Changing nature of cyber threats have created many challenges for reinsurers.
The International Underwriting Association (IUA) has formed a new group dedicated to addressing the cyber concerns of reinsurers.
The IUA currently has a Cyber Underwriting Group for underwriters offering standalone cyber policies, and it is made up of carriers offering direct cover.
It said the new group has been formed following interest among reinsurers in the activities of the Cyber Underwriting Group.
The IUA said reinsurers have a “slightly different focus” than insurers, and that 14 companies had joined the new group, which held its first meeting on May 22.
They discussed the scope of future discussions, which are expected to cover issues such as cyber war and terrorism, accumulation and aggregation of risk, the provision of cyber cover within traditional classes of business, and natural perils as potential triggers for cyber events.
Chris Jones, IUA director of legal and market services, said: “The rapid growth and fast-changing nature of cyber threats have created many challenges for reinsurers.
“Companies are keen to support the development of dedicated cyber products in the London Market and our new reinsurance group aims to encourage this through discussion of both underwriting and claims issues.”