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software bug in cyber security firm CrowdStrike's
quality-control system caused the software update that crashed
computers globally, the U.S. firm said this week, as losses
mount following disruption to services from aviation to banking.
The outage may be the single largest cyber insurance loss,
CyberCube said in a statement.
It was "a major event for the cyber insurance market but does
not come close to the destructive potential that leading
insurers are holding capital against", CyberCube said.
Insurer Parametrix this week estimated insured losses from the
outage of $540 million to $1.08 billion for Fortune 500
companies, excluding Microsoft, whose computer software was
affected by the CrowdStrike bug.
Major cyber insurer Beazley said this week it had no plans to
change its guidance on its combined ratio - a key measure of
underwriting profitability - after the outage.
The global insurance and reinsurance industry is likely to avoid
any major financial impact from the outage, ratings agency Fitch
said.
However, reinsurance broker Guy Carpenter said that insurers may
face claims on directors and officers' and property insurance as
a result of the outage, in addition to cyber insurance claims.
(Reporting by Carolyn Cohn; Editing by Mark Potter)
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