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Lloyd’s: “Explosion in the Potential of Cyber Risk”

08.09.2016 – john_nelson lloyds - quelle lloydsLloyd’s Chairman John Nelson erklärt im Exklusiv-Interview mit der Versicherungswirtschaft, warum Gefahren aus dem Cyberspace die Industrie vor große Probleme stellen. Deutschlands Industriestärke spielt für den Briten dabei eine besondere Rolle: “Germany plays a vital part of Lloyd’s future plans and it is now the largest market and the fastest growing territory for Lloyd’s in central Europe.”

VWheute: We live in times of political crises, there is blind terrorism all over the world and our society is so easily hit by cyber attacks. What are the consequences for insurers? Has risk perception changed at Lloyd’s?

John Nelson: The most important change is the way we model risk. We are focusing on better and more intelligent data analysis, and Lloyd’s is committed to improving modeling and forecast accuracy. What is also clear is that many manmade risks can be extremely rare in occurence but with significant costs associated. The interconnected nature of modern business means we need to carefully model risk and understand how, for example, a flood in China can affect a German car manufacturer.

VWheute: There is ample capacity on the markets for large corporate risks and reinsurance as well. How will this change the markets?

John Nelson: The industry is supported by record levels of capital both at an insurance and reinsurance level. As a consequence, the market remains highly competitive.

VWheute: Where do we stand in the insurance pricing cycle?

John Nelson: Lloyd’s core strength is underwriting discipline. Focusing on underwriting discipline and understanding the risks that we are insuring allows Lloyd’s to operate and thrive in any part of the insurance cycle.

VWheute: New technologies are changing the way, large companies do their business. New risks are emerging. In which corporate sectors do you see challenges?

John Nelson: Just fifteen years ago technology played a marginal role in most businesses. Today almost everything we do, from business to socialising, also happens online. The result is an explosion in the potential for cyber risk. The last couple of years have seen a series of high-profile data breaches in the US and Europe costing each firm tens of millions of dollars, as well as costing some CIOs and CSOs their jobs. Cyber is one the most complex, current and critical risk businesses face today.

VWheute: Cyber risks are broadly underinsured in all markets around the world. How do Lloyd’s syndicates access those markets and how do they mitigate the risks?

John Nelson: The global cyber insurance market has undergone a period of significant growth in recent years, tripling in GWP size from 850 million dollars in 2012 to 2.5 billion dollars in 2015. Changes in legislation have most certainly been a factor in driving growth within the cyber insurance market, particularly within emerging territories. The implementation of new legislation such as the EU General Data Protection Regulation will continue to play a major role in boosting cyber insurance uptake. A big driver for growth has been the significant increase in customer awareness around cyber risks, with extensive media coverage of large-scale cyber breaches playing a significant role in placing such risks front of mind in the C-suite. Companies are also becoming far more effective at identifying and understanding their own cyber exposures.

VWheute: Which strategic markets do you expect to bring significant growth in the next five to ten years? What role does Germany play for Lloyd’s?

John Nelson: Germany plays a vital part of Lloyd’s future plans and it is now the largest market and the fastest growing territory for Lloyd’s in central Europe. Germany, in connection with Austria, is also a strong basis for our expansion plans in the CEE region. Emerging markets like China, Mexico, Colombia and India present exciting opportunities.

Die Fragen stellten die VW-Redakteure Christoph Baltzer, Michael Stanczyk und Carl Philipp Thomas.

Bild: John Nelson (69) ist Chairman von Lloyd’s seit 2011. (Quelle: Lloyd’s)

bestellen_vwhLesen Sie das vollständige Interview mit John Nelson “Manmade Risks Can be Extremely Rare but with Significant Costs”, in der Versicherungswirtschaft 09/16 (Einzelbeitrag)

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