A growth in the intensity and types of cyber attacks, and the spread of new data protection regulations, are together conspiring to raise corporate awareness of cyber risk, and drive thoughts on how that risk may be managed and transferred. For insurers this means seizing an opportunity to offer much-needed cyber insurance. That requires an understanding of how this risk aggregates, and how reinsurance can be used to hedge against this new and evolving exposure.
Bringing together a specialist team of cyber experts spanning broking, underwriting, legal, security and analytical backgrounds, Aon Benfield is working with re/insurers to develop their strategies to offer cyber coverage, grow their businesses and manage claims uncertainties.
How can you benefit from Aon Benfield’s core differentiators?
Strategy & distribution
Aon Benfield’s Cyber Practice works with our clients from the start-up stage and onwards, advising on strategy, product development, incident response services and distribution. Our experts can help you grow your business by taking advantage of new opportunities to write cyber insurance products across multiple territories, including MGA, binder, white-label and bolt-on solutions. Our advice includes choosing the right partners on the basis of product, service, geography and competition considerations.
Our global market presence and role as your advocate enables us to strive for competitive terms and conditions with the most effective structures. Our brokers place standalone and embedded, proportional and non-proportional cyber reinsurance programmes, including uncapped quota share, excess of loss and aggregate stop losses. Any programme is designed to respond to both the strategic objectives and the systemic threat unique to each of our clients’ portfolios.
Dedicated data and analytics
Due to limited historical data, the rapidly evolving nature of cyber risk and the broad range of coverages being introduced to address that risk, it can be challenging to accurately quantify. Aon Benfield’s dedicated Cyber Analytics team has developed new approaches to help insurers underwrite these risks with confidence.
- Fully integrated into Aon’s award-winning ReMetrica® risk and capital modeling platform*, CyberMetrica provides insurers with a way to identify key points of aggregation, and develop bespoke scenarios to model crucial concentrations of risk across the full range of first and third party cyber coverages
- Aon Benfield has partnered with Cyence, which brings together data science, cybersecurity, and economics to quantify the financial impact of cyber risk. Our partnership with Cyence allows us to further enhance CyberMetrica as a comprehensive cyber analytics tool addressing both the broadening scope of insurable cyber risks and territory-specific considerations of the coverage.
The partnership builds on Aon Benfield’s existing collaboration with Stroz Friedberg, RMS, Advisen and other industry players. This augments Aon Benfield’s ability to develop scenarios bespoke to an insurer’s book, allowing clients to manage risk portfolios and accumulations, and to make decisions on pricing, risk appetite and strategic growth to build a sustainable cyber portfolio.
*ReMetrica was voted software provider of the year in 2016 by Actuarial Post readers
Aon Benfield is part of Aon UK Limited which is authorised and regulated by the Financial Conduct Authority. FPA #12847