Summer 2022 edition of our Society of Claims Professionals e-zine, is now available online.

Our connected world is a vibrant but dangerous place. The incidence of cyber-attacks on organisations has sharply increased in the last 12 months. Insurers have had a rough ride, with loss presentations far exceeding predictions. The reaction has seen underwriting criteria, rates and capacity all tightened. This is a short-term solution to a long-term problem though because it sends a negative signal to buyers that their interests rank second, eroding trust and confidence, and Insurers’ credibility.

The insurance of cyber risk continues to evolve as the world increasingly becomes ever more digitised and interconnected. 2021 was a defining year for the cyber market – with significant rate increases in both the insurance and reinsurance markets and pressure building on carriers to clarify whether the peril of cyber is covered under non-cyber (re)insurance policies. To understand the reasons behind these dynamics, it is necessary to take a deep dive into the risk of cyber, how it happens, why it happens, and the consequences.

In this Insurance Institute of London (IIL) financial services webinar, Chantal Constable, Head of London Markets, Growth and Innovation - Insurance, CGI, and Sean Devaney, Vice President, Strategy, Banking, CGI, demystify Open Banking in the UK and identified ‘the good the bad and the ugly’; lessons learned, opportunities created and those that were missed. They will discuss the data used in Open Banking, the standards that enable it as well as participation model and ecosystem development, highlighting the security considerations of a connected network, and the opportunity for the insurance industry to learn from these.