- PRA and FCA consults on expectations for the management of financial risks from climate change
- AIR Worldwide estimates industry insured losses from Hurricane Michael at $6bn to $10bn
- LMA’s satellite imagery and intelligence service speeding up assessment and payment of Hurricane Florence and Michael claims
- US P&C insurers more than double first half after tax net income
- Nine insurance associations across the world write jointly to IASB to suggest a two year delay needed to implement IFRS 17 successfully
- IUA reports increase of 16% to £26.314bn in gross written premiums for 2017
- UK Comprehensive car insurance premiums rise 1%-Brexit might delay Civil LIabilities Act introduction expired
- ACORD announces the winners of the 2018 ACORD InsurTech Innovation Challenge(AIIC) expired
- 2018.2 release of Guidewire InsurancePlatform announced expired
- Treaty reinsurance goes live on PPL to complete class roll out expired
- Ardonagh to sell Direct Group's claims business to Davies Group expired
- Ergo Group to sell its Russian life book to Rosgosstrakh 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)