Corvus claims 36% loss ratio, 80% growth in cyber premiums in 2022
AI-driven cyber managing general underwriter Corvus achieved a loss ratio of 36% in 2022, including all lines and all risk capital partner results, with an 80% growth in cyber premiums across its book.
The company credited its independently verified, “best-in-industry” loss ratio to a mix of strong underwriting talent, data analytics, and growing policyholder adoption.
Corvus has improved its scan technology, which resulted in better cyber underwriter modeling, it said. The technology allows Corvus to have a clearer picture of a company's exposure profile and make policy recommendations based on scans of 20,000 data points.
Through its Corvus Risk Navigator and its risk mitigation technology solutions, Corvus provides enhanced risk selection, accelerated decision-making, and IT security recommendations, making it an all-in-one platform purpose-built for cybersecurity underwriting.
“Corvus’s proprietary AI-based underwriting tools are significantly more advanced than that of our competition in matching price and risk. Corvus’s real-time cyber risk insights provide actionable remediations and quantify the value of policy controls. This increases insurability, plain and simple,” said Corvus CEO Madhu Tadikonda (pictured).
“Our policyholders are uniquely engaging with us and our tailored solutions year-round to help make them safer amid a dynamic cyber threat landscape. We remain hyper-focused on tackling cyber risk with one of the largest specialised cyber underwriting teams in the industry, while continuing to maintain a best-in-industry loss ratio.”
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