- Newslink Global Insurance Trends-The Week
- The majority of executives(87%) around the world cite untrained staff as the greatest cyber risk to their business according to a new report from “The Cybersecurity Imperative”
- PRA publishes four final Policy Statements on Solvency II
- PRA publishes Policy Statement-"Strengthening accountability: Implementing the extension of the SM&CR to insurers"
- FCA and The Pensions Regulator(TPR) launch a joint regulatory strategy
- Prudential Financial SIFI designation dropped by FSOC
- Applied Systems announces investment from CapitalG bringing access to Google expertise across artificial intelligence, machine learning, and digital marketing expired
- Greenlight Re Innovations makes third investment-in South Africa-based digital insurance platform Click2Sure expired
- RMS estimates insured losses from Hurricane Michael at $6.8bn to $10bn expired
- Insurance Australia Group(IAG) licenses the RMS High Definition New Zealand Earthquake Model expired
- AXA XL receives authorisation in principle to move its EU insurance company, XL Insurance Company SE, from the UK to Ireland expired
- Hannover Re completes fifth catastrophe bond transaction for clients this year- raising the total issuance volume to $1.5bn in 2018 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)