Munich Re has selected CyberCube’s cyber insurance analytics platform to control cyber accumulation risk, it has been announced. Munich Re is considered the market leader in the cyber reinsurance market.
A severe cyber event has the potential to impact thousands of organisations simultaneously, and the accumulation of liabilities across multiple insured portfolios could cause substantial losses, CyberCube said. The company’s risk-modelling platform lets reinsurers strengthen their accumulation risk management and exposure management.
“Cyber insurance is a key focus of our innovation strategy,” said Stefan Golling, chief underwriter for Munich Re. “We have made significant investments in our own cyber risk expertise, and we seek to complement this with insights from the cyber ecosystem. Leveraging the capabilities of CyberCube will help our underwriting and risk modelling teams in better quantifying cyber risk and understanding potential cyber accumulation scenarios.”