- Newslink Global Insurance Trends-The Week
- EIOPA announces results of 2018 Stress Test-on aggregate, the sector is adequately capitalised to absorb the prescribed shocks
- EIOPA publishes report on the Evaluation of the Structure of Insurance Intermediaries Markets in Europe in accordance with Article 41(5) of the Insurance Distribution Directive(IDD)
- Fire and explosion incidents cause the largest claims for insurers and the businesses they cover, according to new research from Allianz Global Corporate & Specialty(AGCS)
- CII expands communications team with two new appointments
- LIIBA welcomes proposed Bilateral Agreement between the US and the UK on Prudential Measures Regarding Insurance and Reinsurance (US-UK Covered Agreement)
- LIIBA CEO says“The number of risks bound by brokers through PPL has risen by 350% in the last 12 months” expired
- London Market Group(LMG) announces that all managing agents involved in live delegated authority business have signed up for its Delegated Authority: Submission, Access and Transformation Solution(DA SATS) expired
- London Market Group (LMG) announces launch of the Future Workforce Think Tank expired
- Slice Labs announces availability of Insurance Cloud Services(ICS) in the UK and EU-Legal & General first customer expired
- MAPFRE reorganizes its management in Brazil and MAPFRE Asistencia, and reinforces its digitisation push expired
- QBE completes Group’s portfolio simplification 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)