The metaverse may well impact every element of cyber risk management in the future, says Gallagher’s John Farley.
Greater demand for cyber insurance products combined with rising cyber prices driving an increase in premiums written globally
Capacity remains stable as market players recognise the product’s value: Gerry Glombicki of Fitch Ratings.
At the Intelligent Insurer webinar, “Digitise Claims Processing to Build Loyalty with Deeper Customer Relationships”, on September 28 at 11:00 ET/16:00 BST Twilio’s head of global financial services, Bijon Mehta, will reveal how a focus on improving and digitising the claims experience can have wide-reaching positive implications for the whole insurance organisation.
A key challenge insurers are facing is the lack of continuity and consistency in policies.
Reinsurance tech firm Supercede has claimed that cedants could save as much as $300 million in labour costs by using technology to speed the process of submitting often complex reinsurance submission packs relating to treaty reinsurance.
New technology and a greater awareness of the possibilities are leading to a surge in demand for parametric solutions: Excessweather
Excessweather, a Lloyd’s broker that specialises in parametric products, has seen demand for its products and expertise surge thanks to a combination of new technology enabling the use of such solutions and a greater awareness of the possibilities globally.
The rise in cyber attacks, and specifically ransomware incidents, has brought about “some very interesting changes” for the class of cyber insurance, Daniel Carr, head of Cyber at Ariel Re, told Intelligent Insurer.
The amount of data held by the largest insurers is comparable to that in the hands of internet giants such as Facebook and Amazon—yet the industry is unable to leverage it because such a high percentage is stored in an analogue format. Changing this should be the number one priority for any insurance CEO.
Insurtechs are booming and, as a result of the COVID-19 pandemic, these companies, and other agile firms in the industry such as managing general agents (MGA)s and third party administrators (TPAs), look set to play an ever more vital role in the future structure of the re/insurance industry.
Ransomware attacks continue to soar, demand is rising for insurance coverage and insurers need more data, according to Gerry Glombicki of Fitch Ratings.