With cyber crime fears being heavily highlighted in PwC’s “Insurance Banana Skins 2023” report, Reinsurance News spoke to Jim Bichard, Partner and Global Insurance Leader at PwC, at RVS 2023 about what the industry needs to do to try and combat these ongoing fears.
“The amount of protection that currently exists for cyber is just a fraction of what could be provided. Although it’s a risk for reinsurers, there are also massive opportunities”, Bichard said.
“What we find is that corporates want more cover, but they don’t know how to obtain it. They don’t actually know how to get the insurance in the first place.