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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 →

Silent cyber has potential to cause ILS fund losses, scenario shows

A cyber attack scenario where hackers targeted a U.S. hydroelectric dam causing significant property damage through flooding, could clearly result in losses flowing through to the insurance-linked securities (ILS) market thanks to so-called silent cyber exposure.Insurance and reinsurance broking specialist Aon worked with Guidewire Software's Cyence Risk Analytics team to 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 →

Silent cyber in Petya loss shows need for dead cat trades: PCS’ Johansmeyer

The insurance and reinsurance industry loss from the Petya / NotPetya cyber attack is escalating far beyond the level initially assumed possible, thanks to silent cyber exposure, demonstrating there is a need for a cyber dead cat trading market, according to Tom Johansmeyer, Co-Head, PCS Strategy & Development at ISO.Silent Cyber read the full article →

As cyber risk quantification matures, expect more ILS capital involvement: PwC

Before insurance-linked securities (ILS) move wholesale into the cyber risk underwriting arena the technologies and risk models used to quantify cyber exposures will need to mature further, but once that happens we should expect the provision of cyber reinsurance capital to come from diversified sources, according to PwC.In its recent read the full article →

Envelop Risk launches for cyber focus with Jonathan Spry as CEO

A new firm named Envelop Risk has launched to focus on cyber risk underwriting and analytics provision with experienced reinsurance capital markets executive Jonathan Spry at the helm, suggesting that the company may well look to cyber insurance-linked securities (ILS) in future.Envelop Risk aims to provide cyber underwriting services to read the full article →