The cyber insurance market is growing steadily but is awaiting a real growth spurt, say AM Best’s Fred Eslami and Bobby Skrabal.
Hiscox recently announced it had expanded into the ILW market with a new cyber product—the first to respond specifically to cyber losses. The company explains how it developed the new product and how innovation and ILWs may be natural bedfellows.
A battle is emerging between ILS platforms and traditional reinsurers for the best talent, as a survey by IPS Search reveals.
Sponsors and investors showed continued interest in ILS last year, with record-breaking issuance and over $12 billion of new capital brought to market, and the Bermuda Stock Exchange reinforced its position as the ILS listing venue of choice, as BSX president and CEO, and chairman of ILS Bermuda, Greg Wojciechowski explains.
As the Bermuda market absorbs the impact of the first round of quarterly results, an exclusive survey of Bermuda:Re+ILS readers has revealed that the latest round of renewals left the market somewhat flat.
Bermuda’s re/insurers have led from the front when it comes to understanding and underwriting cyberre/insurance. Three of the Island’s biggest players in the sector discuss with Bermuda:Re+ILS the opportunities—and pitfalls—of operating in this space.
Cyber represents a growth business for Hiscox Re & ILS and it is forming partnerships and investing to ensure it stays ahead of the game in this rewarding but challenging area of risk, says Damien Smith, head of specialty, Hiscox Re & ILS.
The majority of economic losses from cyber breaches are not covered by currently available insurance products—this creates a challenge for insurers to create new products, says Jim Riley, vice president, specialty underwriter at RenaissanceRe.
Bermuda entities are not immune to cyber attacks and could even be an easier target than organisations in other jurisdictions. Each organisation should develop a cyber-defensible position that will ensure it is pursuing a secure, vigilant and resilient cyber risk strategy, say Brett Henshilwood and Kevvie Fowler of Deloitte.
With cyber threats in the news almost every day, re/insurers on Bermuda need to keep as up to date as possible. As George Thomas from PwC explains to Bermuda:Re+ILS, there is some encouraging news out there.