The recent and rapid growth in cyber-crime is proving something of a double-edged sword for insurance carriers; opportunities for coverage are expanding rapidly, with PWC predicting the cyber market to grow to $7.5 billion by the end of the decade, up from $2.5 billion in 2018. With the sector in its formative years and not all consumers convinced of the need for cyber coverage, most carriers are competing by offering expanding cyber coverage without charging additional premiums, at significant risk to themselves.
And yet, as the capabilities and tactics of cyber-criminals grow ever-more sophisticated and frequent, the imperative to accurately price cyber risks is greater than ever; a report from KOVRR suggests that if all businesses in the UK had no email service for three days straight, the estimated economic loss would be $44 billion.
To develop sustainable cyber policies, whilst satisfying customer needs with the bespoke and seamless coverage, a growing number of carriers are leveraging the increasing powers of advanced analytics and predictive modeling and Insurance Nexus are delighted to announce that Berkshire Hathaway and Philadelphia Insurance will join Insurance Nexus for a live, complimentary webinar on July 9th, 11am ET.
Insurance Nexus is joined by Paul Winston, Chief Operating Officer, Insurance Thought Leadership as a moderator, Evan Fenaroli, Cyber Product Manager, Philadelphia Insurance Companies and Sean Clifford, Senior Underwriter, Professional Liability Team, Berkshire Hathaway, to discuss how predictive modelling aids carriers in pricing cyber policies while satisfying customer coverage needs, creating a bespoke and sustainable product.
Join the webinar to get insights on the following:
- Stay competitive while maintaining a sustainable stance: Find out how to offer the coverage of competitors at an adequate price, pleasing customers while maintaining a sustainable book.
- Build and utilize loss data effectively: Determine how to build internal loss data and utilize it to price and quantify risk, providing ultimate cyber protection for clients.
- Satisfy customer demands for a full, modern coverage: Explore how to anticipate exposure and write attractive products by predicting future events with the help of predictive modelling.
- Discover the future evolution of pricing models: Listen to how carriers view evolution of current and future pricing models as the risk landscape changes.
This webinar is being run in association with Insurance Nexus’ upcoming Cyber Insurance USA Summit 2019. The conference, which will welcome over 150 senior executives from across cyber, product, claims and business teams, will take place on November 4th and 5th, 2019, in Chicago, Illinois. For more information about this and other Insurance Nexus events, please visit the website: https://events.insurancenexus.com/cyberusa/ or contact Kamilla Rakhmat directly.