Cyber

Envelop anticipates that cyber ILS could hit $100mn of GWP within four years

Guy Carpenter, Aon and Gallagher Re are each understood to be preparing to enter the nascent sector.

The follow-only vehicle initially launched in January with a more limited set of permissions.

Experts say cyber ILS offerings including cat bonds could be near, but concerns over structures, modelling and correlation persist.

Cyber reinsurance premiums may exceed those of property cat by 2040.

The move reflects the firm’s growing interest in risks beyond nat cat.

Another pandemic outbreak came in fourth place, with 22% of respondents saying they were worried about further health and workforce issues and movement restrictions in 2022.

Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.

The change in plan comes as Lloyd’s restricts cyber growth.

CyberCube forecast further capital market capacity will hit the cyber insurance market next year.

The Lloyd’s chief of markets also highlighted inflationary risks as a trend of which to be aware for syndicates.

Theo Norris has joined Gallagher Re as a dedicated cyber ILS broker, moving from his Aon Securities role as acting ILS assistant vice president.