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: Insurance market must address the cryptocurrency challenge
Insurers face becoming irrelevant to the risk mitigation requirements of corporations as their main lines of business become increasingly exposed to crypto asset risk in the future
CyberCube's Millaire: Diversity is critical to cyber risk modelling
To model the complexity of cyber risk requires a deep understanding of both human behaviour and internet technologies, the analytics and modelling firm's chief executive says
The cyber insurance market must learn from the SolarWinds hack
SolarWinds ‘cyber catastrophe’ demonstrates need for collaboration between insurer and insured so that insurance rates do not skyrocket to an unreasonable level
Focus: Adjusters can help industry to resist ransomware demands
Whether or not insurers should support the payment of a ransom demand is debatable, but it is important to acknowledge payment is not always the best or most appropriate response
Viewpoint: Cyber underwriting must evolve with the threat of ransomware
A lot more to needs to be done by businesses and their insurers to better understand and identify the risk before a ransom is demanded
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
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