- The Chartered Insurance Institute-a moving experience
- Marsh & McLennan moves for JLT
- AIR Worldwide estimates industry insured losses resulting from Hurricane Florence’s winds and storm surge will range from $1.7bn to $4.6bn-excluding impact of ongoing unprecedented flooding
- Willis Re annual Silent Cyber Risk Outlook global survey indicates insurers are expecting increased cyber-related losses across all business lines over the next 12-months
- PRA issues consultation paper related to the extension of the Senior Managers and Certification Regime(SM&CR) to insurers
- FCA closes remaining investigations into life insurance sector without taking enforcement action
- Insurance Europe responds to EC proposal for a review of the 2009 Motor Insurance Directive(MID) expired
- Co-operators launches new digital insurance product in two months through Slice Labs Insurance Cloud Service expired
- Aviva completes share buyback prgramme expired
- AXA IM moving to the next phase of its commitment to strengthen Responsible Investment (RI) capabilities expired
- Conning publishes US Life-Annuity Consumer Markets Annual expired
- Five-year dairy farmer microinsurance project launched in Kenya-supported by ICMIF members 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)