standalone cyber insurance News

Lloyd’s Insurers Must Exclude State-Backed Cyber-Attacks to Avoid Systemic Risks

Lloyd’s insurers must exclude state-backed cyber-attacks in standalone (or affirmative) cyber policies, according to a Lloyd’s market bulletin issued this week. The exclusion would include liability for losses arising from both war- and non-war-related state-backed cyber-attacks. “Lloyd’s remains strongly supportive …

With Claims Rising, Cyber Insurers Need More Than Sizable Rate Increases: Fitch

Cyber insurance underwriters are reporting substantially higher claims losses in 2020 than in prior years and as a result face increasing profit pressure. insurers will have to achieve both significant premium rate increases and tighter coverage terms in order to …

Agents, Stand Together in Helping Businesses Understand Standalone Cyber Insurance

It is well known that small and medium businesses face an ever-increasing risk of cyber attacks. Sixty-three percent reported they had experienced a cyber breach in the last 12 months, when Ponemon surveyed them in the fall 2019 prior to …

U.S. Cyber Insurers Face Changing Landscape; Top 20 Cyber Insurers

Cyber insurers have been enjoying a profitable run for several years but are now facing a changed risk landscape with data breaches, ransomware attacks, insurance claims and overall threat awareness increasing. In a report, “Cyber Insurance: Profitability Less Certain as …

How the U.S. Cyber Insurance Market Is Performing: Aon Report

The number of U.S. insurers providing cyber insurance continues to grow along with instances of cyber attacks. In 2017, 170 U.S. insurers reported writing cyber insurance, up from 140 in 2016 and 119 in 2015, according to Aon’s latest U.S. …

AIG Expanding Commercial Casualty Policies to Include Cyber Coverage

American International Group Inc. said it would include cyber coverage to its commercial casualty insurance during the first quarter of 2018, a move that would boost rates but make it clearer how customers are covered if they are the victim …

Risk Managers Prefer Standalone Cyber Policies: RIMS Survey

According to the 2017 RIMS Cyber Survey, risk professionals’ continued to show preference for standalone cyber insurance policies as the number of practitioners who purchased the coverage increased moderately in 2017. Findings from the 2017 RIMS Cyber Survey include: Organizations …

Cyber Insurance Premium Volume Grew 35% to $1.3 Billion in 2016

Property/casualty insurers wrote $1.35 billion in direct written premium for cyber insurance in 2016, a 35 percent jump from 2015, according to reports by Fitch Ratings and A.M. Best. The largest cyber insurance writers are American International Group, XL Group …

RIMS 2017: Why Cyber Should Be Treated as Standalone Insurance

Treating cyber risk as a standalone insurance market holds the promise of unlocking the potential for meaningful coverage for both insurers and buyers, according to a new report by JLT Re and JLT Specialty Limited. According to the report released …

AIG Unleashes New Primary Cyber Policy for Property/Liability Exposures

AIG rolled out a new standalone cyber policy that provides primary insurance protection for a wide range of related risks. The insurance giant is marketing CyberEdge Plus as offering primary protection for property damage, bodily injury, business interruption, product liability …