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11th August 2019
S&P Global Ratings publishes report headed "Global Reinsurers Face The Iceberg Threat Of Cyberrisk"
S&P Global Ratings said that economic and insured cyber losses are mounting for insurers and reinsurers, in a report, "Global Reinsurers Face The Iceberg Threat Of Cyberrisk."
"What's more, we believe considerable silent cyber exposure is embedded in traditional insurance and reinsurance products," said S&P Global Ratings credit analyst Johannes Bender.
If (re)insurers do not start to screen their insurance portfolios for nonaffirmative cyber exposures or manage them, losses could become significant and create volatility in capital and earnings in the near future.
Underwriting cyberrisks aren't straightforward because of the potential for large accumulation risk, their human origin, uncertainties about diversification benefits, limited historical data, and still basic modelling and IT expertise.
We believe the global affirmative cyber insurance market will continue to expand faster than the vast majority of other traditional lines and could reach $8bn in gross written premiums by 2022, compared with about $5bn in 2018.
"We think reinsurers are well placed to harness this business potential if they can develop cyber ecosystems and improve cyber modelling, while managing accumulation risk and silent cyber exposure."
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