CyberCube is proud to be sponsoring Insurance Insider's Inside P&C Live conference this year.
Fewer years had more twists and turns than 2020 for the global re/insurance industry. The coronavirus pandemic inflicted devastating losses, spawned fierce legal battles, and transformed the way the industry operates.
The health crisis struck a sector already in flux, battered by years of catastrophes and social inflation, and wrestling to realise the full opportunities of technology.
Billions of dollars have been paid out in claims, whilst billions of dollars of new capital have flooded into the sector to support a range of start-ups, scale-ups and re-caps.
The pandemic also led to an intensification of pre-existing market dynamics on rates, helping to sustain a broad-based turn in P&C globally as the market begins to pivot towards more profitable and sustainable underwriting.
The global broking juggernauts had experienced a period of sustained positive momentum coming into 2020, but potential reduced client spend, collapsing new business and reduced volumes in project-driven lines have all militated against the intermediaries.
The worst predictions around direct losses from the pandemic do not look to have materialized, although with BI litigation going on in many countries, third-party claims still to come and many bankruptcies potentially delayed rather than averted, the final outcome remains distant.
But with mass vaccination programs imminent, attention should now shift towards the question of how – and to what extent – the industry can capitalise on the steady stream of new opportunities coming their way and build back stronger.
Make sure you don't miss CyberCube's Oliver Brew on the panel discussion: 'Cyber Insurance: market-wide repricing?' to discuss the rapidly evolving threat landscape in 2021 and how this is impacting the cyber insurance market.
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