The Source for Cyber Insurance News, Insights and Data
Growth of cyber reinsurance is limited by inadequate risk assessment tools and capital limitations… “Cyber limits have contracted, and insurers have significantly increased rates so the profitability of the portfolios is better, said Tim Gardner, New York-based global CEO of Lockton Re, a unit of Lockton Cos LLC. ‘I think reinsurers are pretty comfortable reinsuring … Read more
Concerns include clauses provided by Lloyds that define a “primary but not exclusive factor” for triggering an exclusion as a national government confirming it’s been hit by a nation/state cyberattack. “Those claims [coming from smaller enterprises] cannot wait six months for an insurer to work out whether it was a nation state attack or not, … Read more
EY reports it surveyed the SEC filings of 74 Fortune 100 companies and 51% had cyber security insurance. That’s up from 43% in 2021. Report includes interesting statistics on cyber sec measures being taken by companies and the future of regulation by SEC and other federal entities. Source: How cyber governance and disclosures are closing … Read more
“Should an existing federal insurance program (e.g., NFIP or TRIP) or other U.S. or international public-private insurance mechanisms serve as a model for, or be modified to address, catastrophic cyber incidents?’ the notice asks…The (US Treasury) Department’s Federal Insurance Office—together with the Cybersecurity and Infrastructure Security Agency—is soliciting feedback in preparation for a report to … Read more
Potential good news for cyber insurers: Awareness of need is high and perhaps sales will catch up to it… “Nearly 75% of respondents said they believe having a cyber insurance policy is critical, but the percentage who said their company has purchased coverage was 59%, up only 3 points from 2021.” Source: Travelers Risk Index … Read more