In this IIL property lecture Luke Foord-Kelcey will talk about how cyber is presenting as a peril not just in the cyber market, but across all classes of business and will discuss the industry’s options in responding this new and growing risk.

The insurance industry has been aware of cyber risk for some time and, indeed, has been providing risk transfer solutions for over 15 years. However, the issue has only risen up the corporate agenda in recent years, following growing public awareness of the risk and the impact it can have on business. Increasing reliance upon technology and data means that impact is only growing in potential.

The insurance industry must respond to this rapidly burgeoning and evolving risk. Whilst the cyber insurance market has led the charge in capturing and addressing this issue with a multi-class stand-alone insurance product, how broad can a single product become, as the peril manifest itself in almost every class of insurance, and every industry sector?

By the end of this lecture members would have gained and insight into:

-The cyber risk
-The issues and opportunities facing the insurance industry

Speaker Bio:

Luke is responsible for Aon Benfield’s international cyber reinsurance initiative, driving the strategy, developing the product offering, and servicing clients. Prior to that, Luke has worked as an underwriter, a direct broker, and qualified as a solicitor at a City law firm, all of these roles touching on Cyber/IT risk.

Chair:

Chris Sutton, Head of Strategy Broking, Aon Risk Solutions.