Latest news with #MunichRe
Yahoo
3 days ago
- Business
- Yahoo
CyberCube and Munich Re: Joint experts publish report to advance the insurance industry's understanding of systemic cyber risks
Cybersecurity experts deem widespread malware incidents and severe impact from cloud outage events to be tangible scenarios, judging the effectiveness of mitigation measures. LONDON, July 15, 2025--(BUSINESS WIRE)--CyberCube and Munich Re, both leading providers in their field of cyber risk, analytics and insurance, have published the main findings of a joint study on severe cyber accumulation events and the relative resiliency of organizations to systemic events due to effective mitigation measures. The survey gathered insights from 93 seasoned cybersecurity professionals. The results provide a nuanced view of how systemic cyber events might unfold and of the factors that drive wide variation in risk exposure across firms: Widespread Malware Risk According to the majority of responding experts, a severe malware event could infect a quarter of all systems worldwide, but they agreed in that case only 15% may be fully compromised. Experts do not see an event where more than 50% of the world's systems are completely compromised. Based on the experts' judgement, another event on the scale of WannaCry and NotPetya would not be seen as surprising. Patch management, network segmentation, and data backups are identified as the most effective mitigations that organizations have against widespread malware attacks. When done effectively, such mitigations can reduce the chance of being affected by a widespread malware attack by 50% to 80% and reduce the financial impacts from such an event by a similar amount. Cloud Risk Cybersecurity experts expect broad cloud outages to last hours to days; outages beyond 72 hours are considered unlikely but not impossible. Findings show at least a medium level of dependency on cloud services across most industries with companies' business-critical operations increasingly reliant on them. Reliance tends to decrease with increasing company size. Financial losses scale with cloud outage duration: Respondents reported that a single-day outage of their most critical Cloud Service Provider (CSP) would likely result in a financial loss equal to 1% of their yearly revenue. Variation in losses reflect differences in dependency on the cloud, based on an organization's size, sector, and contingency planning. The most effective mitigation against cloud outages is to establish a multi-region architecture with the CSPs used for critical business applications. Having multiple CSPs was not found to be effective; the option to transfer service from one CSP to another during an outage was seen as unfeasible. Cyber Experts surveyed rate Azure, AWS and Google as the best prepared to mitigate against a major cloud outage and to recover from such an event. Emerging and Systemic Risks Experts believe that new technologies will begin to affect the threat landscape at about the same pace that they are being adopted in cybersecurity practices. According to cybersecurity experts, in the near term Industrial and Consumer Internet of Things (IoT) devices pose the biggest concern. Large Language Models (LLMs) are regarded as having an impact now while Artificial General Intelligence (AGI) is seen as a greater concern in five or more years. A fundamental challenge in cyber risk modeling is the deficiency of concrete tail-risk events, such as systemic malware or multi-region cloud outages. The joint survey represents the best attempt to parameterize plausible worst-case scenarios and establish expert consensus. Its objective was to advance market understanding, particularly concerning risk mitigation strategies for systemic cyber events. The results add credibility to CyberCube's model forecasts and further improve Munich Re's internal model and accumulation risk understanding. Jon Laux, Vice President of Analytics at CyberCube, said: "By sharing the findings of our study on systemic cyber risks, we aim to provide a more nuanced view of how systemic cyber events might unfold and the factors that drive wide variation in risk exposure across firms." Stephan Brunner, Senior Cyber Actuary at Munich Re, said: "Our ambition is to improve the understanding of possible extreme malware and cloud events alongside the effectiveness of mitigation measures by sharing the insights of our study. In collaboration, Munich Re aims to further strengthen expertise on systemic cyber risks and advance cyber accumulation modeling." The research has contributed to a more refined understanding of the relative resiliency of organizations to systemic events and the key variables that influence an organization's ability to withstand such incidents. These findings represent an important input into CyberCube's and Munich Re's evolving view of cyber risk and help inform ongoing enhancements to their modeling approach. CyberCube has incorporated these insights into Version 6 of its risk aggregation platform, Portfolio Manager. Modeling cyber accumulation is a joint effort across the entire insurance industry. For this reason, the key findings of the survey are being published to foster dialogue in the market. This study is the third of its kind, CyberCube and Munich Re plan to conduct another study in 2026. Interested cybersecurity experts are invited to participate. Read the report summarising the full study here – Key insights into systemic cyber risk CyberCube is the leading provider of software-as-a-service cyber risk analytics to quantify cyber risk in financial terms. Driven by data and informed by insight, we have harnessed the power of artificial intelligence to supplement our multi-disciplinary team. Our clients rely on our solutions to make informed decisions about managing and transferring cyber risks. We unpack complex cyber threats into clear, actionable strategies, translating cyber risk into financial impact on businesses, markets, and society as a whole. The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company. Our models are built on an unparalleled ecosystem of data and validated by extensive model calibration, internally and externally. CyberCube is the leader in cyber risk quantification for the insurance industry, serving over 100 insurance institutions globally. The company's investors include Forgepoint Capital, HSCM Bermuda and Morgan Stanley Tactical Value. For more information, please visit or email info@ Munich Re is one of the world's leading providers of reinsurance, primary insurance and insurance-related risk solutions. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. Munich Re leverages its strengths to promote its clients' business interests and technological progress. Moreover, Munich Re develops covers for new risks such as rocket launches, renewable energies, cyber risks and artificial intelligence. In the 2024 financial year, Munich Re generated insurance revenue of €60.8bn and a net result of €5.7bn. The Munich Re Group employed about 44,000 people worldwide as at 31 December 2024. For more information, please visit View source version on Contacts For media inquiries, please contact: CyberCube: Yvette Essen, Head of Communications & Market Engagement,yvettee@ +44 (0)7956 877 206 Munich Re: Irmgard Joas, Group Media Relations, ijoas@ +49(0)89 3891 6188 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
3 days ago
- Business
- Business Wire
CyberCube and Munich Re: Joint experts publish report to advance the insurance industry's understanding of systemic cyber risks
LONDON--(BUSINESS WIRE)--CyberCube and Munich Re, both leading providers in their field of cyber risk, analytics and insurance, have published the main findings of a joint study on severe cyber accumulation events and the relative resiliency of organizations to systemic events due to effective mitigation measures. The survey gathered insights from 93 seasoned cybersecurity professionals. The results provide a nuanced view of how systemic cyber events might unfold and of the factors that drive wide variation in risk exposure across firms: Widespread Malware Risk According to the majority of responding experts, a severe malware event could infect a quarter of all systems worldwide, but they agreed in that case only 15% may be fully compromised. Experts do not see an event where more than 50% of the world's systems are completely compromised. Based on the experts' judgement, another event on the scale of WannaCry and NotPetya would not be seen as surprising. Patch management, network segmentation, and data backups are identified as the most effective mitigations that organizations have against widespread malware attacks. When done effectively, such mitigations can reduce the chance of being affected by a widespread malware attack by 50% to 80% and reduce the financial impacts from such an event by a similar amount. Cloud Risk Cybersecurity experts expect broad cloud outages to last hours to days; outages beyond 72 hours are considered unlikely but not impossible. Findings show at least a medium level of dependency on cloud services across most industries with companies' business-critical operations increasingly reliant on them. Reliance tends to decrease with increasing company size. Financial losses scale with cloud outage duration: Respondents reported that a single-day outage of their most critical Cloud Service Provider (CSP) would likely result in a financial loss equal to 1% of their yearly revenue. Variation in losses reflect differences in dependency on the cloud, based on an organization's size, sector, and contingency planning. The most effective mitigation against cloud outages is to establish a multi-region architecture with the CSPs used for critical business applications. Having multiple CSPs was not found to be effective; the option to transfer service from one CSP to another during an outage was seen as unfeasible. Cyber Experts surveyed rate Azure, AWS and Google as the best prepared to mitigate against a major cloud outage and to recover from such an event. Emerging and Systemic Risks Experts believe that new technologies will begin to affect the threat landscape at about the same pace that they are being adopted in cybersecurity practices. According to cybersecurity experts, in the near term Industrial and Consumer Internet of Things (IoT) devices pose the biggest concern. Large Language Models (LLMs) are regarded as having an impact now while Artificial General Intelligence (AGI) is seen as a greater concern in five or more years. A fundamental challenge in cyber risk modeling is the deficiency of concrete tail-risk events, such as systemic malware or multi-region cloud outages. The joint survey represents the best attempt to parameterize plausible worst-case scenarios and establish expert consensus. Its objective was to advance market understanding, particularly concerning risk mitigation strategies for systemic cyber events. The results add credibility to CyberCube's model forecasts and further improve Munich Re's internal model and accumulation risk understanding. Jon Laux, Vice President of Analytics at CyberCube, said: "By sharing the findings of our study on systemic cyber risks, we aim to provide a more nuanced view of how systemic cyber events might unfold and the factors that drive wide variation in risk exposure across firms.' Stephan Brunner, Senior Cyber Actuary at Munich Re, said: 'Our ambition is to improve the understanding of possible extreme malware and cloud events alongside the effectiveness of mitigation measures by sharing the insights of our study. In collaboration, Munich Re aims to further strengthen expertise on systemic cyber risks and advance cyber accumulation modeling." The research has contributed to a more refined understanding of the relative resiliency of organizations to systemic events and the key variables that influence an organization's ability to withstand such incidents. These findings represent an important input into CyberCube's and Munich Re's evolving view of cyber risk and help inform ongoing enhancements to their modeling approach. CyberCube has incorporated these insights into Version 6 of its risk aggregation platform, Portfolio Manager. Modeling cyber accumulation is a joint effort across the entire insurance industry. For this reason, the key findings of the survey are being published to foster dialogue in the market. This study is the third of its kind, CyberCube and Munich Re plan to conduct another study in 2026. Interested cybersecurity experts are invited to participate. Read the report summarising the full study here – Key insights into systemic cyber risk CyberCube is the leading provider of software-as-a-service cyber risk analytics to quantify cyber risk in financial terms. Driven by data and informed by insight, we have harnessed the power of artificial intelligence to supplement our multi-disciplinary team. Our clients rely on our solutions to make informed decisions about managing and transferring cyber risks. We unpack complex cyber threats into clear, actionable strategies, translating cyber risk into financial impact on businesses, markets, and society as a whole. T he CyberCube platform was established in 2015 within Symantec and now operates as a standalone company. Our models are built on an unparalleled ecosystem of data and validated by extensive model calibration, internally and externally. CyberCube is the leader in cyber risk quantification for the insurance industry, serving over 100 insurance institutions globally. The company's investors include Forgepoint Capital, HSCM Bermuda and Morgan Stanley Tactical Value. For more information, please visit or email info@ Munich Re is one of the world's leading providers of reinsurance, primary insurance and insurance-related risk solutions. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. Munich Re leverages its strengths to promote its clients' business interests and technological progress. Moreover, Munich Re develops covers for new risks such as rocket launches, renewable energies, cyber risks and artificial intelligence. In the 2024 financial year, Munich Re generated insurance revenue of €60.8bn and a net result of €5.7bn. The Munich Re Group employed about 44,000 people worldwide as at 31 December 2024. For more information, please visit
Yahoo
01-07-2025
- Business
- Yahoo
ERGO Successfully Finalizes the Full Acquisition of NEXT Insurance
DÜSSELDORF, Germany, July 01, 2025--(BUSINESS WIRE)--ERGO Group AG ("ERGO") today announced the successful completion of the full acquisition of NEXT Insurance by Munich Re Group. Consequently, NEXT Insurance is now embedded within the management structure of ERGO, the major primary insurance business of Munich Re. All conditions required for the closing of the transaction have been satisfied by the companies according to schedule, including the required regulatory approvals. Through this transaction, ERGO enters the world's largest insurance market, tapping the appealing U.S. small and medium-sized businesses (SMB) segment. NEXT Insurance will complement ERGO's business capabilities through its proprietary technology stack and its fully digital, automated underwriting/pricing platform. In turn, ERGO will support NEXT Insurance's business growth by leveraging its technical excellence and insurance know-how. "Today's transaction closing represents an important milestone in establishing ourselves as a relevant insurance provider in the USA. Together with NEXT Insurance, we will seize the considerable growth potential offered by this attractive market as we expand our existing business portfolio. Through the combination of NEXT Insurance's technologically driven, successful market approach and ERGO's insurance expertise, we will deliver profitable growth and added value for all our stakeholders," comments Markus Rieß, Chief Executive Officer of ERGO Group AG. Founded in 2016 and headquartered in Palo Alto, California, NEXT Insurance is a leading technology-first Property & Casualty insurer focusing on the specific needs of U.S. small business owners. The company offers simple, digital insurance coverage, including General Liability and Workers' Compensation. Since its creation, NEXT Insurance has witnessed significant growth and generated a top line of $548 million in 2024. Today, the company serves more than 600,000 customers and counts around 700 employees. The signing of the definitive agreement by Munich Re and NEXT Insurance was announced on March 20, 2025. The definitive agreement had been concluded at a valuation of $2.6 billion for 100 percent of NEXT Insurance's shares. Prior to the transaction, ERGO Group AG was already a major shareholder of NEXT Insurance, holding around 29 percent of the company's outstanding share capital. The initial announcement can be found here. About ERGO Group AG ERGO is one of the major insurance groups in Germany and Europe. The Group is represented in over 20 countries worldwide, with a focus on Europe and Asia. ERGO offers its retail and corporate customers a broad product portfolio in all the main classes of insurance as well as comprehensive assistance and other services. Three units operate under the umbrella of ERGO Group AG: ERGO Deutschland AG, ERGO International AG and ERGO Technology & Services Management AG. The German and international businesses as well as the global management of IT and technology services are organized in these units. About 37,000 people work either as salaried employees or self-employed sales representatives for the Group. In the 2024 financial year, ERGO generated insurance revenue of 20.8 billion euros and a net result of 791 million euros. ERGO is part of Munich Re, one of the world's leading reinsurers and risk carriers. More at About NEXT Insurance NEXT Insurance is a leading digital insurer transforming small business insurance with simple, digital coverage tailored to the self-employed. Trusted by over 600,000 business owners, NEXT offers policies that are easy to buy and provides 24/7 access to purchasing and servicing, including Certificates of Insurance, additional insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process. Founded in 2016, the company is headquartered in Palo Alto and has received over $1 billion in venture capital funding. The company has also been recognized by CNBC Disruptor 50, Forbes Fintech 50, Inc.'s Best-Led Companies, and Forbes Best StartUp Employers. For more information, visit Stay up to date on the latest with NEXT on X, LinkedIn, Facebook and our blog. Disclaimer This media information contains forward-looking statements that are based on current assumptions and forecasts of the management of ERGO Group. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments. View source version on Contacts Media Contacts: Mirko-Alexander KahreERGO Group AGHead of Global Corporate CommunicationsERGO-Platz 140477 DüsseldorfPhone: +49 211 477-3025Mobile: +49 173 3869 media-relations@ Anat HarelNEXT Insurance, Digital Marketing975 California AvePalo Alto, CA 94304650-512-7303pr@
Finextra
26-06-2025
- Business
- Finextra
Instnt partners Munich Re to bolster ID fraud loss insurance coverage
Instnt announces a strategic partnership with Munich Re to expand reinsurance capacity for its innovative Fraud Loss Insurance product. 0 Instnt's first-of-its-kind solution combines AI-led verification and insurance-backed protection to provide a path to recovery, growth, and lasting resilience against fraud. Fraud has long imposed a heavy burden on businesses, costing an estimated $485.6 billion globally in 2023 (Nasdaq, 2024). Instnt is changing that narrative with a first-of-its-kind solution that merges AI-driven identity verification and fraud detection with insurance-backed protection, helping businesses transfer fraud risk and recover quickly when losses occur. Instnt's partnership with Munich Re, a global reinsurer and leader in insuring emerging technologies, underscores the credibility, strength, and innovation behind Instnt's groundbreaking offering. The collaboration deepens Instnt's relationship with leading insurance companies, which also includes Accredited and Howden, among others. 'Instnt combines AI-based fraud detection technology with financial risk transfer, in case the AI fails to recognize fraud events. This combination of AI and fraud insurance can provide protection for companies against a wide range of fraud events,' said Michael von Gablenz, Head of Insure AI at Munich Re and HSB. 'My team utilizes experience and expertise from our aiSure™ AI insurance solution and acts as reinsurer behind Instnt's Fraud Loss Insurance.' Redefining Fraud Risk Management Instnt's Fraud Loss Insurance solution enables businesses to confidently onboard more legitimate customers while reducing exposure to financial losses resulting from identity fraud. Key features include: • AI-Driven Customer Verification and Fraud Detection – Identify and onboard authentic customers in real time while blocking fraud attempts. • Risk Transfer via Reinsurance – Offload potential losses to a trusted insurance infrastructure supported by Munich Re and others. • Rapid Claims and Recovery – File claims online and receive payouts within 30 days. • Capital Efficiency – Free up fraud reserve capital for growth and operations. 'Our mission is to make fraud a manageable, insurable risk, not a constant cost of doing business,' said Sunil Madhu, Founder and CEO of Instnt. 'With Munich Re's backing, we're delivering the robust underwriting, loss mitigation, and claims management capabilities needed to support this transformative protection.'
Yahoo
26-06-2025
- Business
- Yahoo
ERGO completes merger of Nordic insurance operations
ERGO Group, part of Munich Re, has concluded the merger of its Danish travel insurance company, Europæiske Rejseforsikring, and its Norwegian health insurance business, ERGO Forsikring, into a single entity. The combined entity will operate under the brand name ERGO Forsikring, marking a consolidation of ERGO's activities in the Nordic insurance market. The merger will unify the product offerings and market presence of the two entities, providing healthcare and travel insurance to both corporate and individual clients in Denmark, Norway and Sweden. The integration is expected to yield joint distribution networks, enhance business relationships and improve market access in the Nordic region. ERGO Forsikring CEO Ronald Kraule said: 'With ERGO Forsikring A/S as a genuine pan-Nordic insurance player, we will strengthen our position in every local market, providing innovative, simple and tailored solutions to meet the evolving needs of our customers. 'As we bring together our respective expertise in the health and travel segments, underpinned by consequent digitalisation, we will act as a one-stop shop for holistic insurance coverage. With this new setup, we will enhance our service offerings and deliver significant added value for our customers and partners.' In March, Munich Re announced the acquisition of NEXT Insurance at a valuation of $2.6bn (€2.22bn). Upon completion of this transaction, NEXT Insurance will become a part of the ERGO Group portfolio. "ERGO completes merger of Nordic insurance operations " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
