Swiss Re has said it is biding its time before increasing its appetite for cyber risk, citing the newness of the sector.
Thierry Léger, CUO of the reinsurance giant said that while it was still underweighted in cyber, it was investing in research and development to better understand this line of business.
Léger said that while cyber demand had increased ‘significantly’, the industry has experienced results that were worse than expected. This, combined with higher demand, has caused cyber pricing to increase massively. Swiss Re, Léger said, believes that this type of risk is only partly insuranble.