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David Ross, of data-driven underwriting company Envelop Risk in Bermuda, spoke at the annual Convergence last week and explained that given the size of opportunity and need for cyber risk-capital, the market for cyber insurance-linked security (ILS), has a lot of room to grow.
Ross is the Executive Vice President of ILS & Capital at Envelop Risk and he discussed the current landscape in cyber insurance and reinsurance, saying there’s a “huge opportunity” and that “the growth runway ahead of us is quite remarkable.”
He discussed what has been achieved so far in the cyber ILS space, citing the Beazley private cyber catastrophe bonds, as well as arrangements such as Hannover Re’s private quota share with asset manager Stone Ridge.
“There’s already a lot being done in this space, I hesitate to put a number on it, but I would say certainly at $500 million of capacity annually supporting this space and we’re right at the start of the journey, that’s the exciting thing,” Ross told the Convergence audience.
He explained that the growth in cyber insurance and reinsurance sees carriers “beginning to…