Interesting piece showing the market is ripe for disruption. On the other hand there are considerable opportunities to lead innovation.
"The ultimate prize is revenues that could equal or even exceed catastrophe premium values."
Stephen O'Hearn Global Insurance Leader at PwC
Well worth a read and even more action to avoid being the disrupted rather than the innovator
For me, the key to growth is increasing protection for clients, while developing the cyber risk analysis and expertise (re)insurers need to underwrite with greater confidence and better manage their own exposures. And our work with a range of corporate clients indicates that it isn’t just higher indemnity limits that businesses want, but also coverage that reaches beyond the often narrow focus on data loss and system impacts. Businesses are also looking for expert advice on how to manage their cyber risks more effectively, along with help with getting back on their feet if they do suffer an attack.
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