- Insurance Newslink drops in for a Guidewire update
- LMA says 80% of Lloyd’s managing agents would “like to see Insurance Linked Securities (ILS) products become a permanent fixture in the re/insurance market”
- PPL exceeds first quarter adoption targets
- esure Board reaches agreement with Bain Capital over all cash offer-interim profit impacted by adverse weather but growth continues
- Admiral produces strong interim result and growth all round
- CII and FCA launching series of nationwide professional focus CPD conferences for members working in the insurance profession
- Insurance Europe publishes response to the European Commission’s consultation on its proposed InvestEU programme expired
- Tremor Technologies announces that its programmatic risk placement marketplace is fully operational with significant buyers and sellers of re/insurance protection in place expired
- Continental General(CGIC) to acquire Humana’s long-term care insurance business, KMG America Corporation expired
- Talanx Chairman Leue "very satisfied" at half way expired
- SOBC DARAG forms joint venture in US-first acquisition announced expired
- Starstone announces a new casualty consortium targeted at the Australian and New Zealand markets expired
13th June 2018
Capsicum Re launches its second cyber report-"Are we heading towards Property, Casualty & Cyber (PC&C)?"
Capsicum Re, the specialist reinsurance broker, has launched its second cyber report, "Are we heading towards Property, Casualty & Cyber (PC&C)?". This report considers the way the cyber market is likely to evolve, and a natural path it may follow to join property and casualty as a cornerstone class of the global (re)insurance landscape.
In an increasingly digital age, the cyber market has experienced exponential growth through the sale of ‘affirmative’ cyber cover, where cyber is evaluated, priced, and underwritten as a discrete risk. However, it is the severity of ‘non-affirmative’ or ‘silent’ cyber risks that are becoming the primary concern. Losses are frequently materialising across P&C sectors, as the bulk of cyber exposures are proving to be within non-cyber covers, although it is unclear whether cyber-related damage is covered under traditional insurance or reinsurance P&C cover. This uncertainty is further exacerbated by the fact that normal aggregation methodologies do not apply when cyber catastrophic losses can transcend class, geography and industry.
Ian Newman, global head of cyber at Capsicum Re, comments “We have reached a point where cyber is a very real, tangible risk class. It is understood quite widely that the threats are increasing in severity almost daily, yet the industry is still dealing with developments reactively and behind the pace of change of the risk. At Capsicum Re, we envision a future where cyber is as significant a peril as property and casualty.
In response, we have created this report, in collaboration with the most experienced names in cyber risk, to highlight the challenges and opportunities that lie ahead, and the solutions that exist on our journey to a marketplace supported by the three key of pillars PC&C. But we must begin innovating today to ensure we, and our clients, are equipped to deal with that reality.”
Capsicom Re Trends(11 articles)
Cyber Trends(609 mentions in Insurance Newslink)