Samsung Fire & Marine Insurance and Cyberwrite Team Up for Cybersecurity Insurance Solutions
Samsung Fire & Marine Insurance Bolsters Cyber Insurance Capabilities with Cyberwrite Partnership
In a strategic move to enhance its cyber insurance capabilities, Samsung Fire & Marine Insurance (SFMI) has partnered with Cyberwrite, a global leader in AI-driven cyber catastrophe modeling and cyber underwriting analytics. This collaboration aims to strengthen SFMI's ability to assess and manage the probability and economic impact of cyber threats across its portfolio.
Samsung Financial C-Lab Outside, the global evaluation arm of Samsung Financial, selected Cyberwrite for its expertise in next-generation cyber risk analysis and broker enablement. The partnership will focus on providing real-time, actionable insights into emerging cyber threats, empowering SFMI's sales and underwriting teams to make smarter decisions and respond quicker.
According to industry estimates, the global cyber insurance market is set to witness substantial growth. By 2030, annual premiums are projected to rise from the current $16 billion to between $40 billion and $50 billion. This growth is driven by the intensifying cyber threats and the mounting financial impact of cyber incidents on organizations worldwide. Concurrently, cybercrime is expected to pose significant economic challenges, with global damages estimated to reach $10.5 trillion annually by 2030.
Cyberwrite's platform, powered by proprietary AI-driven predictive algorithms, offers precise, scalable insights into cyber exposure and risk management in over 50 countries. The solution has become a global benchmark for insurers, delivering accurate real-time intelligence on the impact of cyber incidents on businesses of all sizes, from small and medium enterprises (SMEs) to conglomerates.
SFMI, a globally recognized insurance leader serving millions of customers and businesses worldwide, is expanding its offerings to meet the growing demand for effective cyber risk management solutions and cyber insurance. The partnership with Cyberwrite marks an important step in advancing the insurer's cyber insurance capabilities.
"Our platform has set a new bar for underwriters, risk managers, and clients who need real-time clarity on emerging cyber threats," said Nir Perry, CEO of Cyberwrite. "We are honored to support Samsung's cyber insurance initiatives with the highest technology innovation and service standards."
The cyber insurance market, which is currently in a phase of rapid expansion and stabilization, remains under-penetrated for SMEs, with less than 10% currently covered. This collaboration between SFMI and Cyberwrite is expected to help bridge this gap, improving coverage adoption and supporting market growth.
Samsung will showcase the Cyberwrite solution at the Korea International Insurance Conference, scheduled for June 4-5, 2025. Meanwhile, Cyberwrite CEO Nir Perry will be speaking on the topic of cyber risk quantification at ITC Asia in Singapore on June 4, 2025.
Founded in 2017, Cyberwrite empowers insurers, reinsurers, and brokers with next-generation cyber catastrophe modeling, streamlined cyber insurance distribution, and AI-driven underwriting that lowers loss ratios and operating costs. Its flagship platform, 4SEEN®, delivers real-time, actionable insights on over 320 million companies worldwide, providing unparalleled visibility into cyber insurance risk. Recognized as a Gartner Cool Vendor and honored by Frost & Sullivan, Cyberwrite is at the forefront of innovation in cyber insurance analytics. For more information, visit www.cyberwrite.com.
For media inquiries, contact Matt McLoughlin of Gregory FCA at [email protected].
SFMI and Cyberwrite are the respective entities involved in the partnership.
Sources:
- Cyberwrite and Samsung Fire & Marine Insurance Partner to Strengthen Cybersecurity Offerings
- Cyber Insurance Market Size, Share & Trends Analysis Report By Component (Products And Services), By End-use, By Region And Segment Forecasts, 2023 - 2033
- Global Cyber Insurance Market Assessment & Outlook, 2023-2033
- Executive Interview with Jacques Villeneuve, Cyberwriting Global CEO
- Cyber Insurance Market 2023 And Beyond
The strategic collaboration between Samsung Fire & Marine Insurance and Cyberwrite aims to harness the power of cloud-based technology for scalable insights into cyber risk management, contributing to the growth of the cyber insurance market. This partnership is expected to boost the offerings of Samsung Financial, especially in the area of cyber insurance, addressing the underpenetrated SME sector.
