cyber insurance News

Cyber Insurance Market Growing Slower Than Expected: Allianz

The tiny market for cyber insurance has been slower to develop than generally anticipated, a member of Allianz’s board said in an interview. The European market for cyber insurance currently has a premium volume of around 200 million euros ($224 …

TMK Launches Visual Effects, Post Production Media Cover

Tokio Marine Kiln (TMK), the London-based specialist insurance business, announces the launch of visual effects (VFX) and post production media insurance. TMK said its post-production media insurance offers flexible cover for companies specializing in online or offline editing and digital …

WannaCry Attack Could Be Opportunity for Cautious Insurance Industry: A.M. Best

According to a rating agency A.M. Best, the the recent WannaCry ransomware attack could be a benefit to the insurance industry if it leads to better-crafted policies with clear language that provide the desired protection for policyholders. A.M. Best said …

Firms Turn to Kidnap Insurance Policies to Cover Ransomware Losses

Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world’s political hotspots to recoup losses caused by ransomware viruses such as “WannaCry,” insurers say. Cyber insurance can be expensive to buy and is not …

Novae Expands Cyber Team with Appointment of Quick from IBM

Novae Group plc, the specialist listed Lloyd’s insurer, announced that Stuart Quick has joined its cyber team as breach response and cyber operations manager, reporting to Dan Trueman, head of cyber and chief innovation officer. Quick was previously a managing …

Many Non-U.S. Firms May Be Uninsured for Recent Ransomware Attack

Many companies outside the United States may not have cover for a recent computer-system attack, leaving them potentially with millions of dollars of losses because there has been relatively little take-up of cyber insurance, insurers say. A massive ransomware worm …

London-Based MGA Nexus Offers Cyber Insurance in Partnership with Beazley

Nexus Group, the London-based independent specialty managing general agent (MGA), has formed a partnership with Beazley to provide cyber insurance with effect from May 1, 2017. Nexus will underwrite the new line, offering third party cover up to a maximum …

High-Profile Cyber Attacks Drive Growth of Cyber Crime Insurance

For companies and organizations, an attack by hackers can inflict financial losses, corporate embarrassment and legal action. For insurers jumping into the brave new world of cyber crime insurance, it’s free marketing for what could be a $10 billion opportunity. …

Beazley Offers ‘Seamless’ Financial Lines Cover for Crime, PI & Data Breaches

Beazley has unveiled two sets of financial lines’ products for organizations domiciled outside the United States. One is designed for the specific needs of financial institutions and the other provides comprehensive management liability cover for traditional and emerging risks, the …

Beazley Taps HCC Global’s Segovia to Lead Financial Lines on Continent

Specialist insurer Beazley has appointed Lorena Segovia to the newly created role of financial lines regional manager for continental Europe. Based in the company’s new Barcelona office, Segovia will be responsible for the development of Beazley’s specialty lines business across …