Cyber tail could catch out new entrants as claims pressure mounts
Tuesday, October 31, 2023
Speaking to The Insurer, Tokio Marine Kiln's Head of Large Account Cyber, Paul Gooch shared his thoughts on the part intangible assets play in the valuations of publicly traded companies and how cyber risk is increasingly featured as a specific risk factor in industry reports and risk rankings, requiring greater focus on the peril from insurers.
Considering the sustainability of the current competitive environment in cyber insurance and the claims pricing cycle, he cautioned that new market entrants may not be adequately considering the tail risk: “Insurance is cyclical but cyber for the moment is somewhat prone to shorter, more volatile cycles than other classes. I think that’s driven by the risk landscape – not only do threat actor techniques and capabilities evolve quickly, so does the privacy and data protection environment,” he explained. He went on to stress the importance of threat intelligence as a differentiator in underwriting.
Read the full article at The Insurer here.
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