Allison Marsh’s Post

Demand for cyber coverage again generated strong profits for U.S. property/casualty (P/C) insurers last year. However, weaker pricing led to the first decline in direct cyber written premiums since cyber-specific premium data were included in statutory financial statements. Learn more in our new U.S. Cyber Insurance Market Update: https://ow.ly/m0hA50RNXuV #FitchRatings #Insurance #CyberInsurance

Happy Sunday dear network, I'd like to share another great article about Cyber risks and insurance. The recent CrowdStrike software failure highlights the significant aggregation risk cyber insurers face, with potential for widespread losses across industries. Reinsurance plays a crucial role in providing stability and capacity for insurers to meet obligations. The systemic nature of cyber risks poses challenges due to rapid spread across borders and industries. Quota share reinsurance, aggregate stop loss, event covers, and insurance-linked securities offer risk transfer solutions. The evolving cyber landscape, driven by technological advancements, requires continuous adaptation by reinsurers. Collaboration and innovation in risk management are key for the future of cyber reinsurance, what else would you take into account? #reinsurance #riskmanagement #cyberrisk #cyberinsurance #aggregationrisk

The recent global outage caused by a #CrowdStrike software update has sent shockwaves through businesses worldwide. As the dust settles, many are now turning to their #CyberInsurance policies for potential relief. While still early, initial indications are that some policies may indeed offer coverage for #BusinessInterruption and #SystemFailure losses resulting from this incident. As always, the devil is in the details. Policy language, deductibles, & waiting periods will significantly impact the extent of coverage. Key Takeaways: 🔍 Review your policy carefully: Understand your specific coverage, exclusions, & limitations. 💸 Document losses: If you were impacted, meticulously document your financial losses & extra expenses. 💡 Engage a trusted advisor: A good risk management & insurance expert can help you navigate the complexities of cyber insurance, even if you haven't purchased coverage yet. This event underscores the volatility of the cyber insurance market. With claims mounting and potential losses reaching billions, insurers may face increased pressure, leading to higher premiums and stricter underwriting standards. Have you been impacted by the CrowdStrike outage? Share your experiences and insights in the comments below. https://lnkd.in/gJJpXa8M #CrowdStrikeOutage #CyberInsurance #RiskManagement #InsuranceAdvisor #BusinessContinuity #Cybersecurity

The cyber insurance market is poised for significant growth over the next several years as cyberattacks continue to grow in number and sophistication, with the potential to cause major financial and reputational damage and disrupt business operations, according to a new report from Moody's Ratings.

U.S. cyber insurance line has seen strong direct underwriting profits for two years in a row, according to recent data. However, written premium volume has stalled amid renewed pricing pressure. This begs the question: with pricing pressure, careful selection in the underwriting process and tightening of policy language, will we continue to see investment to expand growth for Cyber Insurers? #cyberinsurance #underwriting #investments

Great to see the second iteration of the Insurance Risk Monitor from OAC Limited - Member of the Broadstone Group published today. Bharat Raj provides this month's update on the cyber insurance market covering its growth outlook and key risks. Find out more about the recent growth of the cyber insurance market, the rating environment and the impact of geopolitical tensions in this piece from Reinsurance News https://lnkd.in/eyBK2a74

The #cyber insurance market continues to evolve, driven by dynamic risk growth and evolving threats. Munich Re stands ready to meet this challenge, offering stability and expertise to our partners. Let's work together to fortify the resilience of our economy and society in the face of digital risks: https://ow.ly/gUYB50R8Cqr #CyberResilience #Insurance

Munich Re’s head of cyber for large corporates is urging insurance buyers to focus on the sustainability of their cyber insurance programmes in a softening market. According to Sophia Waßner, chief underwriting officer and global head of cyber for facultative and corporate risks, European corporates face two big challenges when buying cyber insurance: the size of limits and price volatility. 👉https://ow.ly/HfQW50TUNFE #cyberinsurance #cybernews Munich Re

CrowdStrike article Key takeaways: Review your Cyber policy for "Contingent Business Interruption Insurance". CrowdStrike's "Terms and Conditions'" are robust in limiting its product warranties. "Click Wrap" agreements are generally upheld by the courts. Direct financial losses of about $5.4B, but the portion covered by cyber insurance policies "is likely to be no more than 10% to 20% due to large risk retentions and low policy limits. Please like, comment and share.

How much do you think of cyber risk on a daily basis? Probably not much, but there are definitely people who think about it a lot. This was an interesting story that brings up the idea of a possible federal backstop against major cyber losses. There is currently a large insurance market for cyber-related losses - and a large reinsurance market. But is there a possibility of an event so catastrophic that the whole market could collapse? Some are raising that possibility. Insurance companies are not likely to garner sympathy with the general public. But if insurers and reinsurers deem that they can't collect enough premium for the risk involved, companies will be fully exposed with their cyber risk. That could be very problematic, especially for critical infrastructural business like healthcare and utilities. This should be interesting to watch what the government does. #cyber #cyberrisk #cyberinsurance #technology #insurance #reinsurance Guy Carpenter https://lnkd.in/e4Psa69j