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.
Cyber market growth inhibited by complex data privacy rules
Insurers must do more to help clients understand their exposures if the market is to benefit from the more punitive approach to data privacy violations
P&I clubs resist cyber exclusions despite rise in attacks
The market has no plans to introduce cyber exclusion clauses, but there could be problems for those clubs which reinsure their primary risk retention in the commercial market
Viewpoint: The rising tide of cyber risk is a challenge for marine underwriters
The insurance market needs to revise the nature of its coverage to shipowners and operators, so that it addresses all marine risks, including pricing for cyber attacks as a contributory peril
Viewpoint: Ransomware is transforming the cyber risk landscape
Ransomware is fast becoming a systemic and high-severity risk across a range of exposures
Focus: Cyber threat to US renewables must not be underestimated
With companies keen to safeguard their reputation, cyber-attacks in the renewable energy sector are drastically under-reported
Viewpoint: Covid-19 is changing the market's perception of cyber risk
Business interruption coverage litigation because of lockdowns has shown need for clarity in policy wordings
Focus: Ransomware is an issue for the reinsurance market
Diversifying a portfolio by taking on a range of industries or sizes of risks to mitigate peak exposures has not proved effective in reducing the threat of ransomware
Viewpoint: Cyber risk models must evolve with the changing threat
Cyber risk models must be sufficiently flexible to accommodate new scenarios based on risk trends and changing insurance policy terms and conditions
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