The ransomware attack against U.K. foreign exchange firm Travelex is just a taste of what’s to come with cyber crime, according to experts at CyberCube, the cyber risk analytics firm. Travelex announced this week that cyber hackers were holding its …
Specialist insurer Beazley and reinsurer RenaissanceRe have jointly launched a product that provides Beazley with additional catastrophe cover for cyber events. The majority of the security behind the deal will be provided by capital market sources structured by RenaissanceRe. This …
Reinsurers are aware they must constantly invent new solutions in order to stay relevant for their clients. Yet, they admit they are sometimes challenged to close the protection gap for new and emerging risks such as cyber. Cyber is actually …
There are several things that keep SCOR’s Jean-Paul Conoscente awake at night. Climate change is one of them; cyber risk is another. Only time will tell whether these risks are actually insurable, cautions Conoscente, who became the CEO of SCOR …
Kovrr, a Tel Aviv-based predictive cyber risk modeling company, announced a $5.5 Million financing round. The funding round was led by StageOne Ventures, Mundi Ventures and Innocells (the corporate venture arm and digital innovation hub of Banco Sabadell), and other …
Lloyd’s of London wants all insurance and reinsurance policies to clearly state whether coverage will be provided for losses caused by a cyber attack, saying this was in the best interest of both brokers and customers. Lloyd’s, the insurance market …
Pool Re, Britain’s terrorism reinsurer, is collaborating with UK government agencies to help businesses proactively protect against the risk of terrorism. The £10 million ($13.1 million) project is being funded by Pool Re, led by the UK Counter-Terrorism Police, in …
Pool Re, Britain’s state-backed terrorism reinsurer, has today completed placement of its £2.3 billion (US$3.1 billion) retrocession program with more than 50 international reinsurers, led by Munich Re. The program, provided on a three-year basis, is one of the largest …
Global reinsurance capital – comprising traditional and alternative capital – fell 2 percent in 2018 to US$595 billion from $605 billion in 2017, remaining resilient in the face of insured natural catastrophe losses of $230 billion over the two-year period, …
Cyber insurance is a market with enormous growth potential – but one that also has the potential to become a costly, worldwide event in a matter of seconds. Unlike natural catastrophes, cyber isn’t limited to geographic regions. It’s a risk …
