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In a post-results media call, Beazley CEO Adrian Cox also noted that an expected increase in cyber claims had not yet “manifested”. -
The appointment of Pushpa Sriwignarajah comes amid change within the Hiscox cyber team.
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The market is taking its first proactive steps to resolve issues posed by the massive systemic exposures it is running.
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Craig Dunn’s exit follows a flurry of movement in the cyber market.
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The carrier is planning to put boundaries around coverage granted in major cyber catastrophe events, in a bid to define exposures for itself and the wider market.
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Insureds are also buying less limit to manage spend, which is impacting the flow of business to the London excess market.
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The incoming cyber head will step into the role left by Laura Hunt, who joined AIG last month.
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Continuing price rises in cyber are fuelling concerns there will be a rise among insureds deciding not to renew and a drop in new buyers.
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The broker expects UK underwriters to target industries aligned with appetites, leading to pricing divergence.
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The global damage related to cyber crime will reach $10tn by 2025, according to current estimates.
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A reduction in incidents linked to better resilience and the Ukraine war may temper cyber price increases, the broker said.
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According to a joint Marsh-Microsoft report, 75% of 660 companies surveyed said they have suffered a cyber attack of some form.
