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MS Amlin invests in cyber reinsurance MGA Envelop Risk

Leading international insurance and reinsurance firm MS Amlin, part of the MS&AD group, is investing in cyber reinsurance MGA Envelop Risk.Envelop Risk launched a year ago with a mandate to provide data driven cyber risk analysis and reinsurance products.The firm also sees an opportunity to tap into the capital markets read the full article →

Norsk Hydro cyber attack may cost $41m. AIG leads cyber insurance

Norsk Hydro has said today that its costs from the cyber attack by malware or ransomware are estimated at up to US $41 million just from the first week since the event occurred.Norsk Hydro is one of the world’s largest aluminium manufacturing firms.The Norway-headquartered company’s operations were disrupted after unusual read the full article →

Norsk Hydro cyber attack loss potential investigated by PCS

Norsk Hydro, one of the world's largest aluminium manufacturing firms, was hit by a cyber attack recently, as malware or ransomware caused the company to shutter and reduce operations at a number of locations.The Norway-headquartered company’s operations were disrupted after unusual activity was spotted on its servers by IT experts, read the full article →

Cyber is a logical use of ILS capacity: Brian Duperreault, AIG CEO

Cyber risks are a logical place for the use of insurance-linked securities (ILS) capital as there is a real need for capacity, according to Brian Duperreault, the CEO of insurance giant AIG.Duperreault was interviewed on stage at the annual SIFMA IRLS conference in Miami, Florida yesterday.He discussed the evolution of read the full article →

Singapore launches cyber risk pool, to be backed by ILS & reinsurance

The Finance Minister of Singapore has announced the launch of the world’s first commercial cyber risk pool, a facility for providing cyber insurance to corporate buyers in the Asia region that is expected to be backed by both insurance-linked securities (ILS) and reinsurance.Singapore has been pushing innovation in its insurance read the full article →

AIR’s new probabilistic cyber model to aid cyber ILW & ILS development

Global catastrophe risk modeller, AIR Worldwide, has announced the development of a new probabilistic cyber model that market participants state will reinforce their ability to develop and deliver innovative solutions such as cyber ILWs and insurance-linked securities (ILS) for cyber risk.The new cyber risk model is to be included in read the full article →

PCS aims to help understanding of the silent side of cyber risk: Johansmeyer

The enhancement of the PCS Global Cyber Index to include cyber catastrophe is in response to client demand, and is another positive step in helping the international risk transfer industry both understand and address the growing cyber threat.PCS Global Cyber, a loss aggregation service that offers industry loss estimates for read the full article →

Munich Re calls for capital markets support on cyber accumulation risks

Munich Re, the largest reinsurance company in the world, has said it would welcome capital markets support in providing capacity for cyber accumulations risks.Speaking in Monte Carlo today at the Reinsurance Rendez-vous, Munich Re's board member for reinsurance Torsten Jeworrek explained that cyber risk is a key opportunity for the read the full article →

PCS adds cyber catastrophes to index product, as Petya loss hits $3bn

Property Claim Services (PCS) has expanded its industry loss index and estimates service for the cyber insurance and reinsurance space by adding cyber catastrophe events, covering losses that involve multiple insureds across affirmative and silent cyber with industry-wide insured losses of at least $250 million.The PCS Global Cyber loss aggregation read the full article →

Envelop Risk adds sector veteran Brian O’Hara to board

Envelop Risk, a recently launched start-up with a focus on cyber risk underwriting and analytics provision and which we expect will engage the capital markets to explore cyber insurance-linked securities (ILS), has announced the appointment of industry veteran and former XL Chairman and CEO Brian O'Hara to its board.The appointment read the full article →