Why isn’t the cyber insurance market booming?


Why isn’t the cyber insurance market booming?

Kassie Bryan, Swiss Re, Seth Rachlin, Capgemini & Scott Bailey Markel International

The COVID-19 pandemic has triggered an explosion in cyber crime, so why is the market growing so slowly and what does the future hold for the cyber insurance market?

Consider the fact that cyber crime already exceeds $700 billion per year, according to S&P Global, but insured cyber losses are still only around $5 billion. Are we reaching a point where insurers talk to their clients about being mandated if loss ratios do not improve?

That was one of the main points from a panel discussion “Insurers grapple with a new (and rapidly changing) landscape” on Intelligent Insurer’s Re/insurance Lounge, an online platform where interviews and panel discussions are available on demand.

The event featured Kassie Bryan, head P&C Solutions Americas at Swiss Re; Seth Rachlin, global insurance industry leader at Capgemini; and Scott Bailey, divisional managing director of cyber at Markel International.

Cyber insurance growth is not adequate
Bailey said it is alarming to see how many clients say “this will never happen to me”.

Swiss Re, Capgemini, Markel International, S&P Global, Cyber, Insurance, Reinsurance, COVID-19, Kassie Bryan, Seth Rachlin, Scott Bailey, Global

Intelligent Insurer