Cyber
Cyber remains a major opportunity for global specialty re/insurers with premiums rocketing in recent years. Awareness of the risks posed by cyber is also rising, with companies taking action to ensure ‘silent’ cyber is not present within business written across several other classes of business. While several re/insurers are actively growing their position in the cyber market, this class has yet to be tested by a major catastrophic loss event. Understanding the risk potential of cyber exposures is vital as the market continues to grow.
Viewpoint: Pricing cyber risk properly is about more than raising rates
For carriers to increase prices and restrict cover as the frequency and severity of cyber attacks increase would be a short-term and unsustainable solution
Legal Focus: Insurers can snatch opportunity from the jaws of data protection exposure
The global evolution of data protection regulation offers cyber insurers both a challenge and a unique set of circumstances to grow their business
Legal Focus: Cyber clarification could limit environmental coverage
Many specialist pollution policies are silent as to whether pollution caused by a cyber event is covered
Viewpoint: The market must defend against deep fake technologies
As deep fake technologies become ever more sophisticated, careful analysis of cyber resilience and maturity could prove to be the difference between success and failure for insurers
Focus: New Brazilian data privacy law could drive growth of regional cyber market
The new regulatory requirements, including the tougher penalties, will drive demand and alter the mix of coverages needed in Brazil and, potentially, across the region
Focus: Trust is essential to a sustainable cyber insurance market
Several issues need to be addressed before the market can achieve the next level of maturity, but the core challenge is building trust between insurers, brokers and policyholders
Focus: London cyber market is braced for take-off in 2021
A confluence of factors promises a big year ahead for cyber insurers that have improved their access to better-quality data and more sophisticated risk-scoring solutions
Focus: Personal cyber can be the next growth market
A growing appetite for personal cyber risk from reinsurers provides an opportunity for carriers willing to be pioneers
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