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AI-enabled cybercrime to fuel surge in cyber cover demand; actuaries urge revised risk models as Lloyd’s warns of systemic losses and cover shortfalls

Published on: 21 March 2024

Published by a Law360 reporter
Legal News
Article summary

OAC referenced data from Swiss Re and Munich Re indicating that worldwide gross premium volumes for cyber insurance expanded by over 20% each year from 2019 to 2022. The insurers predict demand will rise markedly throughout the coming decade. According to the consultancy, several drivers will both push demand higher and elevate the probability of a major loss incident. OAC flagged the broad accessibility of artificial intelligence as a key concern, as the technology has enabled offenders to sharpen how they devise and execute attacks. The increasing number of connected devices has been noted by OAC too...

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