JLT Re partners with CyberCube, building a strong partnership in cyber risk modelling
"With the cyber market growing at more than 20% per year, the need to understand and manage cyber risk challenges is more important than ever. JLT Re's continued investment in developing market leading analytical tools will help clients solve some of the most complex cyber issues, particularly in regard to aggregation concerns," commented David FLANDRO, Global Head of Analytics for JLT Re.
Cyber risk is one of the most important risks in the 21st century, while cyber insurance is one of the fastest growing insurance lines in the industry. By 2025 cyber risks insurance is estimated that will reach USD 20 billion in premium revenue. Moreover, with the rapid evolving technology and the globalized economy, assessing cyber risks exposure and vulnerability became more than complex. "Cyber aggregation is one of the most important and difficult issues facing the insurance industry. We are excited to be working with JLT Re to bring our distinctive data and industry-leading models to help more insurers better understand this dynamic new risk," remarked CyberCube's CEO, Pascal MILLAIRE.
JLT Re's existing cyber and enterprise modelling tools, combined with CyberCube, will provide unique insights to help clients manage and measure cyber risk and exposure. CyberCube's robust and innovative analytics, including fully probabilistic capabilities and a wide range of possible loss scenarios, will enhance JLT Re's offering to its clients providing them with the vital information they need to manage their cyber strategy. With access to unique data sources including Symantec's security telemetry, CyberCube is able to support JLT Re in delivering sophisticated modelling capabilities for their clients. "This partnership will allow us to provide meaningful insights to clients by combining our proprietary modelling tools with that of CyberCube's unique resources. As a result, we will offer sustainable and material benefits tailored to fit our clients' needs," Global CEO of JLT Re, Michael Reynolds said.