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Top News about Cyber Insurance
“FI CyberCrime Plus, which is focused on banks with balance sheet assets of $10 billion to $100 billion, anticipates limits of $25 million to $35 million, according to the broker.” Source: Aon product for banks combines cyber, crime, professional liability | Business Insurance
“(A) ransomware/breach prevention or recovery warranty can at least help companies ‘reduce their premiums,’ or even become eligible for coverage…” Source: Ransomware warranties offer user community another form of cyber insurance
“(T)he new year will continue to reveal the consequences of the 2021 acceleration of business digitization, with an explosion of incidents related to the software supply chain. This will drive demand and innovation in the cybersecurity market along with the need for refined coverages and a more thorough assessment of cyber risk for insurance purposes.” … Read more
Reported elsewhere: “The captive, domiciled in Hawaii, will provide capacity in addition to its current long-term capacity agreements from carriers including Swiss Re and Arch Insurance.” The insuretech company continues to scale at a rapid pace. “Coalition has delivered superior claims results amidst significant growth as it crosses $400M in run rate premium, an 800% … Read more
“The rise of high-profile ransomware incidents in the public finance sector beginning in 2018 led entities to turn to cyber insurance as a means of risk transfer. With ransom demands generally in the five-digit range, affordable and easy-to-obtain cyber insurance helped reduce financial risk. However, with soaring ransom demands and recovery costs, insurers have adjusted premiums … Read more