Cyber Risk
Cyber is one of the fastest-growing markets, predicted to reach $22.5bn by 2025. But it is also a market beset by issues including the potential for massive accumulative losses, a lack of excess-of-loss capacity and little understanding of what a major cyber catastrophe event could mean for insurers. What is the market doing to address these unknowns and ensure a sustainable future for cyber?
Insurers split over cyber risk modelling challenges
Insurers are divided between those that see cyber as an exceptional line of business and those who think it can be modelled like other insurable perils. The industry could be one major systemic loss event from finding out which view is correct
Bermuda goes deeper into cyber space
Lloyd's Market Association's cyber war wording is dividing opinion on its potential benefit to Bermuda carriers
Low uptake of cyber cover in maritime sector is a challenge for insurers
High prices, low limits and inflexible terms, rather than a lack of awareness of the threat, are reasons why maritime businesses are reluctant to buy cyber cover, risk consultants say. Can the insurance industry respond?
Are cyber war exclusions fit for purpose?
Mandatory wordings seek to bring clarity to contracts over what is and is not covered; but while there is consensus that exclusions are necessary, there is disagreement over how they are best achieved
Global insurers wake up to Latin America’s fledgling cyber market
Capacity from London, Miami and Madrid is being made available to the region, as international companies start to see the segment’s growth potential
Cyber ILS is evolving but remains in its infancy
Investors and carriers are dipping their toes into cyber insurance-linked securities, but the market is still a long way from raising a substantial amount of capital through these structures
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