The structures and products developed to tackle cyber risk over
the next five years will take the global re/insurance market by
storm and drive forward innovation, according to Tim Faries,
Bermuda Managing Partner at global law firm Appleby.
In a conversation with Faries at Appleby's Bermuda offices,
he explained how the industry is not going from a well-worn
playbook when it comes to tackling cyber threats, and is instead
"basing things on principles that have worked in the past in
different contexts."
Indeed, cyber's omnipresence across multiple lines of
business has been forcing the industry to re-evaluate its
traditional approach to risk.
Only recently the International Underwriting Association
published two new London Market model clauses to help underwriters
manage cyber losses and address issues related to non-affirmative
cover.
