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Current state of the cyber insurance market

Author

Listed:
  • Grzegorz Strupczewski

    (Cracow University of Economics)

Abstract

The aim of the paper is to present the current state of the cyber insurance market. Based on recent industry reports, we identify its opportunities and threats, and discuss the most important challenges that have to be overcome by the insurance industry. The role of cyber risk reinsurance in providing capacity for insurance carriers is also shown. Finally, we try to identify current trends in demand for cyber coverage and verify if all needs of cyber insurance buyers are satisfied. In order to attract more cyber insurance customers, insurers should at least: clarify the language and the scope of cyber insurance policy, expand the advantages of cyber policy beyond simple risk transfer, develop personal cyber insurance offer.

Suggested Citation

  • Grzegorz Strupczewski, 2018. "Current state of the cyber insurance market," Proceedings of Economics and Finance Conferences 6910062, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iefpro:6910062
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    File URL: https://iises.net/proceedings/10th-economics-finance-conference-rome/table-of-content/detail?cid=69&iid=034&rid=10062
    File Function: First version, 2018
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    Citations

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    Cited by:

    1. Alessandro Mazzoccoli & Maurizio Naldi, 2020. "Robustness of Optimal Investment Decisions in Mixed Insurance/Investment Cyber Risk Management," Risk Analysis, John Wiley & Sons, vol. 40(3), pages 550-564, March.
    2. Alessandro Mazzoccoli & Maurizio Naldi, 2021. "Optimal Investment in Cyber-Security under Cyber Insurance for a Multi-Branch Firm," Risks, MDPI, vol. 9(1), pages 1-28, January.

    More about this item

    Keywords

    cyber insurance; cyber risk; cyber reinsurance; insurance market;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics

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