Cyber

Holes in upper layers driving more D&O business to wholesale market: AmWINS

New capacity is coming into the US public directors’ and officers’ (D&O) market but more holes are appearing in middle and upper layers, which is driving more business to the wholesale market, AmWINS has reported in a professional lines update.

Swiss Re’s Mumenthaler reiterates need for cyber backstop

The CEO of Swiss Re has suggested that cyber insurance capacity will reduce in a few years’ time unless governments provide a backstop or capital markets become interested in the risk.

BI to be major driver of future cyber cat losses: CyberCube CEO

Historic attritional cyber losses have largely been caused by data breaches, but the very largest catastrophic events in future will likely be driven by business interruption (BI) and contingent business interruption (CBI) claims, according to Pascal Millaire, the CEO of CyberCube.

Cyber underwriters avoid Covid exclusions even as ransomware concerns soar

At this time we have seen no evidence that insurers or reinsurers have added Covid-19 exclusions to Cyber policies, although they are asking clients more questions about business resilience and continuity planning relating to the pandemic amid an “enormous” rise in ransomware attacks, Guy Carpenter’s Siobhan O’Brien has told The Insurer.

ARPC mulls cyber terrorism extension

Australia’s terrorism insurance scheme, the Australian Reinsurance Pool Corporation (ARPC), is mulling plans to add cyber terrorism to its coverage after research revealed that losses from a cyber terrorism incident causing property damage would be largely uninsured.

Cyber insurance rates up 10%: Burns & Wilcox

Cyber insurance demand has exploded this year with the market showing a more notable tightening during the second quarter of 2020, according to Burns & Wilcox.

Axa XL committed to London Market cyber, PI and M&A despite ML and FI exit

Axa XL will no longer write London Market management liability (ML) and financial institutions (FI) business over profitability concerns, but has reaffirmed its commitment to cyber, professional indemnity and M&A insurance business in EC3.

Marsh hires Keefe from Beazley to join US cyber team

Marsh has appointed Katherine Keefe as US cyber incident management leader.

Governments must step in on cyber risk

Global governments have a “significant” role to play in providing both capacity and regulatory support to mitigate the impact of catastrophic cyber events, but may be reluctant to silo taxpayer funds in future public-private partnerships, a conference has heard.

Beazley launches international cyber & breach response broker portal

Specialist insurer Beazley has launched a cyber and breach response portal to help broker partners and coverholders stay informed on the cyber risk landscape.

More carriers likely to exit cyber market: panel

More carriers are likely to leave or pull back from the cyber insurance market as they assess 2020 results while those that stay in cannot merely underwrite their way out of rising losses, Axis Capital’s Dan Trueman and Crum & Forster’s Nick Economidis have suggested.

Cyber insurers back product after Treasury warning

The US Treasury has warned cyber insurers that facilitating ransomware payments may violate regulations, with underwriters responding by pointing out the insurance product provides much more than just financing attacks.

Rethinking war exclusions will help better manage cyber catastrophe risk

A new framework is needed to address catastrophic cyber risk more effectively than existing war exclusions, argues Jon Bateman

Cyber insurers should ‘abandon traditional war and terrorism exclusions’

Insurers should abandon traditional war and terrorism exclusions for cyber claims with any new exclusion limited to extreme scenarios, according to a new study released today by the Carnegie Endowment for International Peace.

AGCS NA hires trio of cyber specialists from Argo

Allianz Global Corporate & Specialty (AGCS) has bolstered its North American cyber team with three hires who were previously at Argo.

London reinsurers “entertaining” cyber non-proportional products: Aon’s Mulligan

The cyber market continues to evolve with insurers looking for new reinsurance solutions and London-based reinsurers increasingly entertaining offering protection on a non-proportional basis, according to Aon’s Catherine Mulligan.

Cyber PPP needed to manage accumulation costs from largest events: Benchimol

There remains a need for a public-private partnership to help manage the potential impact of the largest cyber events as the (re)insurance industry does not have enough capital to cover the cost, according to Axis president and CEO Albert Benchimol.

Coalition adds hires from Beazley and AIG in middle market build out

Cyber insurtech Coalition has unveiled three hires to its production underwriting team as it targets growth among middle-market clients.

BI widens lead as most requested cyber coverage: PartnerRe survey

Cyber-related business interruption (BI) has remained the most-requested cyber coverage but extortion/ransom has moved up into the second slot, a PartnerRe survey of cyber brokers and underwriters has revealed.

Gallagher reveals ransomware incident

Arthur J Gallagher’s internal systems were hit by a ransomware incident over the weekend but the broker does not expect it to have a material impact on its business.

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