Advent Risk Management, Coverys and Munich Re Specialty are the latest three firms to join the International Underwriting Association, bringing the IUA’s representation to a total of 81 firms. Apex Insurance Company of Uzbekistan has also joined as an associate member ..read more

Global insured losses from last week’s CrowdStrike outage market could sit somewhere between £310m and £1.2bn for the standalone cyber insurance market, according to data from CyberCube. The faulty CrowdStrike Falcon Sensor update and subsequent outage would represent a loss ratio impact of roughly 3-10% on global cyber premiums of £12bn today ..read more

IT services provider, Adesso, is rolling out a new GenAI tool designed to help insurers and banks comply with the European Union's Digital Operational Resilience Act, or DORA Directive ..read more

Climate change is causing a dramatic increase in the frequency of temperature extremes and number of temperature records the UK experiences. Analysis conducted by the Met Office in its report State of the UK Climate shows that extremes of temperature in the UK are most affected by human induced climate change. This means the UK is seeing, on average, more frequent periods of hot weather and suggest an increase in rainfall extremes ..read more

The average monthly cost to an SME of putting in place a full range of cyber security measures is £4,962, equating to an annual spend of £59,566, according to data from insurer CFC. To arrive at these figures, the cyber specialist reviewed a number of cyber security solution costs from a range of third party providers to calculate the cost to an SME in the UK employing 100 staff ..read more

A new resource designed to help standardise the way in which underwriters ask clients about sustainability data has been published by the Lloyd’s Market Association and the International Underwriting Association ..read more

Response time amongst UK critical national infrastructure to ransomware attacks sits at between 6 and 14 hours, with energy companies taking the longest time to respond. This is according to research conducted by Bridewell, which found that 57% of the 520 organisations considered critical to national infrastructure in the UK had been impacted by such attacks in the past year ..read more

Specialty MGA Optio Group has acquired Den Hartigh Beheer and Exploitatie B.V., a Netherlands and Brussels-based MGA specialising in B2B insurance ..read more

Applied Systems has acquired artificial intelligence company, Planck. By leveraging AI, Applied aims to enhance the speed and quality of critical business processes, including marketing, sales, underwriting, renewals, servicing, and advisory services ..read more

Insurers are expecting a wave of notifications in the coming days in the aftermath of the CrowdStrike-triggered outage, with losses likely to be seen under business interruption and contingent business interruption clauses, according to Acrisure Re ..read more