Verisk’s Property Claim Services unit confirmed reports it has designated the recent global information technology outage as a cyber catastrophe event. With the designation, PCS Global Cyber believes what has come to be known as the CrowdStrike event will cause …
A simulated cyber catastrophe highlights the benefits and problems cyber insurance carriers will encounter as a result, according to a report released by Lockton Re. The report, “A Kaleidoscope of Possibilities: Preparing for Ivan Wiper,” focuses on the consequences of …
Re/insurer Ariel Re and Hiscox Re & ILS, the reinsurance and insurance linked securities arm of insurer Hiscox, announced the launch of CyberShock, a cyber catastrophe consortium. The CyberShock consortium is designed to offer up to US$50 million of per-program …
For the first time, a cyber-catastrophe bond has made its way into public debt markets. Long Walk Reinsurance Ltd. issued a $75 million so-called cat bond, sponsored by AXIS Capital, to insure against “a cyber-catastrophe event” across its main underwriting …
Specialist insurer Beazley has launched the global insurance market’s first cyber catastrophe bond. The $45 million bond gives Beazley indemnity against all perils in excess of a $300 million catastrophe event, with the potential for additional tranches to be released …
A district council in eastern Germany has declared a disaster after its computer systems were paralyzed by a hacker attack in what the federal cyber-security watchdog confirmed was the country’s first-ever “cyber-catastrophe.” Hackers knocked out the IT operations of the …
Property Claim Services (PCS), a Verisk business, has enhanced its PCS Global Cyber service with coverage for cyber catastrophe events. The inclusion of events with multiple insureds spanning both affirmative and silent cyber addresses industrywide insured losses of at least …
Despite the rising profile of cyber risks, buyers have failed to widely embrace cyber coverage. At the same time, insurers generally have remained cautious about writing the coverage on a large scale basis. A recent report published by accounting and …
Arthur J. Gallagher announced it has responded to the “perfect storm” facing manufacturers – a rising risk of cyber attacks, coupled with increased vulnerability and largely excluded exposures – by designing a tailor-made policy to more effectively transfer their unique …
A review of almost 400 reinsurance contracts underwritten at Lloyd’s of London has revealed potentially significant vulnerabilities and exposures if a catastrophic cyber attack should occur. Analysis of 392 property and casualty reinsurance policies underwritten by a trio of reinsurers …
