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Biba 2024: Industry experts speaking at trade body Biba’s 2024 conference have pipped a public-private partnership model between the insurance industry and government as one method for tackling systemic cyber risks in the UK.
Speaking during a fringe session on 15 May 2024, entitled Insuring the uninsurable: Navigating exclusions and preparing for systemic risks, Anthony Cordonnier, global co-head of cyber at Guy Carpenter, noted that cyber risks – such as cyber attacks and data leaks – are often described across the market as being “systemic” and “uninsurable”.
He explained: “What’s crucial here is the aggregation potential of the class. By aggregation, we mean lots of different losses stemming from the same event – very much like a natural catastrophe event.
“What’s different here is that it’s a man-made peril. The exposure is [caused] by the increasing digitalisation of the economy.”
Rampant digitalisation has also extended the perimeters of cyber risks, Cordonnier added….
