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The facility will write management, financial and professional lines.
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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.
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The move comes amid elevated personnel movement in the energy sector.
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The carrier’s cyber hours clauses and sub-limits will limit exposure, according to the analyst.
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Market sources suggest that this will be a manageable loss, although at this early stage there are multiple uncertainties.
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The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
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Insured losses in the single-digit billions would not translate into a material impact for (re)insurers.
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The airlines, healthcare and financial services industries were some of the sectors affected by the outage.
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The broker warned that D&O and P&C policies could also be impacted by the outage.