PERILS, an independent organization providing industry-wide catastrophe insurance data, and CyberAcuView, an organization set up by leading cyber insurers, have launched a US Cyber Industry Loss Index.
The index will report affirmative US primary cyber market losses resulting from systemic cyber incidents that affect more than one insurer and more than one policyholder. The reporting includes all events exceeding USD 500 million in industry loss. Loss estimates are released at the latest six months after the event end date and are updated quarterly up to a maximum of three years after the event end date.
The loss data are available for licensing for use in industry-loss-based risk transfer products such as Insurance Linked Securities (ILS) and Industry Loss Warranty contracts (ILW). Moreover, the loss database will support the further development of cyber risk models over time.
PERILS is an independent organization providing industry-wide natural catastrophe exposure and event loss data. CyberAcuView was formed by leading cyber insurers in June 2021 to compile and analyze cyber-related data to enhance the value and service to policyholders and help ensure a competitive market for cyber insurance.
Mark Camillo, Chief Executive of CyberAcuView, “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.”
Luzi Hitz, CEO of PERILS, said, “The launch of the Cyber Industry Loss Index in
collaboration with CyberAcuView is a key development which we hope will be of significant benefit to the market. Increasing the availability of cyber loss data is critical to the ongoing development of the cyber insurance market.”
The launch of the US Cyber Industry Loss Index is a significant development that will help to increase the availability of cyber loss data and support the growth of the cyber insurance market.
About PERILS:
PERILS is an independent Zurich-based organisation providing industry-wide natural catastrophe exposure and event loss data. The PERILS Industry Exposure & Loss Database is available to all interested parties via annual subscription.
About CyberAcuView:
CyberAcuView was formed by leading cyber insurers in June 2021. CyberAcuView compiles and analyses cyber-related data to enhance the value and service to policyholders and help ensure a competitive market for cyber insurance.
Source: PERILS and CyberAcuView launch US Cyber Industry Loss Index
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