London Market: black swan fears suppress cyber appetite


London Market: black swan fears suppress cyber appetite

Paul Cumberland, executive director, Howden Markets; Scott Bailey, managing director, cyber, Markel International

Prolific ransomware attacks have driven losses, but there’s more markets and carriers in the space than ever before, says Intelligent Insurer panel.

“The cyber black swan event hasn’t happened yet but it’s scaring people and it’s the cyber equivalent of a hurricane catastrophe.”

This was the view of Paul Cumberland, executive director at Howden Markets, as he discussed the appetite for cyber in the London Market.

Cyber has experienced reduced underwriting appetite across the London Market despite expectations that the class will see a large rate increase this year, according to Howden’s 2022 London Market Appetite Survey published in March.

Axis Insurance, Howden, Markel, Technology, Cyber, Insurance, Reinsurance, Peter Fitzsimmons, Paul Cumberland, Scott Bailey, London Market

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