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AONs 2024 mid year review of Global Reinsurance Market Dynamics discusses a stable half year with enough capacity, capital and risk adjusted rate reductions for property coverage. There’s allot to unpick in the report, across all the re-insurers evaluated by AON.
One focuses on cybersecurity AON predicts a strong cyber re-insurance market, with ample capacity to service cybersecurity risk. To ‘set the stage for a competitive reinsurance market looking ahead into 2025.’
The Insurance cannot manage cyber risk alone. A reason nation states are moving to regulate cybersecurity is the risk is moving quickly, one may say out of control and effecting CNI. The insurance industry does not control ‘Left of Bang’ compliance required to demonstrate a full and holistic treatment of risk. Nor has the industry said that it should. Organizations have to consider cyber risk transfer across their financial statements, that includes the adoption of cyber insurance.
One should consider the Lloyds of London Q1 Market Message that included cyber insurance From March 2024 if one wants a realistic position for the cyber insurance market. https://lnkd.in/dEzMFDWj
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC Aon
#cybersecurity #cyberriskmanagement #cyberinsurance
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