War and terrorism

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.

Lloyd’s Turk: Guidance success would end noise around cyber war exclusions

Lloyd’s CUO Rachel Turk has said the revised guidelines around state-backed cyber wordings have the potential to bring certainty to the market’s approach and end the current noise around war exclusions.

AI, cybersecurity, inflation and war risks dominate 2024 insurance outlook: RPC

The next 12 months will see insurers and insureds increasingly turn to AI technologies, bringing new risks for the market to address, according to law firm RPC.

Zywave cyber panel: Large buyers struggling to structure towers amid differing war exclusions

A lot of progress has been made on war exclusions in the past six months but it can still be a challenge for large US cyber buyers to work out the differences between versions and to structure their programs so they have the best wording, panellists at a Zywave cyber conference suggested.

Cyber: The defining risk of our time

Executives from around the cyber market agree that it is “the defining risk of our time”. While the market has recently seen more meaningful capital entry, and rates appear to be holding for the time being, the industry has not yet been able to fully comprehend a ‘Black Swan’ event – increasingly defined as a cyber attack having serious physical asset ramifications.

Cyber’s role in Russia-Ukraine offers lessons for future conflicts: Howden

The blending of military and cyber warfare in the Russia-Ukraine conflict has not only raised concerns over systemic risks, but also offered lessons into how future conflicts may progress, according to a report by Howden.

CyberAcuView close to LMA approval for new war exclusion wording

CyberAcuView is close to gaining approval from the Lloyd’s Market Association for new war exclusion language that will provide US carriers and clients with an alternative to the updated London market wordings which have caused tensions between (re)insurers and buyers, The Insurer can reveal.

CFC welcomes consistency on cyber war exclusions to avoid Covid BI scenario

The insurance industry must demonstrate it has learned lessons from pandemic-related BI disputes by ensuring clarity in cyber war exclusions, with CFC’s Lindsey Nelson describing Lloyd’s updated stance as a welcome opportunity to ensure market consistency.

Munich Re: Market needs cyber war exclusions to be “future proofed”

The cyber market needs to implement “robust” exclusions to tackle systemic risks with Munich Re keen for solutions to emulate Lloyd’s Market Association (LMA) clauses aimed at clarifying whether cyber war is covered.

Munich Re to exclude war from direct cyber covers: reports

Reinsurance giant Munich Re is set to roll out new wordings in primary cyber insurance policies to exclude war as the threat level rises following Russia’s invasion of Ukraine.

Russia-Ukraine cyber analysis: War exclusions – what are they good for?

The cyber market faces potentially large losses from the Russia-Ukraine war, but there is great uncertainty over whether and to what extent cyber attacks will increase, the enforceability of war exclusions and how attribution is resolved.

Insurance leaders unveil new public-private systemic risk initiative Resilience UK

Aon’s Dominic Christian and Pool Re’s Julian Enoizi have unveiled a proposed new UK initiative designed to facilitate industry and government collaboration to promote resilience to systemic risks such as cyber and climate change.

Moody’s: Russia’s invasion could spark claims inflation and increased insolvencies

Insurers will have to contend with the secondary impacts of greater financial market volatility and higher energy prices as a result of Russia’s military assault on Ukraine, rating agency Moody’s has warned.

Russia/Ukraine: Insurers brace for cyber warfare fallout

Paul Handy, global head of cyber for Crawford & Company, warns cyber attacks initiated in the Russia-Ukraine conflict pose a global cybersecurity threat that calls for close examination of exposures and policy wordings.

McGill’s Greenwood: Ukraine tensions leave firms exposed to cyber and BI risk

Rising political tensions in Ukraine and a potential Russian invasion could have “significant repercussions” for international businesses, with firms exposed to potential cyber threats and business interruption, according to McGill and Partners’ Hamish Greenwood.

Bridging the gap: finding solutions to better manage systemic risks

Covid-19 highlighted the need for governments and the private sector to work together to deliver solutions to meet systemic risk challenges. Our panel sat down to discuss the reasons behind the lack of progress in delivering these solutions and what can be done to bridge the gap between public and private to create better partnerships.

Catlin: Industry should be transparent with world govs on what it can and can’t do with systemic risks

P&C (re)insurers will send the wrong message if they simply walk away from systemic risks such as cyber, pandemic and terrorism and should instead be transparent with world governments on what they can do to help mitigate the prospect of a mega-catastrophic loss, according to industry entrepreneur Stephen Catlin.

Pool Re CEO Enoizi assembles new heavyweight group to advise on systemic risks

UK terrorism mutual Pool Re has unveiled a new advisory group that brings together industry executives and political and academic heavyweights to explore how to protect the UK economy from systemic risks and determine what roles the industry and taxpayer should perform.

Australia mulls adding cyber risk to terrorism mutual

Australia’s federal government is to examine whether terrorism cover provided by the Australian Reinsurance Pool Corporation should include property damage from cyber attacks.

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.