Cyber

74% of US brokers seeing cyber demand increase

A market survey from The Council of Insurance Agents & Brokers has revealed 74 percent of respondents are seeing higher demand for cyber insurance, while 42 percent report claims are increasing.

Cyber alarm cries get louder

The recent Capital One breach is not close to a market changing event for cyber underwriters – but other warning signs are emerging that this growing line of business could be heading for a fall.

Marriott has recovered $93mn of cyber insurance so far

Marriott International, which suffered a large data breach last November, has revealed in a 10-Q filing that it had recovered $93mn from its cyber insurance policy as of the end of June and had renewed its insurance at higher cost.

S&P warns of reinsurers’ cyber “iceberg threat”

Reinsurers could face significant cyber losses and volatility in the near future if they do not start screening their portfolios for non-affirmative exposures or manage them, S&P has cautioned.

Capital One reveals $400mn cyber cover after breach

US bank Capital One has revealed it has insurance covering cyber risk events with a total coverage limit of $400mn, following a breach of over 100 million individuals’ personal information.

LSM launches cyber centre of excellence with Rigby at the helm

Liberty Specialty Markets (LSM) has appointed Jon Rigby to the newly created role of chief cyber officer, to lead the carrier’s new cyber ‘centre of excellence’.

Lockton appoints Willis’s Dagostino as cyber practice leader

Anthony Dagostino has joined Lockton as executive vice president and global cyber and technology practice leader.

Lloyd’s not-so silent cyber clean up provides reinsurance opportunity

Co-founder and chief executive of cyber-focused InsurTech and MGA Envelop Risk, Jonathan Spry, applauds Lloyd’s mandate to eliminate non-affirmative or “silent” cyber risks from policies incepting from 1.1 next year and predicts it could provide a fillip for the nascent cyber reinsurance market…

Brit builds out US cyber practice with AIG and NAS hires

Fairfax Financial-owned carrier Brit Global Specialty USA (BGSU) has continued to build out its cyber and technology practice with the appointment of James Patterson and Ryan Mimmo, with both taking on the role of vice president of cyber and technology.

Lloyd’s gets tough on silent cyber

Lloyd’s has issued a new mandate in a bid to eradicate non-affirmative or “silent” cyber risks from policies incepting on or after 1 January 2020.

$6bn US cyber market needs to broaden its coverage: Betterley report

The latest Betterley Report on US cyber/privacy insurance has revealed the estimated size of the market measured by premium volume has grown by $1bn since last year’s survey but the consultant has warned products too often focus on breach of private data.

Markel offers $20mn limits with Cyber 360 policy launch

Markel International has launched Markel Cyber 360, a policy that provides commercial and business clients with up to $20mn of protection against cyber risks.

FedEx sued in first NotPetya-related D&O lawsuit

US logistics company FedEx has been hit with a securities lawsuit that provides further evidence of the possibility for companies to face D&O lawsuits following a cyber attack.

Rocketing ransomware attacks the cyber story of 2019

A spate of ransomware attacks on US cities in the past two months is just the latest development in a year for the cyber market so far defined by rocketing levels of ransomware activity.

Beazley hires from Chubb and AJG for cyber middle market push

Beazley has hired two cyber and technology underwriters in the US, which it said are to meet growing demand from middle market businesses for insurance cover for cyber, data security and privacy exposures.

Potential BI losses from a UK cyber attack could reach $3.25bn

An analysis by cyber risk modelling company Kovrr has estimated insured business interruption losses from a UK cyber catastrophe could reach $3.25bn, comparable to the risk of a flood catastrophe covered by property insurance.

Why one cyber expert believes Zurich will pay Mondelez’s $100mn loss

A panel on cyber war and terrorism suggested the issue of attribution may mean Zurich will have to pay Mondelez’s $100mn NotPetya claim, while work is underway to make intent to pay losses in similar situations clearer in policies.

US cyber claims growth outpacing policy growth – AM Best

An AM Best report has revealed that cyber claims growth greatly exceeded in-force policy growth in 2018 but the rating agency believes the line still represents a positive opportunity for insurers.

Cyber market questions whether it should cover privacy claims

The cyber insurance market is bracing itself for a deluge of claims once the California Consumer Privacy Act (CCPA) comes into effect at the start of 2020, prompting some underwriters to ask whether the market should be covering these types of losses.

Aspen launches cyber risk management platform

Aspen Insurance has released a cyber risk management platform called SSIMPLE to assist clients in the prevention and detection of and response to privacy and network security incidents.