Cyber is rightly never far from the news.
It’s a class of business that’s only 15 years old, but is already producing annual income in the billions of dollars for many insurers and reinsurers.
Today’s guest is Paul Bantick, Global Head of Cyber Risks at Beazley
Beazley’s gross cyber income was already well over a billion dollars in 2022 and is still growing strongly into this year on the back of seemingly insatiable demand, despite a near trebling of rate over the last three years.
And this is demand that is picking up globally well outside the core market of the US.
A lot of the cyber buck therefore stops with Beazley, and so what Paul has to say is really important for the future direction of the market.
And we’ve got a huge amount to talk about.
Cyber is at a crossroads. Rate has come off recently as underwriters have benefited from the pricing re-set of 2020 to 2022 and posted some very healthy combined ratios. The question now is whether we are going to descend into a difficult-to-comprehend downwards spiral like has happened in D&O or whether core discipline will hold.
At the same time Beazley and others have pushed to impose much greater clarity around cyber war coverage, something that has sent waves through the market.
In the meantime the work to get reinsurers and capital markets more comfortable with its view of systemic risk and supporting a cyber catastrophe market has continued in earnest with Beazley sponsoring a cyber cat bond - Cairney - at the beginning of 2023, a cover that it has since topped up twice with subsequent issuances.
We talk about all this and an awful lot more besides.
Happily Paul is really easy to talk to - and easy to follow.
So if you want a comprehensive update on the insurance world’s most exciting class of business from one of its best-known lead underwriters, listen on.
LINKS:
We thank our naming sponsor AdvantageGo:
https://www.advantagego.com/
We also thank our audio advertiser, Aventum Group
Please contact them on: voi@aventumgroup.com
Ep208 Gilbert Harrap CEO InsurX: Building a new Insurance Utility
Special Ep David Butler of VIPR: Don't install tech - solve real-world problems
Ep207 Scott Egan SiriusPoint: Chasing the 1%
Ep206 Duncan Dale CEO Dale Underwriting Partners: Excited by the Opportunities
Ep205 Serene Davis & James Orchard of QBE: Stars aligning for Innovation
Ep204 What do Teenagers Think about Insurance?
Ep203 Greg Hendrick Vantage Risk: Best Talent, Best Insights, Best Decisions
Ep202 Kate Markham Hiscox: Do More, Do it Better, Do it Cheaper
Special Ep Guillaume Bonnissent of Quotech: Solving pain points you didn't know you had
Ep201 Natalia Dorfman & James Kench of Kita: Gross Written Carbon
Ep200 Renaud Guidée CEO AXA XL Re: Much more than just a transaction
Ep199 Kera McDonald Swiss Re Corporate Solutions: Trendspotting and Avoiding Passivity
Special Ep Mike Steel Moody's RMS: Answering a whole new set of questions
Ep198 Tom Clementi Pool Re: Taking risk off the State
Ep197 Robert Wiest CEO MS Re: A good plan and the capital to execute it
Special Ep: Ian Summers AdvantageGo and Jeff Cohen Zywave: Let the client choose what they want
Ep196 Melissa Collett CEO Insurtech UK: A sector in its own right
Ep195 Adrian Cox: Beating Inertia
Ep194 1.1.2024 Renewals: It Feels Like The Time is Now
Special Ep: Navigating the DDM switch-off with Paul Templar CEO of VIPR
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
Aligned Money Show
Gorse Culture PODcast : The H.R. Detective Agency!
HCI Leadership Revolution
The Ramsey Show
Planet Money