Guy Carpenter announces new cyber aggregation model
Risk and reinsurance specialist Guy Carpenter has partnered with cyber security experts Symantec Corporation to create a cyber aggregation model.
The strategic partnership will enable a model which includes a comprehensive catalogue of cyber scenarios to enable insurers to access data to measure the potential financial impact of loss from both affirmative cyber coverages and “silent” allrisk policies where cyber is the peril, but no cyber exclusions exist.
“By combining Guy Carpenter’s risk management and catastrophe modeling expertise with Symantec’s technical knowledge and proprietary data, we are pioneering a cyber aggregation model to help reinsurers gain a better understanding of their correlated cyber risks and to manage and protect their capital in extreme cyber scenarios,” said Tim Gardner, CEO of U.S. Operations at Guy Carpenter.
Zurich North America names new underwriting chief
Geno Fernadez has been named as the new chief underwriting officer for Zurich North America, effective July 5, 2016. He is currently head of strategic execution for Zurich North America Commercial and also chairs operating reviews for all Zurich North America Commercial’s businesses and functions. Fernadez will succeed Mary Merkel, who will retire after 33 years with Zurich.
“Mary made a lasting, positive impact on the way we underwrite, and now Geno will take our underwriting discipline and capabilities even further, to ensure Zurich is strongly positioned to win in the North America market,” said Mike Foley, CEO of North America Commercial and Regional Chairman of North America for Zurich Insurance.
Driverless cars will save more lives than the seat belt says ABI
A senior executive from the Association of British Insurers said Tuesday that driverless cars will be a safety revolution and “more so than the invention of the seatbelt.”
ABI director of general insurance policy James Dalton reiterated the insurance industry’s support for the vehicles ahead of an expected announcement in the Queen’s Speech of a bill covering the insurance of fully automated cars.
Dalton said that with 90 per cent of accidents on UK roads caused by human error, the cars will save lives and reduce insurance premiums.
