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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 03, 2017 12:43 PM (EDT)
In this A.M.BestTV episode from 14th Singapore International Reinsurance Conference (SIRC), insurers said demand for cyber coverage is surging and finding new ways to acquire and analyze a wider range of data sources is imperative to stay ahead of the competition. Click on http://www.ambest.com/v.asp?v=sirc21117 to view the entire program.
Technology is playing a much larger role in the reinsurance industry, although cyber liability business in Asia remains underdeveloped.
“In particular, Asia has a very, very low base for cyber products and coverages,” said Kent Chaplin, chief executive officer, Asia Pacific, Lloyd’s. “In the last couple of years, the cyber market has grown about 300%, showing it is our fastest-growing class.”
Matthew Cannock, managing director & principal officer, Asia Pacific Operations, Markel International Insurance Co Ltd., addressed the issue of how companies need to innovate in order to transact their business.
“More business is being transacted electronically and over the internet. Insurers need to be flexible and offer products that are relevant to new exposures,” he said.
Executives in the episode said that the use of data in an insurer’s operations is no longer a choice.
“Data is the new oil, and data is the new gold. If you don’t have any, you have to start doing something about it,” said Reto Brosi, managing founder of Megrow Consulting.
For full video coverage of SIRC, including exclusive executive interviews, visit http://www.ambest.tv/sirc17 .
Other people that appear in this episode:
Recent episodes of A.M.BestTV include:
A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html . View A.M.BestTV episodes at http://www.ambest.tv.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.