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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 →

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 →

Cyber has all the hallmarks of becoming a peak peril: Syroka, Fermat Capital

Cyber risk is increasingly showing signs of becoming a peak peril and as the insurance-linked securities (ILS) sector continues to look for growth it makes sense to focus on these peak levels of the insurance and reinsurance risk tower, according to Joanna Syroka, Director of New Markets, Fermat Capital Management.Cyber read the full article →

Marriott hotels hack designated as PCS Global Cyber loss event

Last weeks announcement of a major cyber hack attack and resulting data breach of one of the Marriott hotel chain's reservation systems is expected to 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 was read the full article →

Merck & silent cyber impacts drove Petya industry loss: PCS

It was the impacts to pharmaceutical giant Merck as well as silent cyber exposure that drove the insurance and reinsurance industry loss from the 2017 Petya / NotPetya cyber attack, according to PCS, providing a further warning of how cyber losses can hit multiple business lines.When we last covered the 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 →

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 →