Cyber insurance and risk

Aggregation and systemic risk in cyber insurance mean commercial carriers need to build up more capital for large widespread losses, suggests the CEO of a Bermuda insurer.

  • In commercial primary insurance, net premiums written rose 18%, from $603 million in Q2 2020 to $713 million in the most recent quarter.
  • This essentially means the increase in rates is greater than the increase in claims costs.
  • In other commercial primary lines, Axis writes property, marine, aviation, terrorism and political risk, among others.
  • As for Axis Capital’s changes to cyber underwriting, other insurers are making similar changes, suggested Benchimol.
  • “The leaders in the industry are kind of acting with us.

 

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