Here we highlight the most popular stories among our GC@APCIA series, which featured our review of critical issues shaping the reinsurance industry. These were the focus of discussions at the recent APCIA Annual Meeting, which was hosted by Guy Carpenter.
Silent Cyber – Solutions Emerge Amid the Uncertainties: Silent cyber, also known as unintended or non-affirmative coverage, refers to the potential cyber exposures contained within traditional property and casualty insurance policies, which may not implicitly include or exclude cyber risks. Unlike specialist standalone cyber insurance, which clearly defines the parameters of cyber coverage, traditional insurance policies were not designed with cyber exposures in mind.
Uncertainty Around TRIPRA Renewal: Mitigation Strategies Essential: Despite a reduction in the number of large terror attacks in the United States, the market for terror (re)insurance is maturing and the peril is changing. Instead of targeting property, more frequent “soft” human attacks are becoming commonplace, increasing the threat of incidents occurring in or near public spaces and workplaces.
Parametric Risk Transfer – When Does It Make Sense: Parametric insurance provides cover for predetermined catastrophic natural events such as an earthquake exceeding a certain magnitude, a hurricane producing a certain wind speed at a location, or a flood reaching into certain areas.