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Thank you Ted Dziekanowski. My understanding is that the total capacity of the re-insurance market is around $700bn (https://lnkd.in/egb6tuZS). Cyber-attack frequency, complexity and severity is increasing and the impact of a catastrophic cyber incident and aggregated insurance losses are likely to be beyond re-insurance. Is there enough capital in the reinsurance market to absorb a catastrophic cyber loss and will an insurer of last resort be able to absorb the losses?
The insurance industry needs a better way to manage cyber, the risk cannot simply be transferred from the insured to insurer. As Chris Inglis points out cyber is a whole of society problem requiring all impacted to participate in the management of cyber risk.(https://lnkd.in/e5WivnNf).
Insurers and reinsurers are moving away from nation state attacks, opening a gap in coverage. Is it time for the insurance industry, alongside regulators, to take a lead in setting the requirements to manage cyber?
#cybersecurity #reinsurance #cyberinsurance #cyberriskmanagement #cyberregulation
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