As per a new report from Howden Re, the reinsurance and risk advisory arm of the Howden Group, while perceptions of heightened systemic risk within the cyber re/insurance class have been persistent, the rewards offered are often underestimated relative to natural catastrophe exposure.
Howden Re’s report, Re-framing cyber risk: navigating threats and embracing opportunities, reportedly utilises data from cyber underwriters’ modelled losses, providing a “first-of-its-kind” comparison.
In it, the firm chiefly urges a shift towards a more balanced view of risk, in addition to a more nuanced approach to cyber exposure management, as the data indicates that the industry should bear more cyber risk.
Luke Foord-Kelcey, Global Head of Cyber, Howden Re, commented, “Cyber risks consistently top the rankings of risk managers’ concerns. To stay relevant to those buyers of insurance, as an industry, it is imperative that we embrace this class of business.”
Foord-Kelcey added, “Investing in cyber-specific expertise and leveraging refined risk models are key to navigating the complexities of cyber threats effectively.
“This approach will not only transform perceived…
