Cyber

Sources have raised concerns that cedant demand could outpace available capacity for cyber cat bonds.

Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent.

The US could be exposed to economic losses of $1.1tn in the event of a cyberattack, the highest of any country.

Cyber reinsurance has around $500mn of annual capacity currently supporting the space.

A number of players suggested that the cost components of first-party claims were up between 30%-50% on that seen during Ransomware Wave One.

Experts at the Trading Risk New York conference emphasised in-built cyber risk protections from defences to exclusions, as ILS managers grapple with understanding the peril.

The founding members include Munich Re, Gallagher Re, and BitSight.

The carrier describes reinsurers’ current strategy of dealing with cyber policies as "a game of whack-a-mole"

The broker studied the impact of 14 major cyber events in its attempt to dispel ILS manager fears of a ‘double whammy’ cyber event that would also impact financial markets.

The new SPA will write cyber reinsurance initially and could progress to writing insurance.

The cyber MGA can now serve clients in Italy, Spain, Ireland, Sweden and Denmark.

A Guy Carpenter report recently noted that risk models are converging for the most remote risk levels.