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Growing frequency and severity of ransomware attacks tested the young cyber market’s resilience and adaptability. -
Throughout the year, Inside P&C spoke to prominent voices from all corners of the insurance industry, here are some highlights.
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Carriers are planning for inflationary threats and have been responding to major catastrophes, while the InsurTech and broking markets have driven M&A drama.
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The UK National Cyber Security Centre has described the flaw as potentially “the most severe computer vulnerability in years”.
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Insurance chief Lori Bailey says Corvus has looked at going full stack, but there are still opportunities in the MGA/program for cyber InsurTechs to leverage their capital.
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Recently appointed head of insurance infrastructure and actuarial science, Dovid Tkatch, will support the captive’s development.
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Aon’s cyber chief said capacity will be available to insurers who perform well on profitability, rate change and underwriting strategy.
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The partnership will allow Corvus to provide its clients with a comprehensive analysis of cyber risk exposure, the company said in a statement.
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The investment comes as Resilience plans for middle-market expansion and international growth, bringing the company’s valuation to $650mn.
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Ryan Specialty Group MGU EmergIn Risk renews cyber binder with RenaissanceRe and names a cyber expert to lead its London team.
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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.
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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.
