Cyber risk was a key topic at last week’s RIMS 2015 Conference in New Orleans. A panel of underwriters and brokers quickly “zeroed in on cyber security as an area driving new demand among insurance customers.”
The panelists included Steve McGill, group president with Aon PLC, John Doyle, CEO of commercial insurance with AIG, Daniel Riordan, CEO of Zurich Global Corporate, North America, and J. Patrick Gallagher Jr., chairman and CEO of global brokerage firm Arthur J. Gallagher and Co.
McGill stated that more and more small firms are acquiring some sort of cyber insurance which is beneficial but “the insurance industry is delivering products to the market and not delivering solutions.” Doyle added to those remarks from the underwriter perspective, claiming, “the product probably missed the mark” in terms of addressing the actual need for coverage. I think our initial foray came from the financial view and not the customer point of view.”
Other areas that the panel discussed outside of the cyber risk sector included “improving their use of data, maintaining high levels of service in an era of more demanding customers and drawing young talent into the industry to replace experienced people who are retiring.”