ID Business Briefing: Where next for cyber insurance?
Join us at Lloyd’s on May 16 to hear the market's foremost experts discuss the future of the cyber insurance market
At a time when most lines of business are seeing muted growth, the cyber market has surged ahead, with total premiums predicted to soar from $3.5bn in 2016 to $10bn by 2020.
Last year, a spate of high-profile attacks from state actors and continued growth in the sophistication of cyber criminals raised cyber security to the top of buyers’ list of concerns.
And with the EU’s General Data Protection Regulation just around the corner, clients have even more reason to worry. Meanwhile, the threat of silent cyber grows, affecting broad swathes of insurers’ business, as the world becomes ever more dependent on internet-based computer technology.
By some measures, annual worldwide losses attributable to cyber crime already exceed the $300bn or so of losses natural catastrophes cause annually. But only a tiny fraction of those losses are insured.
To help us make sense of where the cyber re/insurance market is heading, and how clients, brokers and carriers can succeed in this rapidly-changing environment, Insurance Day has assembled a panel of top cyber insurance specialists. They are:
- Matthew Webb, cyber line underwriter, Hiscox London Market;
- Graeme Newman, chief innovation officer, CFC Underwriting; and
- Peter Armstrong, senior subject matter expert; cyber, Munich Re.
Join us for a thought-provoking debate at our Business Briefing on May 16 at 2.30 pm in the Lloyd’s Old Library. See www.insuranceday.com to register.