cowbell, the provider of cyber insurance for small and medium-sized enterprises (SMEs), has released a new whitepaper, “Modeling Catastrophic Cyber Events”
Cyber Insurance News
Insurance sector supports re-use of existing standards for cyber incident reporting
The insurance sector supports convergence and the re-use of existing standards for cyber incident reporting, including with ongoing initiatives, Insurance Europe said
UK cyber insurance pricing increased 66% in 2022
UK businesses are facing soaring cyber insurance premiums caused by higher claim risks at a time of heightened exposure to cyber-attacks
Trium Cyber, Lloyd’s Syndicate 1322, provides cyber coverage for US-domiciled risks
Trium Cyber has announced its US-based service company has begun to provide cyber and technology errors & omissions coverage for US-domiciled risks
Reinsurers will work with ILS funds to bring new cyber reinsurance capacity
The reinsurance value chain will work together with insurance-linked securities (ILS) fund managers to bring new cyber reinsurance capacity to this market in 2023
CNA Hardy launches of cyber insurance products to technology businesses
CNA Hardy has announced the launch of an additional suite of cyber protection products specifically tailored to technology businesses
86% of startups have cyber insurance protection, 70% are extending cyber cover
86% of startups have cyber insurance protection, according to digital insurance broker Embroker, reflecting a growing understanding around cyber risk
AIG Specialty Insurance Company dropping $1.1 mn lawsuit against Accellion
Insurer AIG tried to hold Accellion responsible for a zero-day criminal hack of its legacy File Transfer Appliance software, but in an unusual turn of events
Cyber risk analytics startup CyberCube raised $50 mn in additional capital
Cyber risk analytics startup CyberCube has raised $50 million in additional growth capital, bringing its total amount raised to more than $100 million to date
Singapore will form a commercial Cyber Risk Pool up to $1 bn in capacity
Singapore will form a world-first commercial cyber risk pool, as it works towards strengthening the region’s resilience against growing cyber threats
Cyber will be the largest risk for Lloyd’s of London
Cyber will be the largest risk code for Lloyd’s of London in 2023. A risk code is a classification system that Lloyd’s uses to standardise risks and rank
Commercial insurance rates are beginning to stabilise, steered by cyber and D&O
Commercial insurance rates are beginning to stabilise, steered by cyber and Directors & Officers. Recent trends suggest rate increases will continue
Swiss Re forecasts global cyber insurance premiums to reach $23 bn by 2025
Swiss Re forecasts global cyber insurance premiums to reach $23 billion by 2025, from an estimated $10 billion in 2021
Cyberattacks from Russia could be set to cause more disputes between businesses and insurers
A report from GlobalData says that cyberattacks from Russia could be set to cause more disputes between businesses and insurers following the Zurich-Mondelez case
Global Cybersecurity Insurance Market value to reach $50bn by 2032
By end user, cybersecurity insurance solutions to be leveraged maximum by insurance providers, registering an 18% CAGR.
Zurich reaches a settlement for $100mn cyber claims related to NotPetya attack
Zurich has reached a settlement with multinational food and beverage company Mondelez International to close a $100 million lawsuit brought against the insurer
Cyber insurance pricing increased globally by 53%
Cyber insurance pricing increased globally by 53% in Q3 2022, while Property insurance pricing increased by 6%, Casualty insurance pricing increased by 4%
SentinelOne announces app for cyber insurers’ risk management
SentinelOne, an autonomous cybersecurity platform company, has announced the addition of a new app for cyber insurers’ risk management in its Singularity Marketplace
CyberCube launches the world’s first set of detailed Exposure Databases
CyberCube has announced that it has launched the world’s first set of detailed Exposure Databases to enable re/insurers and brokers to perform a wide range of benchmarking
NY-based cyber startup Elpha Secure completes a $20 mn Series A funding
Elpha Secure, the first cyber insurance startup to combine proprietary cybersecurity software with coverage to improve risk transfer, has completed a $20 million
Insurtech Relay has partnered with cyber risk analytics platform CyberCube
Relay allows clients to intake, submit and compare quotes digitally. The quotes are then presented in Rely’s Smart Client Proposal
Lloyd’s of London is investigating a possible cyber attack
Lloyd’s of London is investigating a possible cyber attack and has taken initial precautions in response, the re/insurance market has confirmed
Fitch warnes insurers of a potential increase in cyber risk
Fitch Ratings has warned of a potential increase in cyber risk as corporate and infrastructure cybersecurity budgets across the US come under increasing pressure
Cyber insurance provider At-Bay acquires insurtech marketplace Relay
Cyber insurance provider At-Bay is to acquire Relay, a Toronto-based technology solutions provider, which has built a dynamic digital placement solution
Cyber insurance premiums could be on a level footing with P&C by 2040
Senior executives are “certain” that cyber will become a prominent line of business for Swiss Re in the long term, even as the reinsurer opts to stay underweight in this class
The cost of a cyber claim for small business increased by 58%
The cost of a cyber claim for small business owners increased by 58% in H1 2022, compared to the same period the year before
US cyber insurance market premiums increasing by 76% to $4.83bn
The US cyber market saw continued and increasing demand for its products, according to a new report from re/insurance broker Aon
Cyber insurtech At-Bay is acquiring startup Relay – digital placement solution
Cyber insurance provider At-Bay is to acquire Relay, a Toronto-based technology solutions provider which is enabling the digital transformation of commercial insurance
19% businesses have ransomware insurance coverage limits above $600K
A recent BlackBerry Cyber Insurance Coverage study shows that businesses are growing increasingly concerned about how they will meet ransomware demands.
Lloyd’s sets out requirements for state-backed cyber-attack exclusions in insurance policies
Lloyd’s of London has set out requirements for state-backed cyber-attack exclusions in standalone cyber-attack policies
Wealthy clients think about market swings, insurance gap, global instability, cyber intrusions, extreme weather, and the financial fallout of lawsuits, often all at once
European life insurers replace static SAA spreadsheets with advanced ALM tech to manage risk, capital, and yield under Solvency II and Solvency UK
Japan’s non-life insurance market — a global top-10 player and one of the largest in the region — as it continues to evolve through disciplined underwriting
AM Best shifts U.S. health insurance outlook to Negative, citing higher utilization, medical inflation, GLP-1 drug costs, and shifting Medicaid risk pools