- New global survey from Economist Intelligence Unit(EIU) and Willis Towers Watson highlights majority of executives around the world feel their organisations can do better when it comes to learning from their past cyber mistakes
- Chubb launches special new environmental risks report-"Global Management of Environmental Risk"
- ICISA members say demand for trade credit insurance and surety developing favourably
- IPCC opens review of 2019 Refinement to National Greenhouse Gas Inventories
- Two new committee chairs at LIIBA-involved in modernisation of London Market
- LV= in trial agreement with Optal to streamline claims payments
- MS Amlin and Cytora in new partnership to deploy artificial intelligence into commercial underwriting processes expired
- Willis Towers Watson introduces new version of ResQ, its loss reserving software expired
- Florida-based SUNZ Insurance goes live with Sapiens CompSuite Policy solution expired
- SSP to integrate Northdoor Sanctions Checker solution to assist its broker client base expired
- MAPFRE announces senior appointments expired
- Gallagher announces Matson to replace Chilton as CEO, UK Brokerage and Underwriting Division later in the year 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)