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The market confusion largely began when Lloyd’s of London asked carriers to exclude most state-backed cyber attacks. “A policyholder can now face as many as five or six different kinds…
The practice says it was hit by a ransomware attack days after its coverage lapsed. “Gallagher had been working with Raleigh Radiology for months before the lapse to renew its…
Read More “Oops: Radiologists Sue Broker Over Lapsed Cyber Insurance Policy” »
This interesting report provides the “tick tock” of a ransomware attack on a small US bank, including the role of cyber insurance in the recovery. The details reveal the bank…
Read More “The Nightmare of a Ransomware Attack, Community Bank Version ” »
“‘Our research highlights that consumers are increasingly aware of the dangers of being online and are looking for a simple and easy all-in-one solution to keep them digitally safe,’ said…
“(O)verall claims frequency decreased by 22% year-over-year. Furthermore, Coalition policyholders experienced 64% fewer claims than the broader cyber market1, with 47% of reported events handled with no cost to the…
Stand-alone policies reflect growing acceptance of cyber as a unique and critical category requiring more complex underwriting by carriers and increased attention from policy holders. “Standalone coverage is 70% of…
Read More “Most Cyber Insurance Premiums Now for Stand-Alone Coverage: Fitch” »
“Mosaic has announced it will be underwriting primary cyber insurance globally, offering US$20 million in capacity across its network of underwriting hubs…Yosha DeLong, global head of cyber at Mosaic, says:…
Read More “Mosaic: We’re Going Global with Primary Cyber Insurance ” »
Marsh reports claims were up 77% in Q1 2023 compared with the previous quarter. Resilience reports the same trend. “One possible explanation for the resurgence is that ransomware purveyors based…
“Misreporting about the LMA (Lloyd’s Market Association) exclusions – specifically that Lloyd’s war exclusions do not cover state-sponsored cyber attacks – has been “deeply unhelpful,” said Andrew Hill, global head…
Read More “Roll Out of Lloyd’s Cyber War Exclusion Dazes and Confuses Market ” »
A new CEO has joined Lodestone, a wholly-owned sub of Beazley. The insurer has a ready-made client base for Lodestone, suggesting vertical integration of cybersecurity solutions — services to insurance…