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The broker named Matthew McCabe as MD of cyber broking with a brief to tackle complex cyber issues. -
New language has been introduced by some insurers to limit exposures to cyber risks.
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Analysis showed a modelled loss range of between $15.6bn and $33.4bn for a 1:200-year global loss event.
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In a discussion at Trading Risk’s London ILS 2023 conference, panellists compared the current cyber ILS market to the cat market in the 1990s.
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Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.
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It is understood that the company has mandated Nomura to raise the risk capital.
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Reinsurers congregating in Bermuda flagged a lack of interest in helping under-capitalised Floridian insurers and under-priced diversifiers, with positive implications for ILS participation.
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Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.
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Structures have been developed that would avoid “excessive capital trapping”.
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The transactions would protect ceding (re)insurers against outages of the cloud.
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The regulator examined carriers’ ability to model nat-cat and cyber events, with mixed results.
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Beazley’s bond was hailed as a “great first step” but challenges remain, although others are already working on narrower cloud outage transactions.
