Mark McLaughlin, global insurance director, IBM, said insurers will benefit from developments in data, artificial intelligence, cloud computing and industry platforms.
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.
Lorie Graham, chief risk officer and senior insurance manager, American Agricultural Insurance, said cannabis growers and distributors face a range of challenges including overlapping jurisdictions that disagree on its legality.
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.
Greg Lockard, director of reinsurance operations, Shelter Re, said advances in technology and advancing consumer expectations are driving change throughout the insurance industry.
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