Strategic Collaboration to Strengthen Cyber Risk Assessment
Samsung Fire & Marine Insurance (SFMI) has entered into a strategic partnership with Cyberwrite to bolster its cyber insurance offerings. This collaboration aims to enhance SFMI’s ability to evaluate the likelihood and financial impact of cyber threats across its insurance portfolio. Cyberwrite was selected following a global evaluation by Samsung Financial C-Lab Outside, recognizing its expertise in AI-driven cyber catastrophe modeling and real-time underwriting analytics.
Cyberwrite’s AI-Driven Solutions to Aid SFMI
Cyberwrite’s platform utilizes patented AI algorithms to predict and quantify the effects of cyber incidents on organizations of varying sizes. This technology will provide SFMI with real-time intelligence and actionable risk insights. The aim? Facilitating more informed decision-making and rapid responses to cyber threats. The partnership is expected to enhance SFMI’s risk assessment capabilities and support its underwriting and sales teams.
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Global Cyber Insurance Market on the Rise
The announcement comes amid significant growth in the global cyber insurance market. Estimates vary, but some predict the market will grow rapidly within the decade. In 2025, approximately $16.3 billion in premiums were written. There are expectations that the figure will reach between $0 and $50 billion by 2030. Escalating cyber threats and the growing financial impact of cyber incidents on organizations worldwide are driving this surge. Some projections estimate that the global impact of cybercrime will reach approximately $10.5 trillion annually by 2030.
Related News – Howden and Cyberwrite Partner to Revolutionize Cyber Insurance with AI-Driven Risk Management(Opens in a new browser tab)
Upcoming Presentations and Industry Engagement
Samsung Fire & Marine Insurance plans to showcase the Cyberwrite solution at the Korea International Insurance Conference scheduled for June 4-5, 2025. Additionally, Cyberwrite CEO Nir Perry is set to speak on cyber risk quantification at ITC Asia in Singapore on June 4, 2025.
