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“The hard market is coming!” one cyber underwriter enthused to me last week.
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With more firms becoming aware of their likely cyber exposures, the battle is on to educate insureds about the magnitude of potential losses.
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After years of cheap capacity and widening terms, complex accounts renewing in recent weeks have attracted low double-digit rate hikes. -
Only 8 percent of this loss would be insured, according to research commissioned by Lloyd’s.
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A report by digital security firm McAfee in August indicates ransomware attacks have more than doubled in 2019.
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“Ransomware is an epidemic and unless we stop it, it will continue to grow," the senior underwriter said during a conference Thursday.
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Sources said the cyber market has paid out at least $75mn in Ryuk ransom claims since the start of the year.
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Cedants are also increasingly seeking for group-level reinsurance protection for cyber exposures.
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Remote controls will soon allow insurers to access immense datasets about high-value assets, according to panellists at a conference.
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Pool Re CEO Julian Enoizi and Australian counterpart Christopher Wallace join GA cyber director Rachel Anne Carter for the initiative.
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The executive will help lead a global team of almost 20 and also work with the carrier’s pre-incident services team.
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The cyber specialist carrier says the Texan company will bolster its in-house capabilities.
