|RMS launches industry first probability cyber risk model|
|Global risk modeling and analytics firm, RMS, has launched a new cyber risk management platform, v3.0.|
The new platform is a probabilistic model for cyber loss and can provide losses at different return periods for all five of the major cyber loss processes.
v3.0 can also be applied to reinsurance of cyber losses by providing financial perspectives to all reinsurance stakeholders and allows model users to incorporate their own loss experience into the model.
RMS has also partnered with BitSight and SecurityScorecard to develop cyber loss experience data that provides insight into the vulnerabilities and risk factors of a company’s security.
Adam Sandler, Head of Cyber Solutions at RMS, said: “RMS clients are seeing demand for cyber insurance growing rapidly and their ability to pursue this opportunity is constrained by their ability to allocate risk capital with confidence.”
|Trouble ahead for P&C industry following U.S tax reforms: Morgan Stanley|
|Despite the perceived positives of U.S tax reforms for the insurance and reinsurance industry, Morgan Stanley has raised its concerns for the property and casualty industry, Reinsurance news has reported.|
Morgan Stanley has highlighted the potential erosion of increased earnings as additional regulatory headline risks and an expected slowing of reserve releases to affect balance sheets.
According to analysts, a potential factor that could drive down profitability is state regulators pushing for lower rates for consumers and lower tax expenses.
This could cause carriers to ease off insurance rate increases that they otherwise would have taken, in an attempt to garner more growth.
The slowing of reserve release should not be ignored, currently, Morgan Stanley estimates that the industry’s overall reserve position to be lacking about $2.5 billion as of the end of 2016, the report said.
Over the next 12-24 months, the risk of adverse developments is expected to rise, particularly in other liability and commercial auto liability, although reserve releases are expected to slow further in 2018.
|ASSA joins Blue Marble consortium|
|ASSA Capitales, a subsidiary of ASSA Compañía Tenedora, has joined Blue Marble Microinsurance, a consortium that aims to bridge the protection gap across the world.|
Blue Marble was first announced at the World Economic Forum in 2015, and aims to develop risk protection solutions for over two billion people globally facing financial protection gaps.
Currently, Blue Marble is comprised of eight companies including; American International Group, Aspen Insurance Holdings, Hamilton Insurance Group, XL Insurance (UK), and
Eduardo Fábrega, Chief Executive Officer of ASSA, said: “Because of our market influence in the six Central American countries as well as our track record, risk capacity, and our team of over 1,000 employees, we have witnessed first-hand the existing gap between available insurance products and the protection needs of the emerging middle class.”
Joan Lamm-Tennant, CEO and Founder of Blue Marble, said: “I am delighted that ASSA has joined Blue Marble Microinsurance as our ninth consortium member.”
|Canopius strengthens Canopius Managing Agents with key hires|
|Canopius has announced two new appointments to its principal regulated entity, Canopius Managing Agents.|
Mike Duffy has assumed the position of Chief Executive, effective immediately, in addition to his existing role as Group Chief Underwriting Officer.
Current Deputy Chief Underwriting Officer Sarah Willmont has been appointed CUO of Canopius Managing Agents and Active Underwriter of Syndicate 4444, subject to regulatory consent.
Michael Watson, Executive Chairman of Canopius, said: “It is a real pleasure to make these appointments. I have worked with Mike for 12 years and he is a valued partner and greatly respected by the market and our staff. Moreover, Sarah has made a huge contribution to our underwriting leadership and strategy.”
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