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.
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.
Greg Lockard, director of reinsurance operations, Shelter Re, said advances in technology and advancing consumer expectations are driving change throughout the insurance industry.
Charles Dugas, director of insurance solutions, Element AI, said insurers that want to implement an artificial intelligence program must work from a digital, modernized technology platform with access to data sources and computing power.
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