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A report by the ratings agency shows cyber insurance pricing has risen by 11% in Q1. -
Lloyd's chief of markets Patrick Tiernan set out some of the reasons why Lloyd's controversial approach to cyber war segregations could have had a "softer landing".
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With the move, the Corporation effectively doubles down on its original stance on cyber war exclusions.
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New language has been introduced by some insurers to limit exposures to cyber risks.
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The division, which previously was a part of TMK’s specialty unit, will consist of cyber, technology and intellectual property specialisms.
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Analysis showed a modelled loss range of between $15.6bn and $33.4bn for a 1:200-year global loss event.
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Capital markets are "likely to become a key ingredient of a healthier and sustainable (re)insurance market".
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Cyber will be the only line Inigo enters this year after pushing into several new lines last year, including FI, aviation war and onshore energy.
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Based in Stamford, Connecticut, the executive will oversee the carrier’s cyber fac and treaty operations reporting to NA CEO Brian Quinn.
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Trium cyber is the first monoline cyber vehicle to be approved by Lloyd’s, and began writing business in January.
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According to the latest cyber and E&O report from Aon, premium rates in 2023 are expected to be more competitive than the last 24 months.
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The ongoing debate raging in London on the nuances of cyber war wordings threatens to wreak more reputational damage on the industry if a consensus is not found.
