推进网络保险积累风险管理

The Geneva AssociationThe Geneva Association is the leading international insurance think tank for strategically important insurance and riskmanagement issues. The Geneva Association identifies fundamental trends and strategic issues where insurance playsa substantial role or which influence the insurance sector. Through the development of research programmes, regularpublications and the organisation of international meetings, The Geneva Association serves as a catalyst for progress inthe understanding of risk and insurance matters and acts as an information creator and disseminator. It is the leadingvoice of the largest insurance groups worldwide in the dialogue with international institutions. In parallel, it advances—in economic and cultural terms—the development and application of risk management and the understanding ofuncertainty in the modern economy.The Geneva Association membership comprises a statutory maximum of 90 chief executive officers (CEOs) from theworld’s top insurance and reinsurance companies. It organises international expert networks and manages discussionplatforms for senior insurance executives and specialists as well as policymakers, regulators and multilateralorganisations.Established in 1973, The Geneva Association, officially the ‘International Association for the Study of InsuranceEconomics’, is based in Zurich, Switzerland and is a non-profit organisation funded by its Members.www.genevaassociation.org @TheGenevaAssoc Advancing Accumulation RiskManagement in Cyber InsurancePrerequisites for the development of a sustainable cyber risk insurance marketDaniel M. Hofmann, Senior Advisor Insurance Economics, The Geneva AssociationSteve Wilson, Senior Advisor Cyber, The Geneva AssociationIn collaboration with Rachel Anne Carter, Director Cyber, The Geneva Association 1Advancing Accumulation Risk Management in Cyber Insurance The Geneva AssociationTalstrasse 70, CH-8001 Zurich|Tel: +41 44 200 49 00|Fax: +41 44 200 49 99secretariat@genevaassociation.orgwww.genevaassociation.orgAdvancing Accumulation Risk Management in Cyber InsurancePrerequisites for the Development of a Sustainable Cyber Risk Insurance MarketPublished by The Geneva Association—The International Association for the Study of Insurance Economics. 2www.genevaassociation.orgwww.genevaassociation.org@TheGenevaAssoc© The Geneva AssociationCover page—Shutterstock August 2018Photo credits: ContentsAcknowledgementsForewordExecutive summary1. Market characteristics2. Underwriting and accumulation risk3. Enabling cyber resilience4. Policy implications5. Summary and scorecardReferencesAppendix 3Advancing Accumulation Risk Management in Cyber Insurance68112224262830 4www.genevaassociation.orgAcknowledgementsThis report was written under the general guidance of Daniel M. Hofmann, Senior Advisor Insurance Economics, and inclose cooperation with Steve Wilson, Senior Advisor to The Geneva Association. Rachel Anne Carter, Director of Cyber,contributed to the writing. Antoine Baronnet, The Geneva Association’s Deputy Secretary General supported the projectthroughout the entire process.The authors are much obliged to the members of the Cyber Risk Working Group. Their guidance was complemented byinput from experts in The Geneva Association’s member firms and many insightful discussions with external experts incyber security, consulting and risk modelling (see Appendix for a complete list). The authors wish to thank all discussionpartners for their time spent in contributing to the report. All responsibility for errors and omissions rests, of course,with the authors. @TheGenevaAssoc ForewordAnna Maria D’HulsterSecretary General,The Geneva Association 5Advancing Accumulation Risk Management in Cyber InsuranceMany threats associated with the digitalized world—cyber risk in short—have steadilymoved to centre stage. In a list annually produced by The World Economic Forum, risksrelated to cyberattacks and data fraud feature among the top five global risks. And a quicksearch on Google shows about 4.6 million entries for the term ‘cyber risk,’ ahead of nuclear(3 million) and earthquake (1 million) risks, but well below the roughly 26 million entrieseach for hurricane and terrorism risks.Clearly, cyber risk has become a formidable challenge for modern society and the insuranceindustry. While the cyber insurance market has grown rapidly in recent years from a smallbase 10 to 15 years ago, there is a risk that future expansion may suffer significant setbacksand that several vulnerabilities may stall expected future growth. One leading industryexecutive recently opined that “cyber is an accident waiting to happen.” Others question itsinsurability, at least in the absence of necessary conditions to ensure the market’s viabilityand sustainability.However, expanding the boundaries of insurability and making new risks manageable isnot new for insurers. Over centuries, insurers have developed products and services thatreflect the changes in the