News

Average cyber policy limits plunge by almost 50%: CIAB

The typical limit on a cyber policy was down 47 percent to $3.2mn in 2018, according to a study by the Council of Insurance Agents and Brokers (CIAB) in the US.

US cyber loss ratio shrinks in 2017 despite $275mn Merck loss

Despite 2017 witnessing the industry’s largest ever insured cyber loss at $275mn, it was a banner year for US cyber underwriters with a combined ratio of only 61.4 percent and aggregate premiums climbing to at least $1.84bn.

Merck’s $915mn NotPetya hit may infect beyond its $275mn cyber tower

One year on from what is already the largest loss in cyber liability history, insurers on US pharmaceutical firm Merck’s vast $1.75bn property tower are still waiting on a formal loss notification.

Argo’s US cyber head White departs

Argo’s US-based group head of cyber, Simon White, has left the carrier, re-Insurance.com can reveal.

Barbican swoops on Chubb to expand cyber team

Barbican has appointed Lauren Webb as a class underwriter for cyber within its Lloyd’s Syndicate 1955.

O’Hara joins cyber start-up Envelop Risk

Brian O’Hara, a leading forefather of Bermuda’s (re)insurance industry and the former CEO of XL, has joined start-up cyber analytics firm Envelop Risk.

AIG warns GDPR to boost cyber claims as ransomware spectre remains

The introduction of the new European General Data Protection Regime (GDPR), which comes into effect tomorrow, is set to cause a spike in cyber claims as the regulation offers another “tool for negotiation by extortionists”, according to AIG.

Chubb overtakes AIG as largest insurer of cyber coverage: AM Best

In 2017, Chubb more than doubled its direct premiums written for US cybersecurity business to $284.4mn, leapfrogging AIG and XL Group.

Envelop Risk to launch Bermuda cyber platform with Chatterjee hire

Hannover Re’s Bermuda-based cyber expert Aritra (Ari) Chatterjee has joined start-up Envelop Risk as chief underwriting officer and will launch an underwriting platform on the island later this year, re-Insurance.com can reveal.

Axis rolls up Novae cyber team for new specialty division

Axis has rolled up its cyber operations to create a new underwriting platform that will also offer risk mitigation advice and education.

Cyber underwriting platform Envelop Risk launches

A new data analytics-led cyber (re)insurance platform, Envelop Risk, has been launched today (16 April) with a bold ambition to create next-generation cyber insurance products and deploy augmented-intelligence underwriting with support from the advanced US data analytics firm QxBranch and Scandinavian alternative investor, New Nordic Advisors.

Markel appoints head of cyber business

Markel has named Kara Owens managing director of its global cyber business.

Equifax to recover $75mn from insurers over data breach

US consumer credit reporting agency Equifax is set to recoup $75mn from its insurers after taking a $275mn hit from a data breach last year when hackers stole sensitive customer information.

UPDATE: £2.1bn Pool Re XoL restructures with new third layer and cyber trigger

Analysis of the industry’s largest XoL retro terrorism programme, together with diagram of stack and Pool Re chain of security…

Marsh calls for public-private partnerships to drive cyber take-up

President and CEO of Marsh John Doyle has urged the insurance market to work with governments to improve cyber products.

Cyber market ‘frustratingly immature’: Beale

Lloyd’s of London CEO Inga Beale has lambasted slow growth in the cyber insurance market and warned that the market risks not reaching its full potential.

JLT Re adds Davis to US cyber unit

JLT Re has appointed Erica Davis as senior vice president to lead its North American cyber and E&O practice.

Allianz teams up with Apple and Cisco to offer discounted cyber cover

Allianz has entered into a partnership with Apple and Cisco to offer discounted cyber insurance for customers who use the tech giants’ products in a bid to broaden its base in the burgeoning sector.

Natural disasters and extreme weather top WEF risks for 2018

The World Economic Forum (WEF) has named natural disasters and extreme weather events as the top global risks on the horizon for the second year running.

Swiss Re: Broad market hardening now expected in 2018

Swiss Re’s chief economist Kurt Karl has today (21 November) predicted a broad market hardening of P&C rates in 2018 beyond loss-affected lines following the $130bn of capital that has been stripped from the industry this year.