Description
The PRA’s July 2017 supervisory statement "Cyber Insurance Underwriting Risk" was not just relevant to insurers who sell cyber insurance but to any practitioner involved in the sale of commercial insurance. The PRA require insurers to consider all policies that are exposed to cyber-related losses involving both tangible and intangible assets and take appropriate action. Insurers must adjust the premium to reflect the additional risk and offer explicit cover; introduce robust wording exclusions; or attach specific limits of cover. Wordings will be changed to reflect the decisions made by insurers.
In this one-day open workshop we will introduce where silent cyber/ non-affirmative cyber cover arises and how insurers are actively responding to the PRA requirement.
Who should attend?
The course will particularly benefit brokers, insurers and clients who need to understand the coverage they get for cyber related losses. This course is at an intermediate level and delegates will need a fair level of understanding of cyber and various policies to get the most out of the course.
What you will learn
Cyber risk – the evolving threat
- Nature of the cyber threat
- Injury and damage scenarios
- Internet of things implications
- Claims examples
Silent/Non-affirmative cyber risk where is it insured
- Property damage and business interruption?
- Casualty?
- Financial lines?
- Energy?
- Marine?
- Aviation?
- Motor?
Policy wordings – what does silence mean
- Operative clauses
- Cyber exclusions
- Cyber exclusion carve backs
- Cyber extensions
- Sub limits
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