The cyber insurance sector can’t afford to wait for its Hurricane Andrew moment
This article was produced in partnership with CFC
Mia Wallace, of Insurance Business, sat down with James Burns, head of cyber strategy at CFC, to discuss the rollout of an independent cyber event declaration system.
While a new concept in the context of the digital world, the roots of the idea behind a trusted rating model differentiating between attritional claims and catastrophic scenarios run deep. It was in 1992 that Hurricane Andrew created some $26 billion worth of damages, causing 16 insurance companies to go insolvent and calling the very viability of Florida’s property insurance market into question.
Several things had to change to ensure that private insurance could continue to offer homeowner protection in Florida, highlighted CFC’s head of cyber strategy James Burns (pictured), am