Cyber reinsurance market sees increased competition: Gallagher Re

Discussions around cyber war, a 2024 hot topic, was less this year.

Increased cyber reinsurance competition in both quota share and excess of loss placements enabled buyers to negotiate better terms and achieve more effective coverage, Gallagher Re said reporting on the 1.1.25 renewals.

Notably, discussions around cyber war, which dominated negotiations in 2024, saw reduced prominence.

Whilst progress continues toward consensus on cyber war exclusions, reinsurers showed flexibility, and the market moved closer to alignment on coverage language.

Structural innovation accelerated throughout 2024, with increased use of Insurance-Linked Securities (ILS) and Industry Loss Warranties (ILW), as well as diversification in traditional structures.

The global IT outages caused by the faulty CrowdStrike update highlighted the loss potential from software and service supply chains, particularly from non-malicious errors.

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