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Accumulation concerns for cyber business

21 September 2023 Patrck Bracher, Norton Rose Fulbright
Patrck Bracher, Norton Rose Fulbright

Patrck Bracher, Norton Rose Fulbright

A Munich Re management board member has stated that the insurer is prepared to divest cyber business over accumulation concerns. The board member said that there is a need to recognise and understand accumulation potential in order to develop a sustainable cyber insurance market. Overexposure could lead to failures.

Other insurers are said to be increasing cyber capacity because of what they say is a greater understanding of the risks.

Add to that the growing intrusive abilities of generative AI and the message remains that careful and intelligent underwriting is required by those who cover cyber risk.

First published by: Financial Institutions Legal Snapshot

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