Hong Kong-based global reinsurance company Peak Re has selected cyber risk analyst CyberCube as its partner in helping quantify client cyber exposure, in particular directed towards the needs of communities and emerging middle-class in Asia and around the world.
The reinsurer, which boasts a global portfolio with heavy presence in its core Asian markets, will license CyberCube’s Portfolio Manager, which is a cyber risk accumulation model that enables (re)insurance professionals to develop insights for their senior leadership and teams.
Portfolio Manager also allows companies to leverage CyberCube’s data lake and expertise within the space of cybersecurity. Finally, it also allows for the stress testing of cyber portfolios so that loss drivers and potential accumulation events can be isolated and identified.
“We are delighted Peak Re has chosen CyberCube as its underlying model for making informed decisions. Our partnership with Peak Re will become a catalyst to continue the growth and expansion of cyber capacity across different markets,” CyberCube sales manager Ross Smith said in a media release.
CyberCube principal consultant and actuary Jon Choi said that the reinsurer’s presence in the market and use of Portfolio Manager will help create “innovative reinsurance solutions for cyber perils in Asia and beyond.” He added that CyberCube’s tool will empower the reinsurer to understand cyber risk better, especially with regard to the unique technologies and opportunities within the Asian market.
“By using CyberCube’s platform, Peak Re will enhance its presence in the cyber market with greater confidence. Data-driven analytics will provide us with a deeper understanding of accumulation risk and help us better serve our customers in the expectation of the continuing growing demand for cyber reinsurance globally,” said Edward Shen, Peak Re director and head of casualty product underwriting.
Peak Re’s penetration within the emerging middle-class in Asia is supported by a study that found that the class in the region remains optimistic despite economic headwinds, and this presents significant opportunities for the insurance industry.
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