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Maya Bundt referred to cyber security threats as the “dark side” of proliferating digitalisation. -
AM Best sees accumulating cyber risk in the US property market downgrading 18 US property carriers, considering Best’s Capital Adequacy Ratio.
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As providers manage their targets by premium dollars, and rising rates have boosted quota share income, this is leading to reinsurers hitting capacity earlier than expected.
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The platform has backing from ILS firm HSCM, although cyber paper was provided by HDI.
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The deal follows an agreement the reinsurance broker reached in December to partner with auction platform Tremor Technologies.
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The cyber insurance sector is set to grow to $20bn by 2025, the broker said.
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Rapid growth of the cyber market suggests an increasing role for ILS, panellists said at Trading Risk Live.
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The president and CEO urges wordings precision to avoid cyber-related litigation.
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The deal follows an earlier fronting agreement supported by Markel, Nephila and RenaissanceRe.
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The Monetary Authority is also exploring initiatives to support pandemic, cyber and climate ILS, an official says.
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Syndicate 2358 may target lines such as cyber or terrorism.
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The ratings agency also said ILS capacity would ‘hold the line’ on returns following catastrophes.
