Ian Newman, global head of cyber; Ed Pocock, senior cyber security consultant, Gallagher Re
The cyber insurance market remains one of the fastest-growing lines of business for carriers—and it remains set to become as large as the P&C sector.
Demand in the cyber insurance market will usher in a new era of growth for the risk transfer industry, not just in its size but also in terms of product innovation, as re/insurers harness new technologies and data solutions to gain a competitive edge in a crowded yet complex underinsured space.
That is according to Ian Newman, global head of cyber at Gallagher Re, who discussed the broker’s latest whitepaper in a video interview with Intelligentinsurer.com. He co-authored the report, “Cy–Fi: The Future of Cyber (Re)insurance”, which examines the trends and the likely future of the cyber market, with Ed Pocock, a senior cyber security consultant at Gallagher Re.
“The cyber line continues to grow year on year, but we are going to see cyber develop more as a whole—in the same way that we are seeing cars go driverless. That’s inevitably the market we are heading to,” Newman said.
Gallagher Re, Technology, Cyber, Property & Casualty, Insurance, Reinsurance, Ian Newman, Ed Pocock, UK, Global