Reinsurers must up cyber modelling game

Reinsurers must up cyber modelling game

Reinsurers must up cyber modelling game

The reinsurance market faces a massive opportunity to grow the cyber market by teaming up with governments and the insurance-linked securities (ILS) market, in a similar manner to the property catastrophe reinsurance market in recent times. But to realise this potential, reinsurers must improve quantitative modelling and data quality to dodge the “iceberg threat” of silent cyber, according to a…

Airmic says new Lloyd’s facility to help ‘insure the uninsurable’ could break new ground

Airmic says new Lloyd’s facility to help ‘insure the uninsurable’ could break new ground

Airmic says new Lloyd’s facility to help ‘insure the uninsurable’ could break new ground

Airmic has “strongly welcomed” the launch of the Lloyd’s Product Innovation Facility, which has committed £53m of capacity to speed up (re)insurance product development for complex and non-standard risks. “This initiative has the potential to break new ground and we applaud Lloyd’s not only for the breadth of what is being considered, but also the extent of collaboration between syndicates…

Short-termism in hardening market hampering innovation, warns Airmic

Short-termism in hardening market hampering innovation, warns Airmic

Short-termism in hardening market hampering innovation, warns Airmic

There is growing tension in the commercial insurance market between the need for long-term collaboration to deliver innovation and short-term behaviour from insurers as things begin to harden, warns Airmic. Speaking during a press conference at the association’s annual conference this week, Julia Graham, Airmic’s technical director and deputy CEO, said these tensions are harming the insurance market’s ability to…

New approach needed for emerging and intangible risks: Airmic

New approach needed for emerging and intangible risks: Airmic

New approach needed for emerging and intangible risks: Airmic

Businesses and risk professionals are not paying enough attention to emerging and intangible risks, according to reports published at the Airmic conference this week that call for a transformation of risk management frameworks and closer collaboration with the insurance market to boost response. Airmic argues that, given the increased unpredictability of risks and new corporate governance requirements, a new approach…

Insurance market showing signs of more agile response to emerging risks, says industry panel

Insurance market showing signs of more agile response to emerging risks, says industry panel

Insurance market showing signs of more agile response to emerging risks, says industry panel

The insurance industry is at a tipping point where it is beginning to be more agile in response to emerging risks, according to a panel of insurers who urged their profession to focus solutions on risk mitigation rather than response. Those on the ‘Ask The Insurer’ panel at the British Insurance Brokers’ Association conference, also said the industry needs to…

Supply chain focus needed as threat from reliance on technology rises

Supply chain focus needed as threat from reliance on technology rises

Supply chain focus needed as threat from reliance on technology rises

Senior managers must wake up to the risk of contagion within the supply chain as their companies become increasingly reliant upon technology and need a rapid response when incidents occur. But while the technology and data-based global economy may lead to more vulnerable supply chains, those companies that manage these risks more effectively using rich data and information available, will…

‘Island hopping’ creating serious cyber threat to supply chains, warns Carbon Black

‘Island hopping’ creating serious cyber threat to supply chains, warns Carbon Black

‘Island hopping’ creating serious cyber threat to supply chains, warns Carbon Black

Third-party supply chains have been increasingly targeted by sophisticated cyberattacks in the past year, according to research by Carbon Black that warns cybercriminals’ use of ‘island-hopping’ techniques are a “serious and complex threat”. Island hopping sees cybercriminals infiltrate smaller companies with more vulnerable security systems, to then access larger, target companies. In an article on the risks of third-party supply…

Rising interest in reputational cover demands bespoke response: Munich Re

Rising interest in reputational cover demands bespoke response: Munich Re

Rising interest in reputational cover demands bespoke response: Munich Re

Demand for reputational risk insurance is rising, but off-the-shelf solutions do not provide the full answer, said Munich Re, which has begun working with Lockton to deliver bespoke coverage with limits of about €50m. According to Munich Re, demand for reputation cover is increasing as social media becomes more and more prevalent. “A number of studies have shown that companies…

Lack of understanding and cost holding back use of ART for emerging risks: RIMS study

Lack of understanding and cost holding back use of ART for emerging risks: RIMS study

Lack of understanding and cost holding back use of ART for emerging risks: RIMS study

There is growing interest in the c-suite about using alternative risk transfer (ART) and capital markets tools to tackle emerging risks such as cyber, according to fresh research published by RIMS and Marsh, released at the society’s annual conference in Boston this week. But a lack of understanding about what ART has to offer among executives and risk managers, coupled with concerns about costs, is holding back this potentially game-changing development…

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