Cyber

A recent Microsoft/Rackspace Technology survey on cybersecurity has insurers expressing less concern over security risks posed by artificial intelligence than other respondents.

Based in New York, the executive will report to Axa XL CUO Libby Benet.

The founding members include Munich Re, Gallagher Re, and BitSight.

Rate fluctuations are expected in the market, due to the emergence of new risk-differentiation models and cyber security standards.

In late May, this publication revealed the appointment along with Mauro Signorelli’s, who served as head of international cyber at Aspen Insurance.

Some carriers have already hit GWP targets for this year and are refraining from writing any new cat risks unless it fits a very favorable profile, the firm said.

In contrast, cyber pricing continued slowing down as Q2 rates increased 3.6%, compared with 8.4% in Q1 and 15% in Q4 as the space was hit by increased competition.

With the acquisition, Zurich will expand its cyber risk mitigation services provided by Zurich Resilience Solutions unit.

The policies are issued by At-Bay Specialty Insurance Company, the Delaware-based E&S insurer the InsurTech acquired from XL America in January.

Inside P&C’s news team runs you through the key highlights of the week.

Sources expect to have a clearer picture of the impact of higher ransomware and lower rates by Q4 or early next year as pricing decreases 5%-15%.

Inside P&C’s morning summary of the key stories to get you up to speed fast.