JLT RE: ‘Further industry progress must be made in modelling systemic cyber events such as the one currently underway’
18 May 2017
- The Cyber insurance and reinsurance markets must act now to provide and enhance coverages which are flexible, targeted and sufficient to meet the challenge.
- At present, stand-alone coverage can be particularly strategic for corporate clients, whilst extended reinsurance cover can benefit insurers in turn
"The ransomware attacks currently taking place have underlined the importance of securing strong and flexible Cyber risk cover." says David Flandro, Global head of Analytics JLT Re, “In our recently published Viewpoint report –‘Unlocking the Potential of the Cyber Market’, we outline how corporate, retail and insurance clients can benefit from current market offerings and conditions."
Recent events have highlighted that further industry progress must be made in modelling systemic Cyber events and Business interruption exclusions need to be addressed in particular.
David Flandro continues "The Cyber insurance and reinsurance markets must act now to provide and enhance coverages which are flexible, targeted and sufficient to meet the challenge. At present, stand-alone coverage can be particularly strategic for corporate clients, whilst extended reinsurance cover can benefit insurers in turn.
JLT possess one of the leading cyber modelling technology both for corporate and insurance clients. Our stochastically-driven Cyber insurance model can be calibrated to address and stress-test specific exposures, thereby enabling optimal risk transfer for clients.
"Our global Analytics teams and cyber risk insurance and reinsurance practices stand ready to assist retail, corporate and insurance clients as these risks evolve rapidly worldwide”, concludes David Flandro.
Download the recent ‘Unlocking the Potential of the Cyber Market’ report
Isabella Gaster | T: (+44) 20 7558 3387 | M:(+44) 7920 586 032 | E: Isabella.Gaster@JLTRe.com
NOTES TO EDITORS:
About JLT Re
JLT Re’s trusted team of 700 colleagues worldwide combines market leading expertise and proprietary analytical tools with the freedom to challenge conventions.
Deep specialist knowledge and extensive experience of both the reinsurance market and clients’ own industries and sectors enables JLT Re to ask smarter questions, innovate and deliver better results tailored to meet client needs.
JLT Re is a trading name and logo of various JLT reinsurance broking entities and divisions globally and any services provided to clients by JLT Re may be through one or more of JLT’s regulated businesses.
JLT Re is part of the Jardine Lloyd Thompson Group plc.
About Jardine Lloyd Thompson
Jardine Lloyd Thompson is one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 40 territories with more than 10,600 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
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