Reinsurer Munich Re has selected insurtech CyberCube's analytics platform to help quantify, model and control cyber accumulation risk.
The San Francisco-based start-up will provide advanced risk modelling capabilities to Munich Re with several cyber risk aggregation scenarios.
“Cyber insurance is a key focus of our innovation strategy," said Munich Re chief underwriter Stefan Golling. "We have made significant investments in our own cyber risk expertise and we seek to complement this with insights from the cyber eco-system. Leveraging the capabilities of CyberCube will help our underwriting and risk modelling teams in better quantifying cyber risk and understanding potential cyber accumulation scenarios.”
CyberCube has previously partnered with firms like CNA, Chubb, Guy Carpenter and JLT Re. In August 2018, it appointed the former CUO of Swiss Re
, Matthias Weber, to its board to provide reinsurance expertise to its cyber modelling platform.
The company believes that it is critical for reinsurers to look at the cascading impact of largely aggregated cyber-attacks and prepare for it, since an extreme cyber event has the potential to deeply impact thousands of organisations at once, and the accumulation of liabilities across multiple insured portfolios could result in substantial losses.
Pascal Millaire, CEO of CyberCube, said: “CyberCube is delighted to support Munich Re in making significant progress to tackle one of the largest opportunities – and threats – to the global P&C (re)insurance market in our generation. Our industry-leading cyber risk-modeling platform is powered by several best-in-class data sources and Symantec’s leading threat intelligence. We are pleased to use these capabilities to support a leader in the reinsurance market.”
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Munich Re, CyberCube, insurtech, Cyber analytics, Risk modelling, North America, Reinsurance