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The rating Agency AM Best review of the London Insurance Market makes some interesting observations. It highlights the challenges ahead for the London Insurance Market that are likely given the economic pressures with rising interest rates and inflation.
The ability of London Market insurers to attract and deploy 3rd party capital will be important. Highlighting the launch in 2023 of a cyber catastrophe bond by Beazley. While also identifying the need to adequately assess and price for less well or non modelled risks including cyber, that given the growth in the cyber insurance class and systemic affects require better assessment.
The rise in successful cyber attacks in 2023 compared to 2022 is an indication of the impact that cyber is having on the public and private sector. While cyber regulation will start to impact cybersecurity defence and hopefully reduce the affects of cyber attacks, will take time to implement.
One has said many times that the insurance industry is in a unique position to support organizations transition to a cybersecure model. A model that benefits both the insurer and insured.
Ted Dziekanowski
#cyberinsurance #cybersecurity #cyberriskmanagement #lloydsoflondon #cyberregulation
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