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Delegates at the Marine Insurance London conference said that the sector needed to embrace data and innovation.
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But getting loss ratios under control will require more than just pushing prices higher.
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A range of sources in the reinsurance market said cedants needed a stark reassessment of primary rates.
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Disagreement over cyber wordings in named-perils cover joins the list of issues creating friction ahead of 1.1.
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Safeonline CEO Chris Cotterell becomes chairman of Howden’s cyber division. -
The report said that the volume of cyber insurance claims had gone up more than nine times in the past five years.
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With rate increases potentially falling short of rising loss costs, who will drive the changes needed in cyber?
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The Beazley CEO also revealed plans to buy more reinsurance for FI and D&O.
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The firm is one of a few carriers writing cyber for municipalities and townships in the US.
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The exit is understood to be part of a restructuring of the broker's cyber team.
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The company has so far recouped $77mn from the March 2019 attack, which it previously estimated caused losses of up to $81mn last year.
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The move marks a return to broking for the executive who, prior to Axa XL, worked at Willis Towers Watson.
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