Property and Casualty (P/C) insurers are gradually gaining sophistication in measuring risk aggregations and modeling potential losses from catastrophic cyber events, but efficacy of this analysis is inhibited by exposure to non-affirmative or “silent” cyber risk, Fitch Ratings says. Many insurers now view cyber insurance as an attractive source of premium growth and profits. However,… Continue reading Fitch Ratings: Silent Cyber Assessment Key to Managing Evolving Insurance Risk
Tag: silent cyber
AIG to Spell Out Cyber Coverage Across Global Commercial Lines
As of January 2020, all of American International Group’s commercial property and casualty insurance policies will begin affirmatively covering or excluding physical and non-physical cyber exposures. AIG says the move addresses market concerns that traditional commercial insurance policies across the industry — from property to general liability — are often silent about cyber coverage. “As… Continue reading AIG to Spell Out Cyber Coverage Across Global Commercial Lines
Reinsurers’ Silent Cyber Concerns Ease in 2019: Wills Re Survey
The reinsurance sector is considerably less concerned about silent cyber exposures than it was in 2018, according to an annual global survey by Willis Re, the reinsurance division of broker Willis Towers Watson. Analysts believe that the fall in silent cyber claims expectations could stem from the absence of wide-scale cyber events in the 12… Continue reading Reinsurers’ Silent Cyber Concerns Ease in 2019: Wills Re Survey