Simon Ashworth, Louis Botticelli, Jasper Goring & Michael Shen
As the cyber insurance market matures, it will need both standardisation and innovation to sustain its growth. But even those things won’t necessarily protect the market from some difficult times as the market develops.
Cyber insurance is still in its infancy—“just a baby”, according to one panellist on the latest session of the Re/insurance Lounge, but the market is growing up fast. According to recent analysis from S&P Global Ratings, commercial and private cyber insurance premiums total about $5 billion annually but are expected to grow 20 to 30 percent per year in the near future.
Even then, it will be some time before coverage is close to addressing the $700 billion economic cost from cyber crime alone. The COVID-19 pandemic has exacerbated the risk, with some labelling it as the largest-ever cybersecurity threat.
To discuss these issues and what needs to happen to see cyber insurance reach its potential, Intelligent Insurer’s online, on-demand platform for interviews and panel discussions brought together some of the industry’s leading players:
S&P Global, Markel, Gallagher, Canopius, Cyber, Insurance, Reinsurance, Simon Ashworth, Louis Botticelli, Jasper Goring, Michael Shen, North America