The Index has been established by PERILS, the Swiss-based provider of catastrophe insurance data, and CyberAcuView, an organization set up by cyber insurers. The Index will include primary losses from systemic cyber incidents affecting more than one insurer and one policyholder. It will report events exceeding $500 million in industry losses within six months after the event and follow them for up to three years.
The data will be licensed to organizations in the cyber insurance eco-system to improve risk models and support capital allocations to financial products based on cyber insurance.
“’This is an important initiative that will help increase the flow of capital into the cyber insurance market, and help insurers provide cyber coverage to a growing number of policyholders,'” said Mark Camillo, Chief Executive of CyberAcuView. “‘By combining CyberAcuView’s industry-leading cyber claims intelligence, with PERILS’ expertise as a trusted reporting agency to the alternative capital market, we have created a cyber loss index that will help accelerate the growth of the cyber-ILS (Insurance Linked Securities) and ILW (Insurance Loss Warranty contracts) markets.’” Read the release here.
