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Top News about Cyber Insurance
A Financial Times report (here) says major cyber insurance buyers are pushing back against Lloyd’s moves to exclude “state-backed” cyber attacks from coverage. Financial services companies are among those most concerned. It appears Lloyd’s is looking for ways to address the concerns. “Lloyd’s said it was not demanding ‘a blanket exclusion but a segregation of … Read more
“Astaara’s cyber insurance covers ports and terminals, as well as ships, shipowners and ship managers. The insurance is led by A-rated cyber insurance industry leader Axis Specialty Europe SE, with Astaara backed by significant investment from the West of England P&I Club.” Of note, Astaara’s approach to cyber terrorism: “Recent estimates show that over half … Read more
Required to have cyber insurance by customers, but can’t afford it? Or don’t want to spend the money? Here comes a possible solution. “Characterizing today’s cyber insurance market as being similar to the Wild West, Struck says he would not be surprised to see ‘relatively low-cost cyber insurance that doesn’t cover much, but at least … Read more
Marsh notes global cyber pricing rose 28% in Q42022, slowing compared to 53% the prior quarter. But rates and volatility remain high enough to keep providing tailwinds for captive structures, concludes the firm. Most growth in Marsh captives comes from single-parent captives and cells, Marsh reports. “In fact, between 2020 and 2021, 40% of new … Read more
It seems fair to say that definitive numbers remain as elusive as a North Korean hacker. The Wall Street Journal‘s Pro Research did a survey late last year indicating 6% of enterprises had made claims in the previous twelve months. Delinea’s survey reported almost 80% had many a claim at some point, with many of … Read more