Introduction

To round off our season of Market events for LMF Cyber Insurance professionals in EC3, before the Summer holidays, we’ve arranged something a little special for you, in partnership with City University and one of the country’s leading academics in cyber security and resilience, Professor Raj Muttukrishnan.

Prof Raj is not only the Director and Head of the Institute of Cyber Security at City University, he is a respected international expert, advising government and agencies around the world. Prof Raj is a co-founder of the new Cyber London, which is recognised by the Department for Science, Innovation and Technology (DSIT) and the UK Cyber Cluster Collaboration (UKC3) as the official Cyber Cluster for London. In fact, all the Founders of Cyber London are good friends and regular contributors at LMF cyber insurance gatherings in EC3.

On 18th July, at the beautiful Alderman’s Court room at the Guildhall, we’ll hold a roundtable discussion, which will enable everyone to openly discuss some of the latest thinking in cyber insurance, as well as contribute towards a major Department of Science Innovation and Technology funded research project, being undertaken by Prof Raj and a number of key associates.

Cyber Insurance - What is the “status quo” in this class of business and what are the main challenges to growth and product evolution?

The workshop aims to discuss and understand insurability and pricing challenges within the industry. Key discussions will focus on barriers to entry, the intricacies of pricing policies, and the metrics used for policy valuation. We aim to explore additional data needs for improved pricing and analyse trends in claims and payouts, including application rejections. The roundtable seeks to provide a comprehensive understanding of these critical issues to foster innovation and effectiveness in cyber insurance solutions.

Suitable for:

All cyber insurance professionals in the London Market, Lloyd’s, IUA and LIIBA friends.

Objectives

1. Understanding the insurability challenges in cyber insurance market in London.
2. Understanding cyber insurance pricing challenges and opportunities for innovation, including dynamic pricing

Key Workshop Questions

1. What are the current barriers to entry into the cyber insurance business?
2. What are the challenges when pricing cyber insurance?
3. What metrics are captured to price a policy? What additional information is needed to better price the policy?
4. What are the trends in claims and payouts - applications and rejections?
5. Projections for the class of business, in terms of coverage, exclusions, pricing and competition