Cyber insurers are part of the solution to ransomware, finds Geneva Association report

Submitted by admin on
  • New Geneva Association report highlights the important role of private re/insurers, alongside governments, in boosting society’s resilience to ransomware and ensuring the full benefits of digitalisation can be realised.
  • The report explores the significant value add of cyber insurance beyond risk transfer, amid ongoing debate on whether to ban ransom payments or associated insurance coverage.
  • Governments should do more t

Ransomware: An insurance market perspective

Submitted by brighton@edelman.com on
The frequency of ransomware attacks is increasing, along with the size of ransom demands. While cyber insurance provides vital financial protection and operational support in the event of an attack, ransomware has contributed to the deterioration in cyber insurers’ underwriting performance. Enriched by re/insurer insights and learnings, this report identifies the challenges and economic externalities of ransomware, highlighting that cyber insurance and policy can work together to boost cybersecurity and, more broadly, socio-economic resilience.

 

Inflationary recession is the key concern, say re/insurance chief economists and chief strategy officers

Submitted by admin on

ZURICH, 4 July 2022 – On 24 June 2022, the annual meeting of the Geneva Association Economic Forum (GAEF) took place in Paris, hosted by SCOR SE. The meeting convened more than 20 members of the GAEF Network, comprised of chief economists and chief strategy officers from the world’s leading insurers and reinsurers.

Key messages from the meeting:

The Geneva Papers: Special issue on New Technologies & Data in Insurance | Summary

Submitted by admin on

Issue summary

Digital technologies are changing the way we work, live and interact. Advances in data analytics and AI technologies offer huge promise for the insurance industry in particular, with their potential to streamline processes across the value chain, accelerate the shift towards mitigation and prevention services, and facilitate greater personalisation of products. Making the most of these opportunities and ensuring they keep pace with the latest developments, however, will require insurers to step up their innovation efforts.

Geneva Association General Assembly appoints 4 new Board members; organisation becomes a supporting institution to UNEP-FI’s Principles for Sustainable Insurance

Submitted by admin on

ZURICH, 7 June 2022 – Following The Geneva Association’s 2022 General Assembly last week, the organisation announces two key developments:

Promoting greater economic protection against man-made catastrophes: 20 years of lessons from 9/11

Submitted by brighton@edelman.com on

By Rachel Anne Carter

Twenty years today, the world watched in shock as tragedy unfolded – as events that were previously unfathomable during peacetime, generated by human actors, occurred. Nearly 3,000 people lost their lives and 6,000 were injured, many severely, in the 9/11 terrorist attacks. In fact, the death toll continues to rise today, with almost 20,000 civilians or first responders diagnosed with a 9/11-related cancer, according to the World Trade Centre Health Program.

Subscribe to
Subscribe to our newsletter

Receive our updates straight to your inbox

Subscribe