This market briefing will highlight how non-affirmative cyber impacts the reinsurance market and discusses options, trends and expectations for 2021.

Description

The use of Information and Communication Technology (ICT) is ubiquitous and produces many benefits for society, however, its misuse or failure, whether intentionally, malicious or otherwise, (widely referred to as a cyber event) can cause individuals and companies to suffer damage and financial loss.

Each and every class of business has been impacted by this development in some way and, through a combination of factors, including regulatory pressure, insurance products are evolving in respect of silent or non-affirmative cyber coverage.

At this market briefing, our speakers will lift the lid on the reinsurance perspective on cyber risk, specifically considering the motivators for reinsurers to address non-affirmative cyber risk, which centre around concerns over potential cross-class systemic exposure. They will consider trends recognised following recent renewal periods and, looking forward, what can be expected later in 2021.

Speakers

• Jennifer Braney, Cyber Specialist Broker, Gallagher Re
• Jemima Hall, Consultancy Assistant, Cyber, Gallagher Re

IUA Non-Affirmative Cyber Committee Mini-Series

• Part 1/4 (10th December 2020): ‘Expecting Clauses at Christmas’ with DAC Beachcroft
• Part 2/4 (13th April 2021): ‘Navigating the Cyber perils within a wider insurance portfolio’
• Part 3/4 (27th April 2021): ‘Reinsurance Perspective on Non-Affirmative Cyber’ with Gallagher Re
• Part 4/4: Details to follow