Tag: Cyber Insurance

July 28, 2023

QBE North America has announced the launch of a new cyber insurance program with Converge, a new managing general agent (MGA) that will act as program administrator. The program will be broken down into two separate distribution structures, ConvergeElements and […]

July 24, 2023

Despite the rapid evolution of the cyber insurance market, it’s still facing a demand-side problem, according to James Burns (pictured), head of cyber strategy at CFC. The relatively low level of cyber awareness among UK SMEs – which account for […]

July 14, 2023

Specialist insurer Beazley has released its latest risk and resilience report, titled Spotlight on: Cyber & Technology Risks 2023. The report highlights the shifting landscape of global business risks, specifically focusing on cyber and technology risks, including ransomware attacks and […]

June 23, 2023

Corvus Insurance has announced that it has launched a “first of its kind” endorsement to help make policyholders safer through proactive engagement with Corvus Signal™, a cyber risk prevention solution that is set to reduce the frequency and costs of […]

June 22, 2023

Pennsylvania governor Josh Shapiro has signed into law a bill designed to safeguard the insurance industry from cyber threats. Pennsylvania Insurance Data Security Act, also known as House Bill 739, was signed last week as Act 2 of 2023 after […]

June 20, 2023

According to Insuramore’s global rankings, cyber insurance gross direct premiums written (GDPW) valued around $13.5 billion in 2022, rising towards $14 billion if captive insurers are also included. The firm said in a statement that this shows that the top […]

June 15, 2023

Cyber insurance provider Coalition, has unveiled the Coalition Exploit Scoring System (Coalition ESS), a vulnerability scoring system designed to help risk managers mitigate potential cyber threats. Developed by Coalition Security Labs – the firm’s research and innovation center – Coalition […]

June 1, 2023

According to Guy Carpenter, the US-domiciled cyber market currently stands at approximately $9 billion, with the non-US market totalling approximately $5 billion. Guy Carpenter has released a new report on the cyber re/insurance market focused on the examination of the […]

April 28, 2023

In a Press release, the multi-carrier platform Relay has announced its latest update to help wholesale brokers and retail agents scale their businesses by offering a quick and easy onboarding process. This allows brokers and agents to secure cyber quotes […]

April 25, 2023

Aon, a global professional services firm, has urged asset owners and operators in the battery energy storage system (BESS) market to enhance their cyber resilience against emerging cyber threats, identifying operational technologies used in BESS control systems as an ‘invisible’ […]

March 20, 2023

Cyber disaster recovery firm Fenix24 has announced a $5 million investment by insurtech investor Eos Venture Partners. Zach Powell, general partner at Eos Venture Partners, will join Fenix24 as a board member. Fenix24 is a cybersecurity firm focused on restoring […]

March 10, 2023

The recently launched cyber catastrophe bond from specialist insurer and reinsurer, Beazley, is a welcome innovation and an important addition to insurer’s “armoury against systemic risk,” according to Julian Miller, a London-based Partner at law firm DAC Beachcroft. In early […]

February 27, 2023

The cyber-insurance market, battered by a rash of pandemic-era ransomware attacks, is making a comeback. Price hikes are moderating, new carriers and fresh sources of capital are emerging, and companies can better afford coverage. Cyber-insurance pricing increased 10% from a […]

February 15, 2023

Coalition, which has been hailed as the first active insurance provider preventing digital risks before they strike, has announced an expansion of its cybersecurity offering to large US enterprise businesses with annual revenues of up to $5 billion. In a […]

February 13, 2023

Liberty Mutual Insurance announced the formation of a Global Risk Solutions (GRS) Global Cyber Office and the appointment of a leadership team. The office aims to build and scale Liberty Mutual’s cyber capabilities around the world, bringing a multi-disciplinary approach […]

January 9, 2023

Specialist insurer and reinsurer Beazley has launched a $45 million cyber catastrophe bond, providing the carrier with protection against “remote probability catastrophe and systemic events”, opening up a much larger source of capital for the firm, according to a report […]

January 6, 2023

A list of industry trade groups have submitted a cautioning joint letter to the Federal Insurance Office (FIO) in response to its request for comments on a “Potential Federal Insurance Response to Catastrophic Cyber Incidents.” The industry groups involved in […]

December 9, 2022

New data from cyber specialist Corvus Insurance has found that fraudulent funds transfer (FFT) and ransomware are the top drivers of cyber loss in 2022, accounting for over 50% of all claims combined. FFT alone comprised 36% of all claims […]

October 13, 2022

Cyber insurance rate increases have decelerated nearly 80% on average in just six months, according to a new report from Marsh. According to Marsh’s latest quarterly US cyber insurance market update, the market began to embrace a new paradigm toward […]

October 7, 2022

Cyber insurance will likely eventually become as ubiquitous as public liability or professional liability coverage, according to a new report by Global Insurance Law Connect (GILC), an alliance of insurance law firms. GILC’s first-ever Cyber Insurance Report included insights from […]