IUA Circular 035/23
Cyber Losses: The Big, The Bad and The Ugly
with: James Blinn, Vice President, Client Solutions, Zywave
This market Briefing will be: Hybrid
Event Date: Thursday 20 April 2023
Time: 09.00am for approx 1 hour (UK/London time)
Venue: Balls Bros Wine Bar, Minster Court, Mincing Lane, London EC3
(Regisration buffet breakfast from 08.30am)
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Subject: This market briefing will discuss the challenges of the underwriting and pricing of cyber insurance as well as highlighting trends and large losses to explore their impact on cyber insurers.
Contact: Deborah Finch, IUA Events Manager, 020 7617 4451
This is a free event, but names and email addresses of all attendees are required for registration.
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Large cyber losses come in many forms. Recent large loss trends reflect the globalization of issues such as ransomware and privacy protections as well as “run of the mill” individual data breach losses. Furthermore, reliance on global managed service providers has heightened the risk of loss aggregation. Underlying these losses is an increasingly aggressive set of external threat actors as well as an environment of stronger regulatory enforcement and an active plaintiff bar.
This environment has made underwriting and pricing of cyber insurance more challenging – particularly for excess layers. This market briefing session will examine some of these trends and large losses to explore their impact on cyber insurers. Drawing on insights from Zywave’s cyber loss data base (Formally Advisen, Zywave have a dataset of over 150,000 cyber loss cases, affecting companies around the world, with a current total economic loss value in excess of US $80 Billion.) the topics to be covered include:
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Trends in the frequency of large loss
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The evolution of threats and regulations that have influenced this large loss trend
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Current examples of large losses – both potential and actual
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Ways to evaluate exposure to large loss
James Blinn has over forty years in the commercial property casualty insurance industry and is responsible for providing technical pre- and post-sale services surrounding the products that Zywave offers to insurers, brokers and industry service providers. This includes the use of Zywave's proprietary loss datasets in modeling and risk analysis applications.
James provides guidance to the Zywave team responsible for the curation of content of loss data. Through this work, Advisen has collected a substantial data set of cyber, D&O, casualty and other forms of loss.
James is a graduate of Yale College and received an MBA from the Wharton School of the University of Pennsylvania.
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