Cyber must develop XoL solutions if it is to evolve: Brit

Study after study has speculated if, and when, cyber will pass the property market by value. But for it to continue to evolve, it must first develop an excess-of-loss market (XoL), which would enable increasingly sophisticated cyber underwriters to manage the very biggest cyber cat events, in the same way they can in the property space.

That is the view of a frustrated Simon Bird (pictured),  Brit’s buyer of cyber reinsurance for its syndicates. He said the market must focus on pinning down the event definitions needed to build cyber cat XoL.