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The updated framework from the Corporation provides less “scope creep”, said CUO Rachel Turk. -
Since 1 January, the market’s potential descent into freefall has been closely watched.
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Parametric triggers are likely to involve financial losses and a number of impacted businesses.
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Cyber physical damage cover has also been added to the facility.
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The goal is to narrow the cyber protection gap, strengthening UK resilience.
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James Platt has previously held group COO and chief digital officer roles at Aon.
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The consortium will offer up to $50mn of per-program capacity.
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Global commercial insurance rates rose 1% in Q1, down from a 2% increase in Q4 2023.
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The broker used a consensus-based hypothetical cat event type to analyse its global impact.
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The Lloyd's CUO warned against "calling victory too early".
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The carrier's UK portfolio will no longer be written with an in-house team.
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The cyber market faces significant claim notifications from Change Healthcare clients.
