November 23rd, 2018

Week’s Top Stories: November 17 - 23, 2018

Posted at 10:00 AM ET

Affirmative versus Silent Cyber: An Overview: While the current debate over “affirmative” versus “non-affirmative” coverage has been ongoing for a few years, WannaCry and Petya/NotPetya cyberattacks helped make the issue of “silent cyber” more critical. These two 2017 cyberattacks effectively shifted the conversation from data breach, notification costs and third-party liability to first-party liability insuring agreements due to the extent and expanse of the systematic, large-scale damages they triggered.

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Regional Risks for Doing Business: The recent World Economic Forum’s 2018 Executive Opinion Survey provides a snapshot of the global risks that executives say are of highest concern for doing business in their respective countries. High unemployment remains the top risk concern for business leaders worldwide for the third year in a row, while concerns over large cyberattacks and national governance failure continue to rise.

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A Math Formula May Offer a Solution to Insurers’ Critical Challenges: Guy Carpenter has developed a methodology that applies a mathematical formula to provide insurers and reinsurers with a unified, practical framework for risk pricing and capital allocation.

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GC Videocast - Emerging Cyber Risks Explained: The “years of data breaches,” 2013 and 2014, evolved to healthcare breaches, followed by ransomware attacks. What cyber perils lie ahead? Guy Carpenter’s Jeremy S. Platt, Managing Director and Cyber Solutions Specialty Practice Leader; and Chris Shafer, Assistant Vice President at Cyber Solutions Specialty Practice, explain in the video.

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2018 Asia Pacific Catastrophe Reinsurance Report: Guy Carpenter has released its 2018 Asia Pacific Catastrophe Reinsurance Report. The report reviews property catastrophe cover trends; market conditions, including losses and pricing; and catastrophe events in each of the major Asia Pacific countries during 2018. The Executive Summary of the report highlights key findings, including discussion of the various catastrophe events that have impacted the Asia Pacific region during 2018, such as Typhoon Jebi, the strongest typhoon to hit Japan in 25 years; and the Kerala Floods, the most severe to hit the southwestern Indian state since 1924.

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And, you may have missed …

Silent Cyber Explained: “Silent cyber,” also known as unintended or non-affirmative coverage, refers to the unknown or unquantified exposures stemming from cyber perils that may be triggered within traditional property and liability insurance policies. The systemic nature of the cyber risk means silent cyber may become increasingly more prevalent in virtually every type of insurance policy.

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