If only there was a Greta Thunberg for cyber..:
Technology, cyber and climate change are the three most urgent risks facing reinsurers worldwide, respondents to a survey conducted by professional services firm PwC have said.
Results of the Reinsurance Banana Skins 2019 survey were released yesterday to coincide with the 2019 Monte Carlo Reinsurance Rendez-Vous de Septembre.
The reinsurance industry shared a number of top risks with the broader insurance response in PwC’s Insurance Banana Skins survey, released earlier this year.
Most notably, the firm said, this was dominated by the cluster of three “banana skins” about the industry’s ability to deploy new technologies and confront structural change.
Top-ranked technology is rooted in concern that reinsurers are grappling with legacy IT systems as new data sources proliferate, PwC said.
While cyber-risk is a particular worry for reinsurers because of the largely unknown liabilities of underwriting cyber policies, as well as the threat of direct cyberattacks against insurance companies that hold valuable data.
Stephen O’Hearn, PwC global insurance leader, said: “Tech and cyber dominate reinsurers’ risk agenda. How they manage these risks is critical to the long-term credibility, profitability and capacity for innovation within the industry.”