The Expert Podcast

• The cyber insurance market is experiencing significant growth, with insurance companies recognizing the need to expand coverage and capacity for cyber risks.

• Beasley, one of the largest reinsurance companies, has acquired a cyber catastrophe bond, marking a significant development in the market.
• This is the first-ever Global Insurance catastrophe bond, totaling $45 million, providing indemnity against perils exceeding a $300 million catastrophic event.

• The bond is tailored to cover multiple catastrophic and systemic events, ensuring insurance companies have excess capacity to handle simultaneous claims.
• It addresses the growing demand for cyber insurance coverage, which surpasses traditional lines like property damage and personal liability.

• The bond is crucial in allowing the supply of capacity for the cyber insurance market to keep pace with rapidly rising demand.
• As more businesses seek cyber coverage, the need for additional capacity becomes paramount.

• The CEO emphasizes the necessity for new capacity in the global cyber insurance market to meet the escalating demand effectively.
• The surge in demand for cyber insurance reflects a broader trend where many businesses lack adequate coverage, driving incremental growth in the market.