We have been mentioning for some time the pandemic-like risks associated with cyber events. According to a recent Airmic survey cyber rates have risen by as much as 400% for some insureds. Cyber risks are therefore said to be the most likely new risks to be financed by captives.
If a systemic cyber event should occur, there will be many policyholders looking at their traditional policies for so-called silent cyber cover.
It is never too early for insurers to look at the extent of cover they have deliberately or inadvertently granted and at the premiums for which cover is granted in this cyber-risk world.