The loss ratio for cyber insurance rose dramatically in 2020, to 67.8%, from 44.8% in 2019. However, the increase was not limited to just a few insurers—the loss ratio rose for 15 of the 20 largest cyber insurers.

“The rate increases for cyber insurance outpaced that of the broader property/casualty industry, but the increase in cyber losses outstripped the rate hikes, which suggests more trouble for 2021 as ransom demands continue to grow,” said Sridhar Manyem, director, industry research and analytics.

Chasing yield, U.S. private equity firms nudge up risk on insurers

Jun 3, 2021

PE-insurance marriages can be joyous: Asset managers have skills and access to investments that insurers lack, and insurers provide cheap funding. PE firms also earn significant fees, even though their investments do not always capture outsized returns.

PE firms are nudging up risk on a large pool of money. They now own 7.4% of all U.S. life and annuity assets, or $376 billion, double the tally in 2015, credit agency AM Best said. Pending deals could add $250 billion this year, pushing PE ownership to 12%.

Risk of COVID-19 surge threatens Africa’s health facilities

Jun 3, 2021

Only around two per cent of the population has received at least one dose of COVID-19 vaccine, compared with the 24 per cent global figure.
In the last two weeks, the continent has recorded a 20 per cent increase in coronavirus infections, compared to the previous fortnight.

“The pandemic is trending upwards in 14 countries and in the past week alone (and) eight countries witnessed an abrupt rise of over 30 per cent in cases,” WHO said in a statement.

Aon to sell its U.S. Retirement Business to Aquiline and its Aon Retiree Health Exchange Business to Alight

Jun 3, 2021

Aon and Willis Towers Watson have previously announced the divestiture of Willis Re, a set of Willis Towers Watson corporate risk and broking and health and benefits services, and Aon’s retirement and investment business in Germany.

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