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Cyber reinsurance has around $500mn of annual capacity currently supporting the space. -
A number of players suggested that the cost components of first-party claims were up between 30%-50% on that seen during Ransomware Wave One.
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Experts at the Trading Risk New York conference emphasised in-built cyber risk protections from defences to exclusions, as ILS managers grapple with understanding the peril.
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The founding members include Munich Re, Gallagher Re, and BitSight.
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The carrier describes reinsurers’ current strategy of dealing with cyber policies as "a game of whack-a-mole"
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The broker studied the impact of 14 major cyber events in its attempt to dispel ILS manager fears of a ‘double whammy’ cyber event that would also impact financial markets.
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The new SPA will write cyber reinsurance initially and could progress to writing insurance.
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The cyber MGA can now serve clients in Italy, Spain, Ireland, Sweden and Denmark.
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A Guy Carpenter report recently noted that risk models are converging for the most remote risk levels.
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The broker named Matthew McCabe as MD of cyber broking with a brief to tackle complex cyber issues.
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New language has been introduced by some insurers to limit exposures to cyber risks.
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Analysis showed a modelled loss range of between $15.6bn and $33.4bn for a 1:200-year global loss event.
