Matt Cullina, CEO, CyberScout, said cyber-related risks have evolved from data breaches to more targeted attacks that look to quickly monetize purloined data.
Insurers and reinsurers at the Meeting of Reinsurance Officials in Montreal said mutual insurers lack stock companies' range of access to capital sources, which is why many look to reinsurers for help with capital and expertise.
Michael Barnes, assistant vice president, Willis Re, said mutual insurers' focus on policyholders likely means they would rather develop more complex solutions tailored to policyholder needs, than develop simple, limited products.
A panel of cyberrisk experts gathered by A.M. BestTV at the Meeting of Reinsurance Officials in Montreal said insurers are using data to create and price cyber products, and that clients care about much more than financial indemnity.
Chris Duffield, senior vice president, Swiss Re Canada, said some mutual insurers may be able to better negotiate changes to the insurance environment because of their focus on their policyholders and corporate values.
Copyright © 2017 A.M. Best Company, Inc. and/or its affiliates ALL RIGHTS RESERVED.
