Healthcare companies’ overconfidence in cyber defence capabilities exposedDespite being a top target for breaches, healthcare companies are overconfident in their cybersecurity capabilities, with shortcomings highlighted in different ways by Meta Pixel exposures and the Change Healthcare attack.
Maturing markets: cyber insurance in Latin AmericaCarolina Carmona, assistant vice president, financial lines manager at Liberty Specialty Markets Latin America, sets out the current landscape of the cyber insurance market across the region.
Axis launches Cyber Incident Commander for US customersAxis has launched a new service tailored for US-based direct primary cyber insurance customers – Axis Cyber Incident Commander.
QBE names Højmark and Seul as European product managers for cyber and FIQBE has bolstered its European financial lines offering with the appointments of Simon Højmark as product manager for cyber and Patrick Seul as product manager management liability and financial institutions.
AM Best: US cyber growth stalled in ’23 while E&S writers expanded premium shareUS cyber premiums were essentially flat in 2023 despite an increase in the number of policies, data from AM Best has shown, while surplus lines carriers continued to increase their market share over admitted carriers.
Sufficient ri capacity drives stable global cyber outlook: AM BestAM Best has assigned a stable outlook to the global cyber insurance market but said the long-term continuation of its presently “sufficient” reinsurance capacity will be defined by whether cyber insurers can sustain profitability.
Trium bolsters cyber security offering with AttackIQ partnershipLloyd’s based Trium Cyber has partnered with cybersecurity specialist AttackIQ to provide its policyholders with access to a pre-incident suite of solutions to increase cybersecurity maturity and reduce insured risk.
Marsh European cyber index down as much as 10% as moderation continues in Q2Marsh is anticipating average premium decreases of up to 10 percent across the European cyber insurance market in the second quarter of 2024, marking the third consecutive quarter of decreases in the region following corrections to wording and aggregation modelling.
The Hartford: Shifting risk landscape necessitates innovationThe Hartford has highlighted the necessity for companies to develop robust incident response plans as cyber threats become more sophisticated and frequent, as it addressed the changing risk landscape across a number of areas in its latest Risk Monitor report.
Robust JXL cyber clause resolves marine and energy aggregation uncertainty: Canopius’ WallaceThe Lloyd’s Market Association and International Underwriting Association’s JX2023-019 cyber clause is robust and protects the marine and energy treaty market from issues of aggregation uncertainty, according to Canopius’ head of marine treaty Claire Wallace.
Marsh-managed captive premium reaches $73bn while cyber continues to growLarge corporates are increasingly looking to set up captive vehicles specifically for cyber risk, although appetite and limits vary significantly, according to Marsh’s Rob Geraghty.
Canopius names Getty as cyber and tech underwriterCanopius Group has appointed Chris Getty as cyber and technology underwriter.
London: An emerging cyber war market?There is potential for the emergence of a cyber war insurance market in London to cover large cyber events that the standalone cyber market is structurally unable to cover, according to Markel International president Simon Wilson.
Allianz names Maxwell to expanded cyber and financial lines role following Sayce exitAllianz Commercial has expanded the role of global head of financial lines Vanessa Maxwell to oversight for cyber.
Tiernan: Systemic cyber event would undermine societal role of the industryIt is too early in the development of the cyber insurance market to be seeking a “government chequebook”, according to Patrick Tiernan, who warned that while a large cyber event would not be systemic for the industry, it would undermine the sector’s societal role.
Cyber attack on London hospitals declared “critical incident”A cyber attack on London hospitals last Monday has been declared a “critical incident”, impacting the delivery of services, especially blood transfusions and test results, and leading to the cancellation of non-urgent procedures.
21% of Marsh cyber clients in US and Canada reported an event in ‘23Marsh clients in the US and Canada reported a record 1,800+ cyber claims last year, encompassing cyber, tech, and telecom errors and omissions (E&O), as well as media coverage.
Vantage Risk enters US primary cyber insuranceVantage Group Holdings has begun underwriting US primary cyber insurance business through its US insurance subsidiaries with capacity of up to $10mn, Cyber Risk Insurer can reveal.
TMHCCI’s Marguinaud: Softening cyber market spurs “aggressive” playersWith the cyber insurance market showing signs of softening from the peak of the hard cycle, Tokio Marine HCC International’s Xavier Marguinaud has warned against complacency in the risk assessment and underwriting process.
Parametric innovations seek to unlock new cyber and D&O capacityThe Insurer examines the rising profile of parametric insurance, which is increasingly being used to fill coverage gaps both for natural catastrophes and other perils.