COVID-19

Bridging the gap: finding solutions to better manage systemic risks

Covid-19 highlighted the need for governments and the private sector to work together to deliver solutions to meet systemic risk challenges. Our panel sat down to discuss the reasons behind the lack of progress in delivering these solutions and what can be done to bridge the gap between public and private to create better partnerships.

Catlin: Industry should be transparent with world govs on what it can and can’t do with systemic risks

P&C (re)insurers will send the wrong message if they simply walk away from systemic risks such as cyber, pandemic and terrorism and should instead be transparent with world governments on what they can do to help mitigate the prospect of a mega-catastrophic loss, according to industry entrepreneur Stephen Catlin.

Cordial but inactive: Covid-19 has tested reinsurer relationships with governments

The Insurer tracks the evolution of the sector’s relationship with policymakers following calls for public-private partnerships to address pandemic risk in light of Covid-19.

Pool Re CEO Enoizi assembles new heavyweight group to advise on systemic risks

UK terrorism mutual Pool Re has unveiled a new advisory group that brings together industry executives and political and academic heavyweights to explore how to protect the UK economy from systemic risks and determine what roles the industry and taxpayer should perform.

GC’s Klisura: Pandemic PPP talks gather momentum as calls mount for similar cyber facility

Momentum is once again building around the creation of a public-private partnership (PPP) to manage the impact of future pandemics, according to Guy Carpenter’s Dean Klisura, with the executive also urging the (re)insurance industry to consider the merits of similar cyber-focused facilities.

“Heightened volatility and prolonged uncertainty” to drive reinsurance demand in 2021 – Guy Carpenter’s David Priebe

Covid-19, climate change, cyber security and demographic changes are all contributing to heightened volatility across the risk landscape, which is driving prolonged periods of uncertainty and demand for reinsurance.

Cyber could be &quote;widow-maker&quote; for insurance industry: Arch Re’s Rajeh

Cyber could be "widow-maker" for insurance industry: Arch Re’s Rajeh

The insurance industry should take lessons from the Covid-19 pandemic and the nature of systemic risk and apply these to cyber, Arch Re group chairman and CEO Maamoun Rajeh has warned.

Cyber underwriters avoid Covid exclusions even as ransomware concerns soar

At this time we have seen no evidence that insurers or reinsurers have added Covid-19 exclusions to Cyber policies, although they are asking clients more questions about business resilience and continuity planning relating to the pandemic amid an “enormous” rise in ransomware attacks, Guy Carpenter’s Siobhan O’Brien has told The Insurer.

Covid to cause cyber demand rise but capacity to remain stable: Willis Re

Covid-19 will see demand for cyber insurance increase although respondents to a new Willis Re survey do not think increased interest from clients will be matched by commensurate growth in supply from carriers, with the cost of cover potentially rising as a result.

TransRe’s Sapnar: Covid-19 experience highlights systemic cyber concerns

Underwriters should look closely at the way they are assuming cyber risk in their portfolios in light of the systemic issues presented by Covid-19, according to TransRe CEO Mike Sapnar.

Ransomware losses tipped to drive more cyber writers away

Cyber underwriters have suggested that some players may leave the market, with losses piling up, but they reject the notion that sublimits should be introduced for ransomware.

Covid-19 to accelerate evolution of $2bn cyber reinsurance market

The inchoate $2bn cyber reinsurance market will mature more quickly as a result of Covid-19 and the impact the pandemic crisis is having on work and e-commerce habits.

Rising ransomware attacks are top cyber threat: Beazley

Beazley has identified ransomware attacks – which more than doubled in 2019 – as the top cyber threat for businesses, echoing concerns that the coronavirus-enforced move to home working en masse heightens the risk of breaches.

Coronavirus could increase cyber losses

Willis Towers Watson has highlighted the coronavirus’s threat to the cyber insurance market, with hackers taking advantage of fears over the pandemic and the greatly increased numbers of employees working from home weakening technological defences.