Cyber

The International Underwriting Association has urged cyber insurers, brokers and clients to focus on risk management to help better respond to claims.

Two studies have found that, while almost a third of back-up attempts fail to restore system data after a ransomware attack, cybercriminals are refining their methods.

Pera is launching as a division of Desq — USQRisk’s managing general agent accelerator/incubator — and is the first program Desq has brought to market.

A number of players suggested that the cost components of first-party claims were up between 30%-50% on that seen during Ransomware Wave One.

The company’s Las Vegas casinos were hit by a cyberattack last month where employee login details were stolen.

The survey found that a majority of Canadian businesses consider cyber threats their top concern and also believe they will eventually fall victim to a cyberattack.

Q2 marked the 23rd consecutive quarter of year-over-year property rate increases, with rates rising 21% on average and further increases expected for the rest of the year.

Despite “strong” policy growth and a successful culling of discretionary expenses, "more substantial” action was needed to reduce costs at the cyber InsurTech, its CEO said.

Head of underwriting Matthew Waller welcomed an FCA letter that called for policy wordings that are clear and that customers understand the coverage they are buying.

Bianconi joined Aspen in 2016 and has held a number of roles including, most recently, as head of US cyber.

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Coalition also announced the formation of a dedicated $300mn reinsurer, Ferian Re, in partnership with BDT Capital Partners.