Cyber underwriting 2.0

In this IIL Cyber & Tech webinar, Gavin Lillywhite and Peter Armstrong talk through the evolving risk landscape, increased risk, and the opportunity to embrace improved cyber risk engineering and client solutions in the London Insurance Market.

Description

Cyber risk is no longer limited to cyber lines of business only, simultaneously the market understanding of cyber risk has evolved enormously in the last three years in particular, such that we can start to reflect upon the advent of what may be a second-generation cyber marketplace.

Many facets of the cyber market remain the same, capacity shortage for complex risks, clearly defined coverage and exclusions amplifying the need for technical and underwriting excellence. Importantly, however, there are new elements we must embrace. We understand that while cyber is a discrete risk, it’s also an enabler, accelerator and amplifier of other categories of risk and we can now quantify this incremental exposure.

Obvious examples of this are cyber physical damage, (Lloyds CZ Code) and following the SEC’s recent cyber edict, directors & officers. This ‘Leakage of impact’ into other categories is a very significant component of this new, second-generation cyber market. It means one of the critical new capabilities is a real need for quantified visibility of the incremental exposure in these other categories consequent upon cyber risk and their impact on wider ESG considerations.

New tools and capabilities bring an opportunity to determine capital adequacy and serve clients differently using more detailed, dynamic risk insights to start to close the gap on current unmet needs, placing the London Market at the vanguard of this innovative, entrepreneurial approach to cyber risk.

Learning objectives:

• Achieve collective agreement on the benefit of driving an improved understanding of incremental portfolio risk to drive sustainable underwriting profit
• Bring awareness to risk data, tools and insights that will empower UW 2.0 for enhanced, unmet client cyber solutions and help attract increased capital
• Demonstrate how we can all collectively be at the vanguard of lifting London Market capabilities and entrepreneurism with a new approach to cyber underwriting.

Speakers

• Gavin Lillywhite, Head of Insurance Distribution & Client Management, Axio
• Peter Armstrong, SVP Risk Engineering and Risk Capital, Axio