Aon

Cyber now buyer-friendly market but focus on war and infrastructure exclusions to continue: Aon

Cyber shifted to become a buyer-friendly market in early 2023 amid a decline in loss frequency and severity which has prompted a move towards more sustainable pricing levels, according to Aon.

Aon launches cyber property damage cover for vulnerable critical infrastructure

Aon has launched a new cyber property damage cover as threat actors increasingly target critical national infrastructure, including the emerging market for battery energy storage systems (BESS), through vulnerabilities in supply chain third-party operators and maintenance teams.

Aon names Axa XL’s Grigg to lead US cyber reinsurance

Aon has appointed David Grigg as executive managing director within Reinsurance Solutions’ US cyber team.

Aon’s Schultz: 2023 will see cat bond issuances return to “record levels” at $11bn+

Cat bond issuance levels are expected to reach record levels in 2023 with Aon Securities CEO Paul Schultz predicting north of $11bn as a “reasonable outcome” following a muted end to 2022 as a result of investor uncertainty and frustrations.

Soltani returns to Aon as cyber/tech PI leader for Nordics

Aon has appointed Arian Mohajer Soltani as cyber/tech professional indemnity broking leader for the Nordic region.

Aon: US cyber loss ratio stabilises in 2021 as premiums surge 76% to $4.8bn

The dramatic hardening in the US cyber market helped stabilise loss ratios in 2021 with a 1 point decrease to 66.0 percent on a calendar year basis at the industry level after a significant deterioration in 2020, as direct written premiums (DWP) in the sector surged by 76 percent to $4.83bn, according to Aon.

Aon report: Intangible assets remain underinsured despite higher average PML

Intangible assets have a higher probable maximum loss (PML) on average than tangible assets but insurance coverage remains far higher for the latter, with businesses unprepared for cyber and intellectual property (IP) “black swan” events that are among their biggest risks, according to Aon.

Aon: Severe cyber/E&O price increases expected to stabilise in H2

Aon has observed a slight reduction in the frequency of cyber claims, according to its latest Errors & Omissions and Cyber Market Review, while the broker anticipates the first half of 2022 will continue to see severe rate increases with the potential for stabilisation in the second half of the year.

Aon launches investigation after being hit by cyber attack

Aon has confirmed it has been the subject of a cyber incident which it said had impacted a limited number of systems.

Aon: Rate pressure in “challenging” cyber market to last through H1 2022

US market conditions for cyber and auto are “challenging” while casualty, D&O, and property are all moderating, according to Aon, as the broking giant forecast cyber rate pressure will remain for at least the first half of 2022 with expected new entrants unlikely to increase overall capacity.

Aon’s Mulligan: New reinsurers looking to dip their toe into cyber

Some reinsurers are looking to tentatively enter the cyber market, according to Aon’s Reinsurance Solutions global head of cyber Catherine Mulligan, who also commented that a key issue at the upcoming 1.1 renewals will be how much credit the reinsurance market gives to insurers for large rate increases pushed through in 2021.

Cyber insurers face “mixed” threat landscape after fluctuating ransomware attacks in 2021

The level of ransomware attacks rose and fell several times during this year, according to the cyber practice group for Aon’s Reinsurance Solutions business, with the broker commenting that the threat landscape presents a mixed outlook for insurers looking ahead to 2022.

Aon: Cyber jumps to top of risk rankings as highest threat globally

Cyber attacks and data breaches have been named as the number one threat to companies globally, according to Aon’s 2021 Global Risk Management Survey, jumping from sixth place when the survey was last undertaken in 2019.

Aon partners with Kovrr on cyber risk modelling

Aon has entered a partnership with cyber risk modeller Kovrr that allows the broker to provide cyber risk modelling (re)insurance solutions to clients.

Aon partners with Cybereason to address sophisticated cyber attacks

Aon has teamed up with operation-centric attack protection provider Cybereason to help identify cyber threats and mitigate risks before breaches occur.

Combatting cybercrime requires consequences, capital and collaboration

Ransomware attacks on municipalities, software suppliers and, perhaps most alarmingly, the United States’ critical infrastructure highlight the urgent need for a comprehensive response from government, the insurance industry and companies, according to Aon’s Catherine Mulligan and James Trainor.

Aon: US standalone and package cyber both saw record loss ratios in 2020

Aon has revealed that US cyber insurers reported record loss ratios in 2020 and the market’s premium has doubled in the past five years, as the firm also called on the National Association of Insurance Commissioners (NAIC) to make cyber a standard reporting line in the insurance annual statement.

E&O/cyber pricing to rise 20-50% throughout 2021: Aon

Loss severity and frequency pushed many E&O/cyber insurers past a tipping point in 2020 with the majority set to seek rate increases greater than 30 percent through the second quarter of this year, Aon has said in a new report.

Aon launches SME digital cyber offering

Aon has put together a digital insurance solution for small and middle market businesses that it says will allow buyers across a wide range of industries to purchase and manage cyber and professional liability coverage online.

The alternative path to cyber cat risk

If NotPetya awoke the sector to the real threat of cyber loss aggregation then the experience of 2020 has only heightened the need to protect balance sheets from the sort of cat events that until recently were not even part of the (re)insurance industry’s thinking.