The Source for Cyber Insurance News, Insights and Data
“This paper makes the compelling case for cyber ILS, having addressed the common objections. The massive opportunities which arise from the continued demand for cyber (re)insurance will only be further enhanced by the successful execution of cyber ILS transactions. This will increase (re)insurance capacity, as well as isolate cyber catastrophe risk into a tradeable format. … Read more
The program comes from CloudCover, provider of AI-driven network security detection tech, with Hylant Global Captive Solutions. “Stephen Cardot, CEO of CloudCover, commented: ‘Unlike conventional cyber insurance offerings, the CloudCover CyberCell captive insurance program operates as a creative answer for any large enterprise or association who is searching for an alternative approach to cyber insurance … Read more
“’Regardless of whether ILS (Insurance-Linked Securities) markets are not fully appreciating the differences between NatCat and cyber, a demonstration that the original risk is being assessed with appropriate granularity is essential for confidence in capital application and price for required returns. Otherwise, there is still too large an element of guess work, which would actually … Read more
“(T)he cyber rates continued to accelerate at 28%, although that is a deceleration in rate increase in the last quarter we saw 53%,” said Martin South of Marsh & McLennan during an earnings call on Jan. 26th. Source: Marsh & McLennan Companies, Inc. (MMC) Q4 2022 Earnings Call Transcript
We told you about Beazley’s CAT bond and then its listing on the Bermuda exchange. This development in ILS is generating some optimism among those who fear devastating, system-wide damages from future cyber attacks. “’This innovative way of viewing, financing, and insuring against cybercrime may signal a systemic shift in how corporates and insurers assess … Read more