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Cyber ​​is still attractive, profitable for insurance companies: panelists



Cyber ​​insurance is expected to grow because it has been largely profitable for insurance companies and is seen as insurable by reinsurance companies, even as attacks on ransomware accelerate, panelists said Thursday at the Insurance Information Institutes Joint Industry Forum 2021 in New York.

also suggested that the federal government play a greater role in the cyber insurance sector, particularly through increased information exchange.

By 2026, insurers will print $ 28 billion in gross written cyber insurance premiums, according to Paul Miskovich, New York-based chief underwriting officer for Evertas. Inc., a guarantor of cryptocurrencies and blockchain-related risks.

Mr. Miskovich added that insurance companies will continue to write cyber insurance because it has been generally profitable. "It has been profitable almost every year in the market for most insurance companies," he said. insurable. She added that Aon sees some new reinsurers considering entering the market on a limited basis. Reinsurers have also made some capacity adjustments as they refine their understanding of the sector, she said.

While cyber insurance has been profitable for the insurance industry, ransomware is quite profitable for bad players, according to Chris Beck, CEO of Chicago for Milliman Inc. exercise group for cyber risk solutions. "We have seen a huge increase in ransomware attacks because they are lucrative ̵

1; they are good business for cybercriminals."

Ms. Mulligan added that cybercriminals are also becoming more automated, increasing the number of potential attacks and losses. federal roles in flood and terrorism insurance as examples. "We are at that point," he said. Beck

Ms. Mulligan advocated increased exchange of information between stakeholders and suggested that the government could play a role in this work by helping to establish a central source for aggregated data. "Actuaries need better information" in order to make more informed decisions about cyber exposures and emissions guarantees, she said.

Mr. Miskovich added that such information sharing could be facilitated by data standardization and that the industry should "support all possibilities for data standardization."

The Insurance Information Institute was acquired last year by The Institutes, a Malvern, Pennsylvania-based provider of risk management and property – / non-life insurance.


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