In a time where cyber threats are becoming increasingly prevalent, Members of Parliament (MPs) are calling for the expansion of Government reinsurance schemes to support private markets and enhance business resilience. The Business and Trade Committee, responsible for overseeing the Department for Business and Trade, emphasized the importance of re/insurance as a crucial tool in mitigating risks associated with cyber threats.
According to a report by ReinsuranceNe.ws, the Committee’s Eleventh Report of Session 2024–26 highlighted the urgent need for the Government to broaden reinsurance schemes like Pool Re to provide additional support to businesses facing cyber risks. The Committee’s recommendation comes at a time when cyber threats are on the rise, posing significant challenges to organizations across various sectors.
In response to the call for expanded reinsurance schemes, industry players are taking proactive steps to address the evolving landscape of risks. QBE Re, the reinsurance arm of QBE Insurance Group, recently announced the appointment of Robert Turner as Global Head of Structured Reinsurance. This strategic move is part of QBE Re’s initiative to venture into structured reinsurance, catering to the changing needs of brokers and cedants in the market.
Ben Rose, Co-Founder and President of Supercede, an independent reinsurance platform, emphasized the importance of clean data in driving a successful AI-driven reinsurance industry. In an interview with Reinsurance News, Rose highlighted the significance of having accurate and reliable data to enable the industry to leverage AI effectively and enhance decision-making processes.
Furthermore, Superian Insurance Group expanded its presence into the Asia and Middle East markets with the launch of Podium Underwriting, a specialty reinsurance managing general agent (MGA). Podium will focus on providing reinsurance solutions across various sectors, including Terrorism, Property, Energy, Marine Cargo, and Medical Malpractice, with a specific emphasis on the Asian and Middle Eastern regions.
As the reinsurance industry continues to evolve in response to emerging risks such as cyber threats, the collaboration between government initiatives, industry players, and technology advancements will play a crucial role in enhancing resilience and ensuring sustainable growth.
In conclusion, the Government’s potential expansion of reinsurance schemes, coupled with industry innovations and strategic appointments, reflects a proactive approach to addressing the challenges posed by cyber threats. By leveraging reinsurance tools, clean data, and specialized offerings, businesses can strengthen their risk management strategies and navigate the evolving landscape of risks effectively.
#CyberSecurity #Reinsurance #RiskManagement #BusinessResilience #GovernmentInitiatives
References:
1. MP’s urge expansion of Government reinsurance schemes as cyber threats rise – ReinsuranceNe.ws [https://www.reinsurancene.ws/mps-urge-expansion-of-government-reinsurance-schemes-as-cyber-threats-rise/]
2. QBE Re expands into structured reinsurance with Robert Turner hire – ReinsuranceNe.ws [https://www.reinsurancene.ws/qbe-re-expands-into-structured-reinsurance-with-robert-turner-hire/]
3. Clean data key to a successful AI-driven reinsurance industry: Ben Rose, Supercede – ReinsuranceNe.ws [https://www.reinsurancene.ws/clean-data-key-to-a-successful-ai-driven-reinsurance-industry-ben-rose-supercede/]
4. Superian expands into Asia & Middle East with specialty reinsurance MGA Podium – ReinsuranceNe.ws [https://www.reinsurancene.ws/superian-expands-into-asia-middle-east-with-specialty-reinsurance-mga-podium/]
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