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 at an inflection point: S&P
Rates decreases are showing signs of slowing as pricing discipline returns amid increasing claims pressure
Cyber insurers urged to prepare for quantum computing threats
While quantum computing could be another decade away, underwriters should start engaging with brokers and insureds now on steps to mitigate the risks, experts said
UK cloud service outage event loss could reach £1.7bn
UK’s exposure is concentrated in small number of ‘critical aggregation points’, Cyber Monitoring Centre warns
IUA highlights potential cyber coverage gap for W&I insurers
Cyber risks pose an increasingly potent threat in the context of mergers and acquisitions
Antares backs affirmative cyber war wording
Wording, developed in conjunction with Canopius, provides cover for operators of US critical infrastructure against hostile state and state-backed cyber action
Willis expands CyMax cyber facility
Renewed primary and excess cyber facility moves panel-based model with partners including Axa XL, Beazley, HDI Global and Markel
Tackling the World Cup cyber threat
For an event spanning three countries, the supply chain presents the greatest cyber vulnerability, a legal expert warns
New ways to price emerging risks
Lloyd’s Lab’s 16th cohort shows how innovation is moving beyond efficiency gains, with insurtechs seeking to give underwriters a clearer view of emerging exposures across cyber, artificial intelligence and battery assets
AI risk analysis needs to go beyond cyber insurance
Underwriters should consider how AI can be a driver of loss under traditional covers, rather than as a separate and novel line of business
Better AI model evaluation approaches needed for risk pricing
Current AI model evaluation methods focus on performance rather than failure, limiting insurer confidence in pricing AI risk, Gallagher Re argues
IUA calls for cyber BI claims protocols
Cyber BI claims are often complex and involve tower structures with multiple insurers providing different layers of coverage
Specialty MGA names Smithson head of financial lines and cyber
In his new role, Smithson will help drive Specialty MGA’s global financial lines and cyber growth
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