Insurers have to improve their data situation and risk management because emerging risk scenarios are essential
The Impact of Cyber Risk on Risk Management
By Clemens Frey
|DR. CLEMENS FREY, ACTUARY DAV, CERA, is Partner at EY in Munich and Head of Data, Analytics and Artificial Intelligence in Germany. He is member of the General Insurance and the International Committees of DAV and leads the DAV Working Party on Cyber Insurance.
The market for cyber insurance is growing steadily, not least because of the Corona pandemic. Although insurers are currently underwriting cyber risks more restrictively, the German Association of Actuaries (DAV) believes that the economic importance of this line of business will continue to grow. For this reason, further work should be done to better understand these risks and to tailor management to their specific characteristics.
This article represents the opinion of the author, and not necessarily the opinion of the AAE.
This article was published in The European Actuary No. 30 – June 2022