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Munich Re executive says insurers must close cyber protection gap
Munich Re said cyber growth has accelerated over the past 24 to 36 months, while it cautioned that AI and geopolitical tensions could change cyber risk.
Munich Re, according to Reinsurance News, said the insurance industry has not done enough to close a large cyber protection gap, even as the company positions cyber reinsurance as a growing area of opportunity.
Stefan Golling, a Member of the Board of Management at Munich Re, said much of cyber growth has occurred over the past 24 to 36 months, and he argued that with rates having softened, insurers still need to improve how they address the gap.
Golling also emphasized underwriting quality and said the industry must understand the implications of AI for cyber risk, along with how current geopolitical tensions affect cyber exposures.
He added that cyber insurance can serve not only as risk transfer, but also as a tool for risk mitigation, with Munich Re describing reinsurance as a form of society’s immune system while warning of uncertainties tied to climate, geopolitics, and rapid technological change.