- Lloyd's announces key appointments for the governance and delivery of the Future at Lloyd’s Blueprint One programme together with confirmation of the raising of £300m of senior debt to fund the transformation
- Insurance Europe new publication-"Why Insurance" urges policymakers to make sure the industry’s special features are taken into account when developing insurance regulation
- Geneva Association Women in Insurance Award launched
- CII PublicTrust survey indicates UK consumers want action on renewal pricing
- Willis Towers Watson launches ResQ Financial Reporter, an out-of-the-box software solution designed to help P&C insurers implement IFRS 17
- Duck Creek announces that four leading investment firms have invested $120m in the company
- FRISS to partner with National Insurance Crime Bureau(NICB) expired
- City Insurance shows impressive growth expired
- Canopius appointsTongue as underwriter, trade & political risk expired
- Hannover Re and Global Parametrics in partnership with BMZ and KfW to form Natural Disaster Fund(NDF) Deutschland expired
- Victor Insurance Holdings announces approval from Lloyd’s to establish Victor Syndicate 2288 and commence underwriting effective 1st January expired
- BMS announces appointments to its US reinsurance team expired
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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