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The profile of the loss could provide comfort to investors around exposure diversification. -
The event would represent a loss ratio impact of roughly 3%-10% on global cyber premiums of $15bn today.
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The market is expected to seek additional exclusions around systemic events.
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The weighted average direct financial loss for a Fortune 500 firm was $44mn.
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Hannover Re's cyber bond pays on a parametric basis for each hour after an agreed waiting period.
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The analyst estimated Beazley’s loss from the global outage at $80mn-$120mn.
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The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
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The event could unpack issues around accumulation risk and cloud services.
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ILS capital so far is viewed by sponsors as strategic rather than essential.
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The second part of the PoleStar Re issuance takes the bond's total volume to $300mn.
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State interference is likely to be required if an attack is large enough to trigger bonds now on the market, experts say.
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The consortium will offer up to $50mn of per-program capacity.
