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The global future of cyber insurance

20 May 2019

Download: The global future of cyber insurance - and the London market's pivotal role (5MB)

London's world-leading pool of cyber security expertise, alongside the strength of its unique and long-standing insurance market capabilities, offer an unrivalled environment in which unique and end-to-end cyber resilience solutions can be developed and provided.

This joint report by City of London, Accenture and AXA XL discusses some of the main challenges the industry is facing and explores how to support the growth of London’s cyber insurance industry through a holistic view of clients’ protection needs.

Cyber risk is now one of the biggest threats to large Corporates and SMEs. It is estimated that cyber-attacks cost the global economy US$600 billion in 2017, and that the total value at risk from cybercrime is US$5.2 trillion over the next five years.

Despite the increasing threat of cybercrime, many of today’s businesses remain profoundly under-insured and global cyber premiums in 2017 were less than 1% of the estimated $600 billion annual cost of cybercrime.

Meeting clients’ cyber insurance needs presents one of the biggest opportunities currently on offer in the global insurance market and London has all the elements needed to enhance its position as a centre of cyber excellence.

Published:
20 May 2019
Last Modified:
21 May 2019

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