Cyber Insurance

Mexico and Brazil compete for first place as the country to experience the most cyber attacks in Latin America

For $40 a month, bad actors can use ransomware as a service to attack businesses, said Scott Sayce, global head of cyber for Allianz Global Corporate & Specialty and Allianz Group.

The overall hard market has exacerbated the cyber insurance market, said Mario Vitale, CEO of Resilience Cyber Insurance Solutions. He spoke with Insider Engage at RIMS 2022 in San Francisco.

Cyber insurers are working to marry risk management with cyber insurance to prevent losses before it happens, said executives at RIMS 2022 in San Francisco.

Jonathan Monks, Sompo International’s EVP and Head of Business Development for North American Insurance, said factors including inflation are driving rate across the market. He spoke with Insider Engage at RIMS 2022 in San Francisco.

The cyber market remains turbulent due to increased claims, said Bob Parisi, head of cyber solutions North America, Munich Re. He spoke with Insider Engage at the RIMS 2022 conference in San Francisco.

Insurers now know what the 'minimum' requirements are to make companies safer from cyber attacks, but still face systemic risks, said Dan Trueman, global head of cyber, AXIS Insurance. Trueman spoke with Insider Engage at the RIMS 2022 conference in San Francisco.

From climate change to geopolitical risks to cyber attacks, insurers are trying to navigate unsure ground. Here are the highlights of exclusive Insider Engage interviews with key executives at RIMS 2022 in San Francisco.

While the COVID-19 pandemic shut down offices and in-person meetings, Aon used the time to revamp its claims review process.

It may be impossible to stop cyber attacks altogether, but companies can take steps to become cyber resilient, said David Shluger, vice president, Cyber Risk Engineering, Zurich North America. Shluger spoke with Insider Engage at RIMS 2022 in San Francisco.

The environmental insurance market continues to evolve and grow, said John O'Brien, head of environmental for Ascot Group. He spoke with Insider Engage at the RIMS 2022, conference in San Francisco.

Geopolitical tensions have put pressures on cyber criminals, who may look to move to other countries where it's easier to operate, John Bennett, managing director, Kroll's Cyber Risk Practice said in an interview with Insider Engage at the recent RIMS conference in San Francisco.

The biggest challenge facing insurers today is the need for the industry to come together to collaborate and find solutions for emerging risks, said Chris Sparro, CEO North America, Sompo International Commercial P&C Insurance.

It is little wonder that brokers report that demand for political risk insurance has been on the rise in Latin America, and that underwriters have become wary of the risk.

Cyber risks are potentially outpacing natural catastrophes and business interruption as insured risks.

"We've never seen the potential for a cyber disaster like today," said William Altman, principal cybersecurity consultant at CyberCube.

Insurers can play a role in mitigating cyber risk, but may need to partner with law enforcement and governments, said Sean Kevelighan, chief executive officer, the Insurance Information Institute.

This KBRA report is a follow-up to a research publication on KBRA’s general approach to incorporating environmental, social, and governance (ESG) factors in KBRA’s credit rating process across corporate, financial, and government (CFG) ratings, which we describe as ESG Management. While our previous publication provided a broad overview of KBRA’s ESG Management approach, this report focuses on the potential influence of ESG topics on KBRA’s analysis of corporate ratings. It is important to note that this research is not methodology. KBRA’s cross-sector ESG methodology can be found here.

Before insurers can choose to retain, reduce or transfer cyber risk on their balance sheet, they need to understand the complexity and interconnectivity of the cyber risk, said Lori Bailey, chief insurance officer, Corvus.

The rise of ransomware attacks has lead some underwriters to raise rates and pull back on capacity, said Catherine Mulligan, head of cyber for Aon Reinsurance Solutions, at the Joint Industry Forum in New York.

Taking single-minded steps to reduce the risk of ransomware attacks could open companies up to other vulnerabilities, said Chris Beck, a managing director with Milliman.

Cyber, natural catastrophes and the ongoing pandemic are top of mind for executives attending the Joint Industry Forum in New York.

Thorsten Steinmann, head of casualty underwriting, EMEA for Swiss Re, discusses challenges and opportunities in the region.

The region’s economies have been hit hard by the pandemic, but London has the chance to take more business there, if it sorts out its service problems.

A series of sophisticated attacks on technology companies has indicated how exposed end users can be to significant cyber supply chain risks outside of their control.

As the world emerges from the COVID-19 pandemic shutdown, there's growth opportunities for virtually every line of business, Tony Kuczinski, CEO and president, Munich Re US P&C Cos. Please click on the link below to watch the video interview.

Why cybersecurity has become a bigger issue for (re)insurers and how they can address it.

Maya Bundt, head of Cyber and Digital Solutions at Swiss Re, discusses how Covid-19 has hit the cyber insurance market, the dilemma of paying ransoms and how supply chain threats could be the next big cyber risk.

Inflation, climate change, cyber risks and geopolitical instability are creating an uncertain environment for insurers, said Mike Mitchell, head of Property & Specialty Underwriting, Reinsurance, Swiss Re. Please click below to view the full video.

Jim D'Onofrio, general manager, Liberty Mutual Reinsurance, shares how insurers can help prepare for the next 'Gray Swan,' which could include risks like forever chemicals, cyber, financial crisis, and pandemic. Click on the link below to view the video interview.