The cyber risk market could be worth up to $50bn but a lack of historical data has hampered innovation, forcing cautious underwriters to rely on additional reinsurance and small limits to insulate themselves from potential losses, said John Iten, director of Marsh Global Ratings. The issue was discussed at Marsh’s 2019 Global Insurance Conference, during a panel on trends in the property and casualty insurance sector. Iten added that the industry is also concerned about silent cyber risks and potential clashes between different policies.
The cyber risk market could be worth up to $50bn but a lack of historical data has hampered innovation, forcing cautious underwriters to rely on additional reinsurance and small limits to insulate themselves from potential losses, said John Iten, director of S&P Global Ratings. The issue was discussed at S&P’s 2019 Global Insurance Conference, during a panel on trends in the property and casualty insurance sector. Iten added that the industry is also concerned about silent cyber risks and potential clashes between different policies.