Core data established for analyzing cyber risk

Information includes recovery plans, exposures, geographic filters and country codes

Lloyd’s and modelling firm AIR Worldwide have agreed on core data required for analyzing cyber risk, aimed to simplify data transfer from client to broker to insurer to reinsurer.

“The cyber insurance industry is showing real innovation and demonstrates the ability of insurers to develop policies to cover modern, complex risks,” says Tom Bolt, Lloyd’s director of performance management. “Due to the growing importance of this risk class, quality standardised exposure data is critical for increased levels of insurance coverage and better risk modelling.”

AIR has also created a preparer’s guide to help companies collect and store their cyber exposure data “in an open format suitable for modelling.”

That data includes basic organizational information (industry, revenue, recovery plans, assets), insurance information (exposures, contracts, sub limits), reinsurance information (policy conditions, geographic filters, facultative certificates and surplus share treaties) and reference information (country codes, currency codes).

Going forward, AIR plans on developing programming language for deterministic scenario analysis and accumulation analysis.




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