cyber ILW

In an interview with A.M. BestTV at Artemis’ second ILS conference in New York City, PCS Assistant Vice President (AVP), Tom Johansmeyer, discussed the potential for the insurance-linked securities (ILS) market to expand further into the cyber space, after proving its worth in 2017.

There’s an opportunity right now to trade industry loss warranties (ILW’s) linked to cyber reinsurance risks, as a unique set of circumstances make ILW instruments a good fit for transferring cyber exposure, according to Tom Johansmeyer, Assistant Vice President, PCS Strategy & Development at ISO.

Property Claim Services (PCS) has published its first estimate for insurance industry losses from the Petya / NotPetya malware cyber attack that hit pharmaceutical giant Merck & Co. in June, putting the initial figure at $275 million.

Property Claim Services (PCS) has published its first estimate of the insurance industry loss due to the recent Equifax cyber hacking breach putting it at $125 million, Artemis can reveal. PCS has also designated its second Global Cyber loss event, the malware attack that hit pharmaceutical giant Merck & Co.

Having only launched PCS Global Cyber, a loss aggregation service offering industry loss estimates for individual affirmative international cyber events, just over a week ago, Property Claim Services (PCS) has already designated the first event, the recent Equifax hacking breach.

Property Claim Services (PCS) has announced the launch of PCS Global Cyber, a new loss aggregation service that offers industry loss estimates for individual affirmative international cyber events and can provide an index trigger for cyber risk transfer contracts, such as ILW’s or catastrophe bonds.