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Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent. -
The US could be exposed to economic losses of $1.1tn in the event of a cyberattack, the highest of any country.
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Cyber reinsurance has around $500mn of annual capacity currently supporting the space.
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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 mortgage insurer last closed a similar deal more than two years ago.
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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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A total of 10 events caused more than $1bn in losses each.
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Tornados in the first six months of the year in the US were slightly above the 27-year average.
