cyber risk

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Re/insurers to partner with governments & capital markets on cyber risk: S&P

Given the enormous economic loss potential associated with cyber risks, rating agency Standard & Poor's feels it inevitable that insurance and reinsurance firms will look to both the government and capital markets to help in boosting available cyber risk capacity.In a new report on the reinsurance market's approach to cyber read the full article →

Capital One cyber attack designated as PCS Global Cyber loss event

The recent Capital One cyber hack attack and resulting significant data breach could lead to a significant cyber insurance and possibly reinsurance market loss, leading Property Claim Services (PCS) to designate the event.Our sister publication Reinsurance News explained over a week ago that U.S. and global banking and personal finance read the full article →

Allianz tests cyber risk securitisation, but “not priority number one”

Global insurance and reinsurance group Allianz has been testing out the securitisation of cyber risks and there transfer to capital markets investors, but the firms CFO explained recently not to expect an explosion of such activity, as it is "not priority number one."Through its industrial insurance and risk transfer group read the full article →

Alternative capital not hindering Munich Re’s cyber growth (yet)

Reinsurance giant Munich Re aims to keep a 10% share of the growing global cyber marketplace and so far says that alternative sources of capital are not impinging on the cyber sector, with little competition seen from ILS market sources.Much has been made of the potential for the insurance-linked securities read the full article →

Survey on cyber risk transfer via insurance-linked securities (ILS)

We're delighted to have partnered with the Institute of Insurance Economics at the University of St. Gallen, Switzerland to promote and publish a survey on the transfer of cyber risks using insurance-linked securities (ILS).The survey, which you can submit your responses to here, seeks to help identify the optimal product read the full article →

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 →

Marriott hack insurable loss potential is as much as $600m

The estimated total insurable loss for the recent cyber hack attack and resulting data breach of one of the Marriott hotel chain’s reservation systems will be between $200 million to as much as $600 million, according to AIR.The risk modeller made its first public estimate under its new cyber modelling read the full article →