Infographic: Enhanced insurance capabilities to handle cyber accumulation risk
The unique characteristics of cyber risk imply that exposure measurement and modelling approaches that have been developed for other perils cannot easily be transferred to cyber risk. The insurance industry has made progress in developing the technical capabilities to handle these distinct characteristics of cyber risk, but there is still some way to go.
Growth of cyber insurance market should not be taken for granted; accumulation risk a key concern
Cyber insurance offerings and premium volumes have expanded sizeably. Keeping up with demand is challenging and sustainable growth in the cyber insurance market should not be taken for granted, as accumulation risks need to be addressed in the context of a hyperconnected digital world.
Also of interest:
Advancing Accumulation Risk Management in Cyber Insurance
Prerequisites for the development of a sustainable cyber risk insurance market
Although cyber risk premiums have expanded sizeably in recent years and loss ratios compared favourably relative to other product lines, sustainable growth of the cyber insurance market should not be taken for granted. A report issued by The Geneva Association identifies three prerequisites that must be met to ensure sustainability.
Regulators need to be held accountable to society, just as businesses are
While the biggest threat to businesses is geopolitics and trade, the insurance industry can help promote regulation that is appropriate, proportional and competitive, says Mark Wilson, Chairman of The Geneva Association and CEO of Aviva. Recorded at the 45th General Assembly.
Insurance firms are set to be at the centre of future health ecosystems
The main issue of current health systems is the lack of alignment amongst many stakeholders, although insurers are aligned closest to customers’ interests because they pay their bills, says Thomas Buberl, CEO of AXA. Recorded at the 45th General Assembly.
Annuitisation as an insurance solution to people outliving their retirement savings
The risk of people outliving their retirement savings represents a threat to their standard of living, meaning many could lapse into poverty; however, the annuitisation of occupational pension assets represents an insurance solution to this societal issue, according to a new study released today by The Geneva Association.
Read the report: Annuitisation: Retirement Income That Lasts a Lifetime
Annuitisation: Retirement income that lasts a lifetime
An insurance solution to people outliving their retirement savings
Government-supported social retirement plans (Pillar I) are under extreme financial pressure due increased life expectancies and low fertility rates. Individuals are compelled to provide for themselves a suitable retirement through occupational pensions (Pillar II) and personal savings (Pillar III).
Digital platforms can be the backbone of a future health system
The insurance industry has a key role to play in developing digital platforms that can revolutionise the allocation of health resources and patient experience, says Jonathan Larsen, Chief Innovation Officer, Ping An Group and CEO, Global Voyager Fund. Recorded at the 45th General Assembly.
Insurers can promote actions from their stakeholders to fight climate change
Cooperation between insurance companies and policyholders can have a very strong aggregate impact, says Tsuyoshi Nagano, President and Group CEO of Tokio Marine. Recorded at the 45th General Assembly.
