Cyber

Cyber has surpassed D&O and natural catastrophe risk to become the most strained class of business for insurers, according to Aon’s Global Market Insights report for Q3 2021.

Executives from Munich Re, Aon, Willis Re and Guy Carp cited cyber, inflation and climate change as among the biggest risks facing the industry heading into 2022.

The business, whose valuation exceeds $3.5bn after a recent funding round, has backing from Zurich North America.

The CEO spoke to this publication in a wide-ranging interview, covering the still “daunting” loss inflation in commercial auto and the importance of good cycle management.

The executive also said that leadership in cyber would not come from traditional players, and that the segment currently faced a supply, rather than demand problem.

The executive has more than two decades of underwriting experience, most recently serving as a senior vice president at Argo Group.

Deputy Attorney General Lisa Monaco told the Associated Press to expect arrests, seizures of ransom payments and additional law enforcement operations in the days to come.

A trend of “double extortion” and exploiting victims who do not use multi-factor authentication has contributed to the surge in attacks in the last 18 months.

Despite the steady decrease in frequency of attacks, the costs associated with ransomware claims continue to shift as recovery remains a priority for businesses, according to a report by InsurTech MGA Corvus.

Marsh McLennan has launched a cyber risk analytics center that will offer tools to help provide clients with insights into cyber threats.

The carrier noted that claims on its cyber book had risen significantly since 2016, when it registered only 80 claims.

The partnership aims to encourage stronger SMB security and protect Microsoft customers from increasing cyber risks.