Insurance Times’ Post

What are the top trends in the cyber insurance market right now? Lori Bailey #AXIS Head of Global Cyber & Technology spoke with Insurance Business America TV to discuss the #cyber market outlook, challenges facing businesses and how best to navigate this dynamic risk landscape through elevated cyber products and specialty solutions. Watch the full interview here: https://lnkd.in/g3ngwCzQ #cyberrisk #SpecialtySolutionsElevated

The frequency and severity of large cyber insurance claims have risen sharply in 2024, driven by a growing number of data and privacy breaches, according to Allianz Commercial’s latest cyber risk outlook. In the first half of the year, the frequency of large cyber claims (exceeding €1 million) increased by 14%, while the severity of losses surged 17%, a significant jump compared to just 1% growth in 2023. Two-thirds of these major claims were linked to data and privacy breaches. “The growing significance of data breach losses among cyber insurance claims is driven by a number of notable trends,” said Michael Daum, Global Head of Cyber Claims, Allianz Commercial. Vanessa Maxwell, Global Head of Cyber and Financial Lines, Allianz Commercial, also commented, saying: “The insurance industry must also step up its focus on the data privacy side of cyber risk and has a key role to play in offering loss prevention and mitigation advice to businesses about this increasingly important area of exposure." Read the full story here: https://lnkd.in/eKjPxhJK #insurtechinsights #insurance #cyberthreats #cybersecurity #allianz

🚨 CrowdStrike Outage: Potential $1.5 Billion Impact on Cyber Insurance Market 🚨The CyberCube CAERS team estimates the July 19 CrowdStrike outage could cost the cyber insurance market between $400 million and $1.5 billion. This event may cause a 3-10% hit on global cyber insurance premiums, currently at $15 billion. While not the worst-case scenario insurers plan for, this could be the largest insured loss in cyber insurance history. It underscores the importance of robust risk models and the potential impact of cyber events. Key Takeaways: Estimated losses: $400M to $1.5B Global premiums: $15B Impact: 3-10% hit Largest insured loss in 20 years Highlights need for strong risk models #CyberSecurity #Insurance #RiskManagement #CrowdStrike #CyberInsurance

Cyber insurance is a newer area where coverage options can vary greatly, so understanding context is critical for brokers to make informed recommendations to clients. “The marketplace needs new premium, and the only way to get there is to do a better job of educating brokers,” Zywave SVP Jeff Cohen explains in this piece from The Insurer's cyber risk outlet. Read on: https://ow.ly/n2Nl50UcQ38 #Zywave #InsuringGrowth #TheInsurer #CyberRisk #BrokerEducation #Insurtech

Howden has estimated insurance industry losses from the 19 July CrowdStrike global IT outage could reach US$1bn — triple the previous record set by the 2017 NotPetya malware outbreak. Nonetheless, the cyber insurance market is well-positioned to absorb the loss. Thanks to a CAGR of 23% from 2014 to 2023, the loss estimate would represent around 7% of the segment's estimated global gross written premiums (GWP) in 2024. The market is expected to achieve a sub-100 per cent combined ratio this year. The event shows the importance of cyber insurance in providing not just indemnity for losses but also crucial incident response services. It underscores the need for tailored protection against IT failures and highlights the role cyber insurance can play, particularly in supporting small and medium-sized enterprises (SMEs) that may lack the resources to recover quickly from such crises. #Insurance #CrowdStrike #Cyber

SMBs Perceive No Need For Cyber Insurance Since They Will Not Face Security Issues Small and medium businesses (SMBs) these days focus more on generating more profits and revenues. However, they don’t give much importance to insurance plans because they think that the risks are very low. Every business requires a digital presence when it wants to target the potential audience online. https://lnkd.in/gt2wVujC #CyberInsurance #insuranceplans #digitalpresence #Business #passwords #securityissues #dataprotection #ITsecurity #digitaltechnologies #backupstrategies #fraudprevention #riskmanagement #antivirustool #employees Coalition, Inc. Cyberscout (A TransUnion Brand) Hiscox

Digitalization in the #AutomotiveIndustry is a powerful tool, but don’t let a cyber incident become your downfall. Our latest article explores what #AutoDealerships can expect after a cyber loss and tips to manage a cyber insurance claim.

In the aftermath of the CrowdStrike global issues on Friday, it is emerging that some of the affected airlines might not have cyber cover in place. This is a significant concern as others will also be scrutinising their policies to determine if the specifics of their policy covers system outages. Also, many policies have a period of network downtime that must elapse for a claim to be made so it's all about the details. As always, careful policy review is essential when choosing the right insurance for your business. If you want to understand more about cyber insurance for SMEs, please get in touch. #CyberSecurity #Insurance #CrowdStrike #BusinessProtection https://lnkd.in/eRcAnBJm

Do you know what a resilient cyber future requires? We are here to help: https://lnkd.in/dik8MApG - Collaborative partners - Defined coverage - Increased cyber resilience - A sustainable insurance market #cyber #specialty #insurance

🚨 Broadstone's latest Insurance Risk Monitor is out In our latest Monitor, Bharat Raj, Head of London Markets at Broadstone examines the implications for the cyber insurance market from the CrowdStrike event. 🔍 The event highlighted the gaps in cyber risk modelling capabilities and how they are not yet on par with the levels of sophistication found in other insurance classes of business. 💻Additionally, while the market has historically focused on malicious attacks, this incident underscores the opportunity for cyber insurers to provide more cover for losses stemming from non-malicious causes as this an area that is currently underserviced. 🔧 To address these challenges, the cyber insurance industry must develop an even more detailed catalogue of the IT landscape to track and quantify risks and vulnerabilities and enhance models. 🔗 Read more about Bharat's latest insights in the article in the comments below and reach out directly to Bharat Raj to discuss any of the issues raised in this article. #CyberInsurance #Insurance #RiskManagement #RiskModelling #Broadstone