Beazley, RenaissanceRe launch cyber catastrophe product

Beazley, RenaissanceRe | January 10, 2020

Beazley, RenaissanceRe launch cyber catastrophe product
Specialist insurer Beazley and global reinsurer RenaissanceRe have partnered to launch a new reinsurance product that provides Beazley with additional catastrophe cover for cyber events. The majority of the security behind the deal will be provided by capital sources structured by RenaissanceRe, the companies said. The firms believe the deal opens up a new, larger source of capital to support Beazley’s cyber offering in excess of levels currently available in the traditional reinsurance market. The product is one of the first cyber catastrophe insurance products backed by the capital markets. “As the scale of the cyber threat to businesses continues to intensify, the challenge to the insurance industry is to ensure we continue to provide cover that responds as the risk evolves, and capacity that is commensurate to the size of the risk,” said Adrian Cox, Beazley chief underwriting officer. “We are delighted to partner with RenaissanceRe to deliver valued cyber cover to our growing client base while managing accumulations of risk within the group’s tolerances.”

Spotlight

THE INSURANCE INDUSTRY’S keen interest in climate change goes back decades. Evan Mills, a climate change researcher at the University of California who specializes in the financial services sector, explains that climate change is a “stress test” for the insurance industry because “insurers abhor unquantified and unpriced risks, as well as market distortions” introduced by public policymakers. For many insurance products, including property and business continuity insurance, climate change upends the notion that experience is a good predictor of future losses. Climate change’s destabilizing effects are also likely to increase the political pressure on governments to intervene in insurance markets.

Spotlight

THE INSURANCE INDUSTRY’S keen interest in climate change goes back decades. Evan Mills, a climate change researcher at the University of California who specializes in the financial services sector, explains that climate change is a “stress test” for the insurance industry because “insurers abhor unquantified and unpriced risks, as well as market distortions” introduced by public policymakers. For many insurance products, including property and business continuity insurance, climate change upends the notion that experience is a good predictor of future losses. Climate change’s destabilizing effects are also likely to increase the political pressure on governments to intervene in insurance markets.

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