The recent Lloyds of London cyber mandates create opportunities and challenges for the insurance industry. Foremost I suspect that they were written to reduce the impact of aggregated losses within the reinsurance market, ahead of the underwriting direct polices. As…
Cyberattacks may not be the new norm for everyone, but the once low probability attacks that used to affect websites through DDoS or poor configuration and patch have been replaced by extreme loss, higher probability, high severity threats. We have…
Here is a thought for today. There is a Venn diagram for ESG and the relationship between Environmental, Social and Governance. There is also a Venn diagram between ESG, cyber risk management and insurance, that if unbundled creates an intersection…
A topical post from July 2022 that feels appropriate today outlining the challenges that the cyber insurance industry faces and will continue to face. {sic} The big challenge for (re)insurers in developing this wording lies in the need for continual…
An article from the cyber reinsurance market, that is not expected to grow significantly until underwriting tools are developed to better assess cyber risk. The demand for cyber insurance is increasing with gross written premiums expected to be $20Bn by…
The global reliance on shipping cannot be underestimated, 90% of the carriage of world trade is due to shipping. There has been a dramatic reduction in physical losses, but all four of the largest shipping companies Maersk, Cosco, MSC (and…
Underwriting cyber insurance has taught the re-insurance industry allot about underwriting complex, catastrophic risks, that one assumed they already knew a lot about? Lloyds recently announced that it would not support the underwriting of Nation State Attacks, that is likely…
Is there a slow realization that companies will need to implement cybersecurity risk management practices if they want cyber insurance? Cyber legislation may come to the rescue of the insurance industry. Current cybersecurity risk management proposals and regulation looks to…
Increase capital (option) or address state backed cyber was the choice for Lloyds, choosing the later to try and address the exposure that cyber insurance brings to the Lloyds Market. Very often in the past, these sort of corrections or…
An observation from S&P about cyber insurance. Cyber insurance growth (and the likely reduction in loss ratios), is rated more to increases in premiums than volume take up. The article highlights the hesitancy of reinsurers to underwrite large cyber risks.…
