促进网络风险向资本市场转移：灾难性债券及其他

CATALYSING CYBER RISKTRANSFER TO CAPITAL MARKETS:Catastrophe bonds and beyondDarren PainDirector Cyber | Evolving Liability,Geneva Association Geneva AssociationGeneva Association was created in 1973 and is the only global association of insurancecompanies; our members are insurance and reinsurance Chief Executive Officers (CEOs).Based on rigorous research conducted in collaboration with our members, academicinstitutions and multilateral organisations, our mission is to identify and investigate keytrends that are likely to shape or impact the insurance industry in the future, highlightingwhat is at stake for the industry; develop recommendations for the industry and forpolicymakers; provide a platform to our members and other stakeholders to discuss thesetrends and recommendations; and reach out to global opinion leaders and influentialorganisations to highlight the positive contributions of insurance to better understandingrisks and to building resilient and prosperous economies and societies, and thus a moresustainable world.Geneva Association publications:Pamela Corn, Director CommunicationsHannah Dean, Editor and Content ManagerJooin Shin, Digital Content & Design ManagerSuggested citation: Geneva Association. 2024.Catalysing Cyber Risk Transfer to Capital Markets: Catastrophe bonds and beyond.Author: Darren Pain. December.© Geneva Association, 2024 All rights reservedwww.genevaassociation.orgPhoto credits:Cover page – Getty images on Unsplash 2 ForewordExecutive summary1.Introduction1.1Reinsurance/retrocession capacity constraints1.2Alternative risk capital1.3Structure of the report2.Existing ILS markets: Instruments, participants and practices2.1Types of ILS2.2Role of specialist fund managers, re/insurers and intermediaries2.3Recent ILS issuance trends2.4A nascent cyber ILS market3.Market insights from recent cyber Cat bond deals3.1Key instrument design considerations3.2Main outstanding obstacles3.3Near-term market outlook4.Promoting cyber risk transfer to capital markets4.1Policy standardisation4.2Improved risk modelling4.3Re/insurance product development4.4New investment vehicles and instruments4.5Digital infrastructure5.Concluding remarksReferencesContents 5681012131415192022252730343537384143444547 ACKNOWLEDGEMENTSThis report has benefitted significantly from input from the members and affiliates of the GenevaAssociation’s Cyber Working Group as well as various external interlocutors who kindly agreed to sharetheir expert insights as background to the study. Special thanks go to:•Richard Pennay (Aon Securities)•Daniel Carr (Ariel Re)•François Divet (AXA Investment Managers)•Kyle Freeman (AXIS)•Henry Skeoch and Richard Gray (Beazley)•Taijaun Talbot (Bermuda Monetary Authority)•Matt Provost (Chubb)•David Ross (Envelop)•Joanna Syroka (Fermat Capital Management)•Theo Norris (formerly of Gallagher Re)•Jess Fung, Shu Iida and Zain Hussain (Guy Carpenter)•Tom Beckmerhagen (Hannover Re)•Matthew Swann (Integral ILS)•Mike Millette (Hudson Structured Capital Management)•Luca Albertini (Leadenhall Capital Partners)•Albert Selius (One William Street Capital Management)•Philippe Trahan (formerly of Ontario Teachers’ Pension Plan)•Tom Johansmeyer (Price Forbes Re/University of Kent)•Vincent Bernas, Andy Palmer, Len Zaccagnino (Swiss Re)•Manjit Varwandkar (RenaissanceRe)•Raffaele Dell’Amore (SIGLO Capital Advisors)•Simon Parten (Schroders Capital)as well as one additional interviewee who wished to remain anonymous. 4 Foreword 5In a world where technological advancements are redefining how we live and work,cybersecurity risks have emerged as some of the most pressing challenges of our time.These risks are global, ever evolving, and increasingly complex, threatening businesses of allsizes in ways that were unimaginable just a decade ago.To address these vulnerabilities, the insurance industry has stepped in with cyber insurance,a pivotal tool in mitigating these modern challenges. The cyber-insurance market hasenjoyed impressive growth over the past decade, with global cyber premiums increasingfrom less than USD 1.5 billion in 2013 to around USD 15 billion in 2023. However, this stillonly comprises less than 1% of the total P&C insurance market.As cyber threats grow in scope and sophistication, the cyber-insurance market facesa critical task: aligning risk-absorbing capacity with the ever-increasing need forprotection. Persistent hurdles, such as attracting sufficient capital and managing systemicuncertainties, continue to limit growth. Alternative risk transfer (ART) solutions, such asinsurance-linked securities (ILS) – financial instruments that bundle insurance risks intoinvestable assets – offer potential avenues for bridging this protection gap.This report explores the opportunities and challenges of scaling ILS for cyber, highlighting theintersections of insurance innovation and capital-market engagement. Drawing on insightsfrom industry leaders and real-world case studies, it finds that attracting a