The reinsurance value chain will work together with insurance-linked securities (ILS) fund managers to bring new cyber reinsurance capacity to this market in 2023, according to CyberCube.
Cyber insurance has the potential to become one of the largest lines in the Property & Casualty (P&C) insurance industry in the decades to come.
However, this will only occur if there is a deep partnership across the value chain with a cross-section of industry participants.
The insurance industry will work together in many different ways to help power the evolution of the cyber insurance market toward a more mature level, and deliver better value for the end customer.
In the 2023, underwriters and brokers will come under greater pressure to concentrate on value-added tasks, rather than spend their time on manual data entry or low-value screening.
The insurance community will also strengthen its ties with alternative capital providers to facilitate the growth of the ILS market.
According to CyberCube experts, cyber offerings will continue to mature, as the insurance market transitions from P&C to Property, Casualty & Cyber (PC&C).
The wide-ranging predictions touch upon where we are in the underwriting cycle, how Artificial Intelligence (AI) will increasingly be used, and the role of regulation and partnerships in the development of the cyber insurance market.
CyberCube’s economic models and social structures are increasingly built around this idea of instantaneous connectivity that is never disrupted, which gives us bandwidth, connectivity, and stability.
