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Top News about Cyber Insurance
Ariel Re and Hiscox Re & ILS announced the creation of the CyberShock consortium. Based in London, this new initiative is a partnership between Ariel Re, a global reinsurance company with offices in Bermuda, London, and Hong Kong, and Hiscox Re & ILS, known for its expertise in reinsurance and insurance-linked securities. The CyberShock consortium … Read more
Coalition, an Active Insurance provider, released its 2024 Cyber Claims Report, revealing that over half of all cyber insurance claims in 2023 were due to email-related fraud. The report, detailing emerging cyber trends and their impact on policyholders, found that 56% of claims stemmed from funds transfer fraud (FTF) and business email compromise (BEC), underscoring … Read more
IQUW introduced FortiFI, a new insurance product combining Financial Institutions (FI) coverage with Cyber insurance, specifically tailored for U.S. clients. This integration addresses the growing concerns around cybersecurity, especially given that nearly 20% of global cyber-attacks target financial institutions. Tristram Prior, Lead Underwriter for IQUW Financial Institutions, emphasized the product’s significance, stating that a recent … Read more
After several years of exponential growth in the cybersecurity insurance market, a surprising shift occurred last year in cyber liability insurance premiums, according to a report from Fitch. “U.S. statutory direct written premiums for cyber coverage in standalone and package policies declined for the first time on record in 2023 by a modest 2%. This … Read more
Zywave, an insurtech provider, announced the launch of its new Cyber Quoting platform today. The platform connects global cyber insurers with U.S. distributors, simplifying the data collection process used for generating insurance quotes. This addition is part of Zywave‘s efforts to enhance its range of quoting and proposal solutions. According to Eric Rentsch, Chief Product … Read more