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The CEO said he expects cyber rates to start flattening post-loss. -
A canvass of sources suggests that a $3bn-$5bn loss could tip the cyber market into unprofitable territory.
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The broker said less than 1% of companies globally with cyber insurance were impacted.
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Securities class actions are a perennial source of claims for D&O insurers.
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In messaging to the market, the cyber insurer described the rating environment as “stable and sustainable”.
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The firm said losses could fall under $300mn if more favourable assumptions were applied.
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The investment will be used to scale operations and extend its presence in key international markets.
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The event would represent a loss ratio impact of roughly 3%-10% on global cyber premiums of $15bn today.
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The market is expected to seek additional exclusions around systemic events.
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The cyber market should use the latest outage to start decisively taking action on managing cat aggregates.
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The weighted average direct financial loss for a Fortune 500 firm was $44mn.
