Cyber

Ransomware will remain the primary loss driver in 2023 in terms of threats for businesses and individuals.

In a discussion at Trading Risk’s London ILS 2023 conference, panellists compared the current cyber ILS market to the cat market in the 1990s.

The underwriter has over a decade of cyber experience and has worked at Axa XL since 2020.

The WTW D&O liability 2023 survey canvassed directors and risk managers in 40 countries around the world.

A recent rise in ransomware incidents – along with pricing deceleration, attracting capital, and the Lloyd’s cyber war exclusions – were among the hot topics at Zywave’s cyber conference in London.

Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.

The underwriter will be based in southern California and lead global strategy in cyber for the insurer.

The appointment comes after a slew of cyber reinsurance brokers left Aon to join Howden.

The US bank is said to have expressed unease to Lloyd’s over the increased threat of state-backed cyber attacks on large, international corporations.

James Burns, head of cyber strategy at CFC, said updated war exclusions could be beneficial for policyholders if properly defined.

Details on Beazley’s cyber war product are yet to come to light, but there are questions outstanding on event definition, wordings and whether the market will follow.

The new programme marks Core Specialty’s first offering in the tech E&O and cyber market and offers up to $5mn of coverage.