Industry Segments: Cyber Page 3 / 16
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- September 13 2024
Foreign hackers hit Chung Kuo Insurance’s parent Mega Financial in cyber attack
Russian hacker group NoName057 claimed to have started a series of DDoS attacks against the financial holding company, government entities including the Ministry of Finance and the Supreme Court since Monday.
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- September 9 2024
Multi-peril risks fuel demand for cat coverage: Hannover Re
The reinsure anticipates prices and conditions to remain stable for the January 1, 2025, treaty renewals with supply and demand in most markets remaining balanced.
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- September 6 2024
Public-private partnership key to closing cyber protection gap: Zurich and Marsh McLennan
As the global cost of cybercrime is projected to nearly triple to US$24 trillion by 2027, the public and insurance sectors must enhance their collaboration, the two firms said in a jointly launched white paper.
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- August 29 2024
Australian carriers’ H1 2024 capacity ample except for PFAS, US exposures: Marsh
The first half of the year saw improvement in market competition and the return of insurer choice for buyers, which had not been generally seen since 2017.
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- August 29 2024
APRA warns against inadequate security testing coverage amongst insurers
The regulator urges insurers to reassess new cyber vulnerabilities and threats. Its second missive sent out on cyber security coincides with the country's recent alliance with New Zealand to deal with future attacks as concerns about Chinese state-backed cyber hacking grow.
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- August 28 2024
Aon Hong Kong takes Naureen Rasul as director-financial services and professions group
In her new role, Rasul will be instrumental in driving the broker's growth in financial lines and cyber.
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- August 21 2024
HDI Global targets bigger market share in Asia, further regional ANZ expansion in H2 2024
The industrial lines specialist reported strong growth across its Australia and Singapore branches driven by a growth in new business and inflation-related price adjustments in the first half of the year.
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- August 8 2024
Cyber wordings, limits set to tighten as CrowdStrike points to ambiguity in cover
The industry needs to address accumulation risks, data gaps and further threats from large-scale events that are becoming more frequent.
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- August 2 2024
DDoS attacks expose Asia’s healthcare sector cyber defence loopholes: CyberCube
Cyberattacks are forecast to increase across APAC with India, China and Taiwan most targeted, with the recent attack on a Singaporean health tech firm showing that the country is increasingly under threat, according to CyberCube.
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- July 31 2024
Cyber market is in need of more buyers, says QBE’s Serene Davis
The market is at an inflection point amid predictions that it will undergo significant growth as the world recovers from the CrowdStrike outage, but underwriters will have to look at new countries and clients to hit those projections.
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- July 29 2024
CrowdStrike IT outage could be earnings event, impact multiple carriers: AM Best
Since insurers have been tightening underwriting standards through increased retentions, manageable limits, shifting their focus to small and medium-size enterprises, the use of reinsurance, the event has potential to be a contracted claims and legal process, according to the rating agency.
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- July 25 2024
Allianz Commercial taps AIG’s Karlis Trops to head Asia cyber and tech PI
Trops has over 14 years of industry experience specialising in cyber and technology errors and omissions (E&O) insurance underwriting and risk assessments.
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- July 25 2024
CrowdStrike IT outage insured loss to range from US$540m to US$1bn: Parametrix
The loss covered under cyber insurance policies is likely to be no more than 10% to 20% of the US$5.4bn direct financial loss facing the US Fortune 500 companies, due to large risk retentions and low policy limits.
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- July 24 2024
Asia insurance rates decline 3% in Q2 led by finpro and cyber lines: Marsh
Rates drop for the second-straight quarter and widened from the 2% drop recorded in the first quarter. Led by D&O, finpro lines had the highest decline at 9%, while cyber rates declined by 6%.
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- July 24 2024
Pacific insurance rates decline 5% led by finpro, cyber and property lines: Marsh
Casualty was the only line that saw a slight increase with the rates going 1% up, however, the lowest in many years, as capacity and competition increased from new and existing markets.
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- July 22 2024
BI claims in focus as carriers assess losses amid global tech outage
The event could impact other lines beyond cyber including tech errors and omissions, D&O, and insurers may see liability and supply chain disruption claims.
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- July 19 2024
Global tech outage could see claims snowball but insurers ‘wait-and-watch’
The impact on the industry will depend on the “waiting period” , however, there could be long-term BI and other complex claims.
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- July 16 2024
Munich Re promotes Chris Baker to APAC cyber practice lead
Singapore-based Baker takes over the role from Serene Chan, who will head the carrier's P&C reinsurance business in Greater China.
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- July 16 2024
Munich Re’s Serene Chan takes charge as head of P&C reinsurance for Greater China
Chan, who was previously regional head of cyber for Asia Pacific with the reinsurer, was appointed in the new role following a wider regional leadership reshuffle earlier this year.
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- July 6 2024
APAC to account for 8% of non-US cyber premium growth by 2030: Howden
Despite cyber insurance pricing dropping by 15% from the 2022-peak, growth opportunities abound especially among new geographies such as Asia Pacific, and niche segment such as SMEs, Howden said in its annual cyber report.
