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𝐂𝐲𝐛𝐞𝐫 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐄𝐧𝐬𝐮𝐫𝐢𝐧𝐠 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐂𝐨𝐧𝐭𝐢𝐧𝐮𝐢𝐭𝐲 𝐢𝐧 𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐖𝐨𝐫𝐥𝐝 - IndustryARC™ The Cyber Insurance Market is projected to reach a staggering $51500 million by 2030, with a CAGR of 27.3% from 2024-2030. 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 @ https://lnkd.in/gfjtEB5j As businesses face escalating cyber threats, ransomware attacks, and digital fraud, the demand for comprehensive cyber insurance is soaring. Industries across sectors, including BFSI, healthcare, IT, and retail, are enhancing their risk management strategies with tailored insurance solutions to mitigate potential losses. Learn more about how cyber insurance is becoming a vital pillar for safeguarding sensitive data and ensuring business continuity in today’s interconnected world. 𝐆𝐞𝐭 𝐌𝐨𝐫𝐞 𝐈𝐧𝐟𝐨: @ https://lnkd.in/ghF3HT62 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬: AXA XL | Zurich Insurance | CNA Insurance | BCS Financial Corporation | Chubb | Allianz | Citi | Axis Capital Ltd. | HDFC Bank | Travelers | Liberty Mutual Insurance | Munich Re | Berkshire Hathaway Specialty Insurance | Sompo | Tokio Marine HCC | The Hartford | Beazley #cyberinsurance #cybersecurity #riskmanagement #digitaltransformation #cyberthreats #businessinsurance #datasecurity #digitalprotection #cyberattack #ransomwareprotection

𝐖𝐡𝐲 𝐒𝐦𝐚𝐥𝐥 & 𝐌𝐞𝐝𝐢𝐮𝐦 𝐄𝐧𝐭𝐞𝐫𝐩𝐫𝐢𝐬𝐞𝐬 𝐒𝐡𝐨𝐮𝐥𝐝 𝐈𝐧𝐯𝐞𝐬𝐭 𝐢𝐧 𝐂𝐲𝐛𝐞𝐫 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 The Cyber Insurance Market is projected to reach a staggering $51.5 billion by 2030, with a CAGR of 27.3% from 2024-2030. 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 @ https://lnkd.in/gfjtEB5j As businesses face escalating cyber threats, ransomware attacks, and digital fraud, the demand for comprehensive cyber insurance is soaring. Industries across sectors, including BFSI, healthcare, IT, and retail, are enhancing their risk management strategies with tailored insurance solutions to mitigate potential losses. Learn more about how cyber insurance is becoming a vital pillar for safeguarding sensitive data and ensuring business continuity in today’s interconnected world. 𝐆𝐞𝐭 𝐌𝐨𝐫𝐞 𝐈𝐧𝐟𝐨: @ https://lnkd.in/ghF3HT62 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬: AXA XL | Zurich Insurance | CNA Insurance | BCS Financial Corporation | Chubb | Allianz | Citi | Axis Capital Ltd. | HDFC Bank | Travelers | Liberty Mutual Insurance | Munich Re | Berkshire Hathaway Specialty Insurance | Sompo | Tokio Marine HCC | The Hartford | Beazley #cyberinsurance #cybersecurity #riskmanagement #digitaltransformation #cyberthreats #businessinsurance #datasecurity #digitalprotection #cyberattack #ransomwareprotection

Possibility of a Billion-Dollar Systemic Cyber Event ‘Is Real’ A systemic event and the threat it could pose to insurers’ portfolios is not the million dollar question, but perhaps the billion dollar question, according to Norman Niami, immediate past chairperson and member of The American Academy of Actuaries. “It’s real, and it’s there,” Niami said. “And there’s hardly any industry that’s not impacted in terms of segment. Maybe 10, 12 years ago... Read more! #LaaiaCares #laaia #laaiaBrowardChapter #LaaiaAtlantaChapter #LaaiaMiamiChapter #LaaiaHoustonChapter #TheTorch #insurance #insuranceagent #insurancebroker #insurancelife #seguros #insuranceindustry #insurancebroker #insurancebrokerage #insuranceadvisors #insuranceservices #insurancenews #insuranceagents

❗ Pool Re to put systemic cyber pool proposal to UK government ❗ 💬 “We need to ask why are we waiting for market failure to happen before we try to do something about it. Why are these pools plan B? We need to start saying they should be plan A.” — Chris Yeates , senior strategy advisor at Pool Re. 📰 "Pool Re is to present proposals for a systemic #cyberinsurance pool to the new UK government in the next few months, according to Chris Yeates, senior strategy advisor at the UK terrorism reinsurer. The update on plans for a UK #cyber backstop was part of a panel debate at the Ferma Forum, in which participants discussed the wider need for government intervention in the cyber insurance market to cover systemic risks and boost penetration levels, which are particularly low among small companies. According to Yeates, Pool Re started covering limited #cyberterrorism risk in 2018 and has since been in discussions with the market on potential public private partnership (PPP) solutions to cover systemic risks. Last year, Pool Re published a study to understand the drivers of cyber under-insurance among both large corporates and SMEs in the UK. Large corporates face challenges buying adequate limits and exclusions for some of the risks they are most concerned about, such as state-sponsored activity and critical infrastructure, said Yeates." ❓ How can the #insurance industry proactively implement cyber risk solutions without waiting for a large-scale market failure? Read the full article at Commercial Risk: https://lnkd.in/gQ95CUrJ

In this week's news will talk about how Global P&C reinsurers remain strong in Q1 2024, QBE launches global cyber coverage, and much more… Read more here ➡️ https://lnkd.in/eR4vFz3G #COVU #COVUNews #insurance #insuranceagency #insuranceindustry #business #insurtech #news

𝗖𝘆𝗯𝗲𝗿: 𝗴𝗿𝗼𝘄𝘁𝗵 𝗮𝗻𝗱 𝘂𝗻𝗰𝗲𝗿𝘁𝗮𝗶𝗻𝘁𝗶𝗲𝘀 The global cyber insurance market, valued at around USD 15bn, has experienced steady growth in recent years. Although improvements in technical profitability have slowed price increases, policy numbers are expected to keep rising. The cyber Cat Bond market is also expanding, with five deals issued since H2 2023 for around USD 0.6bn. Despite this growth, it is a niche asset class compared to natural peris, accounting for less than 2% of the total Cat Bonds market and is not part of the SwissRe reference index. Cyber Cat Bonds are designed to cover losses arising from a variety of events, such as business interruption, ransomware, or malicious activities like malware or phishing. While cyber policies are becoming more standardised, they still tend to vary significantly. This variability, combined with the potential ramifications of a single point of failure in widely used technologies and applications, can make the assessment of risk and aggregation challenging, although we expect progresses to be made as the market matures. According to Reuters the recent IT outage driven by CrowdStrike could lead to insured losses of up to USD 1.5bn based on initial estimates. Although this incident alone is unlikely to trigger losses for cyber Cat Bonds, and significant price movements have not been observed so far, the attention it has drawn highlights the fact that many Cat Bond and other investors may still lack a clear understanding of cyber risks, triggers and potential losses. Specialised knowledge in the space is essential. For these reasons, Twelve Capital maintains a cautious approach towards these bonds. #CatBonds #insurance

Cyberattacks cost British businesses $55 billion in past five years, an insight by insurance broker, Howden. Read More - https://lnkd.in/dGnbj8as These attacks cost businesses 1.9% of their revenue on average, Howden said, with companies generating an annual revenue of over 100 million pounds most likely to suffer an attack. The most common causes of cyberattacks were compromised emails, at 20%, and data theft, at 18% of cases, Howden said. Image Courtesy - Reuters MAVIP Group | Pratyush Shastri | Ishita Das | Anshul Gupta | Vikram D. | Ranjana Arora | Antima Sharda | Manikandan Sivanandam | Abdallah Jallouf | Manoj Bagdare | Aryan Pitliya | Tushar Manglani #howden #insurancefirm #cyberattacks #techinudstry #news #ransomware #business #databreach #cyberthreats #data #privacy #datatheft #emails

Join us in Singapore on Thursday 28 November 2024. Registration is FREE for corporate officers, risk managers and buyers of insurance responsible for managing the various risks of their organisation. BOOKING & AGENDA HERE...https://lnkd.in/efbNY78i Have you seen Adam Peckman's (Aon), Cyber workshop? Cyber remains the standout cover in terms of availability, pricing increases and insurer pressure on mitigation and cyber defences. What is happening in the market? Are price increases slowing, and terms and conditions improving? This workshop will look at: The development of cyber regulations regionally and globally. The cyber insurance market - current and looking ahead (coverage, rates, T&Cs). Is ransomware still the major issue? Or is dealing with regulations concerning major breaches a bigger worry for risk managers? #ComRiskEvents24 Marsh AXA Generali Lloyd's Sompo Aon Swiss Re Corporate Solutions Descartes Allianz PARIMA Singapore Insurance Institute Asia Insurance Review

The cyber (re)insurance market is booming, with predictions showing it could reach $35bn by 2030. Read our underwriting manager and global head of cyber reinsurance, Ivonne Staisch's views on why underwriting is crucial to ensure this growth is sustainable, in our Monte Carlo cyber feature in The Insurer.   https://lnkd.in/eEstvF8j   #Reinsurance #LibertyCyber

𝗖𝘆𝗯𝗲𝗿 𝗺𝗮𝗿𝗸𝗲𝘁 𝗴𝗿𝗼𝘄𝘁𝗵 𝘀𝗵𝗶𝗳𝘁𝗶𝗻𝗴 𝘁𝗼 𝗳𝗼𝗰𝘂𝘀 𝗼𝗻 𝗦𝗠𝗘𝘀 𝗶𝗻 𝗘𝘂𝗿𝗼𝗽𝗲 Cyber market is still expected to grow in 2025, but some of the ambitions expectations being forecast may not be met, according to an article in Insurance Insider. The focus is now shifting from the US to SMEs in Europe. AdvantageGo has a range of cyber tools and a bespoke underwriting work bench to help cyber underwriters tackle this complex and fast-evolving risk. To learn more, click on the link below- https://lnkd.in/eqt4zDAn