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We hear allot about how the cyber insurance market is going to grow over the coming years. Yet growth requires significant amounts of liquidity to facilitate it. Liquidity that is often left out of the conversation when one hears about how Gross Written Premiums are going to increase. Yet it is a conversation that regulators rightly want to have with insurers in 2024, if the enclosed Letter to CEOs of UK insurers from the UK insurance regulator is correct.
The Prudential Regulatory Authority(PRA) has issued its supervision priorities for the UK insurance industry for 2024. The Bank of England’s Prudential Regulation Authority has outlined cyber underwriting risk, claims inflation and model drift as its key supervision priorities for the UK general insurance sector in 2024. Focusing on underwriting risk, ensuring that firms’ capital and exposure management are commensurate with the growth in the Cyber Insurance books, along side the inherent volatility of cyber risk.
Ted Dziekanowski Brian D. McCarthy
Veritas GRC
#cyberinsurance #cyberregulation #cyberriskmanagement
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