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Guidewire Contributes to Report That Finds Top Cyber Insurance Providers Could Lose up to 119% of Policyholder Surplus in 2022 Cyber Catastrophe Event
Report by
In the test, five typical policy profiles were created, each with specific attributes such as policy limits and line of business minimums. Guidewire Cyence™ Risk Analytics, which uses data listening to collect real exposure and accumulation data at scale, was applied to the modeled cyber portfolios of the top 20 insurance carriers to model their gross loss potential in two scenarios – cloud service provider interruption and mass vulnerability as described in a Lloyd’s 2017 emerging risk report.
In the first scenario, numerous cloud-based customer servers fail, leading to widespread service and business interruptions. In the second, a common software application is compromised and exploited on a global scale. To capture the totality of potential losses, Guidewire also modeled the portfolio’s total annual losses from all event types.
According to the
“It’s clear cyber is a major growth opportunity for the P&C insurance
industry, but it’s also challenging,” said
To access the full copy of this special report, please visit.
http://www3.ambest.com/bestweek/purchase.asp?record_code=277047
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Guidewire delivers the industry platform that Property and Casualty (P&C) insurers rely upon to adapt and succeed in a time of accelerating change. We provide the software, services, and partner ecosystem to enable our customers to run, differentiate, and grow their business. We are privileged to serve more than 350 companies in 32 countries. For more information, please visit www.guidewire.com and follow us on twitter: @Guidewire_PandC.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20180820005169/en/
Source:
Guidewire Software, Inc.
Diana Stott, +1 650-356-4941
Director,
Communications
dstott@guidewire.com