Cyber accumulation management and underwriting aspects
Duration: 60 minutes
The importance of cyber risks is growing rapidly for companies and individuals.
At the same time cyber risks pose unique challenges for the insurance industry, above all in connection with accumulation potential as attacks usually have a global impact. Therefore, it is essential to identify major accumulation scenarios and develop adequate quantification approaches.
Furthermore, the complexity of cyber risks needs to be reflected in the underwriting process. Unlike in traditional lines of business, actuarial models cannot be built on a broad basis of historical data, and therefore additional aspects need to be considered when assessing cyber risks.
- The most important accumulation scenarios
- Quantification approaches for cyber accumulation risks
Single risk aspects
- Impact of exposure and IT security assessment
- Main elements of determining the expected loss