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.