In a recent discussion, Paul Needle, senior vice president of cyber treaty underwriting at Munich Re US, emphasized the necessity of a robust feedback loop among claims, actuarial, and underwriting teams in the cyber re/insurance sector. He noted that as cyber threats evolve, collaboration among these teams, along with external contributors like digital forensics teams, is essential for effective risk management and maintaining market stability. Structuring claims data and implementing a common terminology can enhance the accuracy of risk assessments, thereby reducing volatility in cyber insurance pricing. Ultimately, strengthening these communication channels can attract investment and foster a healthier insurance environment.
