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ARTICLE · 26 JULY 2017

Modelling Needed For Cyber ILS Market Development

Guernsey Finance
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Guernsey Finance will be following up its successful ILS Insight event by hosting the annual Guernsey Insurance Forum in London on Thursday 5 October.

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Florian Heimann
Florian Heimann
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Better modelling and pricing metrics are needed before the insurance-linked securities (ILS) marketplace exposes itself to the growing cyber risk transfer space, according to Florian Heimann of AIR Worldwide.

Speaking at Guernsey Finance's annual ILS Insight event in Zurich, Mr Heimann said it would take time for ILS managers to become comfortable with cyber modelling.

"Cyber is a pretty new peril and, in contrast to natural catastrophe models, people are simply not used to it yet," said Mr Heimann.

"Natural catastrophe models have been used extensively for more than 15 years and people feel comfortable with assessing their risks based on those models. For cyber, this comfort is in the process of building up, and I would guess something that has to build up slowly."

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