Insurance firms should seek out " high quality partnerships " with insurtech start - ups , rather than creating their own businesses , according to Pascal Millaire , CEO at risk . He said there was " tremendous , under - represented value " for smaller firms employing bigger incumbents to exploit opportunities in the financial risk space , where annual losses stand at around $ 400bn compared to premiums of $ 4bn .
Insurance companies should seek out "high quality partnerships" with insurtech start-ups, rather than launching their own businesses, according to Pascal Millaire, CEO at CyberCube. He said there was "tremendous, under-represented value" for smaller firms enabling bigger incumbents to maximise opportunities in the cyber risk space, where annual losses stand at around $400bn compared to premiums of $4bn.