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The event would represent a loss ratio impact of roughly 3%-10% on global cyber premiums of $15bn today. -
The market is expected to seek additional exclusions around systemic events.
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The first RICO complaint targeted medical providers and training centers.
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Loss cost inflation remains an unknown and is sustaining price discipline.
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The weighted average direct financial loss for a Fortune 500 firm was $44mn.
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Executives flagged elevated packaged auto loss activity in Q2.
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Underwriters are getting increasingly granular, rewarding mitigation and prevention with better terms.
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The carrier’s cyber hours clauses and sub-limits will limit exposure, according to the analyst.
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Market sources suggest that this will be a manageable loss, although at this early stage there are multiple uncertainties.
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The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
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For many, it could be a “wake-up call” to the systematic exposures inherent in cyber.
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Insured losses in the single-digit billions would not translate into a material impact for (re)insurers.
