Page 37 - Insurance Times January 2018 Sample

ready to share information on Cyber Risks and are willing to Reinsurance with deep insight and intuition of a Global
increase their resilience in events of Cyber Attacks like Reinsurer at Baden Baden on 23.10.2017. Conclusion of this
Ransomware. topic is best expressed by him.
"Cyber has become highly relevant currently and will be in
Main Industries interested in Cyber Risk
future it is more complex risk and carries more accumulation
Insurances: risk……"
Electronics, Media, Health Care, Transportation, Banking,
Looking at the future he said that change has arrived and
Telecom Infrastructures, Pharma - N- Biotech, Chemical - that the industry could learn from other industries who have
N- Petrol and Manufacturers of Consumer Products, undergone technology driven changes.
Industrial Products, Auto Manufacturing, Professional
services, Retail, Utilities, Hotels etc. "Digital ingredients will be data and technology. These
ingredients will be the same for our industry. They will allow
Cyber Insurance can be better managed by Captive better risk assessment, they will sophisticate the front end
Insurance Market locations like Bermuda. and the way we interface with customers…."
It remains to be seen if Financial Reinsurance Products of "Those who are good at it will take a bigger share, even if
ART Technologies can be utilized for Cyber Risks the pie does not grow. We need to look at how other
Reinsurances. industries are, have or will transform. They are transforming
and they couldn't care less about how our industry is
The future of Cyber Risk Insurance and Reinsurance will be transforming……."
fully dependent on rapid growth of Newer Technologies,
Automation, Software Data with larger volumes and "How do we profit going formed? By simplifying and speeding
enormous values of assets. up for the benefit of our customers……."
"We have to earn the ability to profit from these
CYBER TERRORISM related to Cyber Crimes can be better opportunities and will not do that without transforming our
covered by Market Pools and uniformly adequate ratings. industry."
Reinsurance of Market Pools will be also becoming more He said that our industry has to transform the way it
effective alternative to competition among Cyber Risk operates in order to access rapidly changing Business Eco-
Insurers.
Systems and to offer "Systematic Solutions".
Dr. Joachim Wenning, Chairman of the Board of Source - Reinsurance - Baden Baden Meeting
Management at Munich Re has spoken words of wisdom in Day 2 (23.10.2017) T
Insurance Quiz

1. Yes bank has inked agreement with which company.
2. Which health plan offers a reserve benefit to customers.

3. Which platform has been launched to track health related information’s.
4. Which Insurance Company gets a compulsory cession from all insurers.

5. The study 360 Well Being Score has been released by __________.
6. Which is the 3rd largest line of business in general insurance.

7. The insurance regulator has set up a panel to look into innovations in insurance involving_____________,
The answers of the quiz are from this issue itself. Just go through our journal and you will find the answers. Send your
answers by Email to insurance.kolkata@gmail.com and you can get a chance to win an attractive gift. The gift will be
offered to the person giving all the correct answers. If we receive more than one entry with all correct answers the name
of winner will be drawn from lottery. The last date of receipt of entry is 28th January, 2018.

So Hurry and Submit your entry at the earliest !!!!

The Insurance Times, January 2018 37

Sashi Publications Pvt Ltd Call 8443808873/ 8232083010