AXIS Chief Innovation Officer Dan Trueman
AXIS Capital is among the top five players in cyber globally by premium written, and the Bermuda-based insurer has appetite for more and plans to grow faster than the market in the coming years, as Dan Trueman, chief innovation officer and cyber unit head, tells Intelligent Insurer.
Cyber is still a relatively new risk, which means that it faces high growth potential, but at the same time, the risks are difficult to assess and manage due to a lack of historical data.
It is dividing the industry: while some experts see cyber as a risk too big to underwrite, others believe that it is an unmissable growth opportunity.
AXIS certainly belongs to the latter group. Aided by the recent acquisition of Novae, AXIS is allocating more resources into this class, for example by expanding its product offering in the field to include protection against damage to physical assets and infrastructure when a cyber attack occurs, according to its 2017 annual report.
AXIS Capital, Dan Trueman, Cyber, Technology, Insurance, Reinsurance, Bermuda, Global