Tackling Systemic Cyberwar Exposure 2024 | Munich Re | 10 April 2024 | Online

Today’s cyber landscape is highly dynamic and of ever-increasing importance for the global economy. Insurers (and reinsurers) need flexibility and agility to respond to existing and evolving challenges. It is vital for a sustainable cyber market to limit systemic risks, the foremost of these being cyber war. In this context, in the light of the current geopolitical situation, and considering several “near misses” in the past, the introduction of robust and future-proof war and cyber war exclusions is key.
The development of war and cyber war exclusion clauses represents a great step forward for the insurance industry regarding the ability to control potential systemic accumulation from what is essentially an uninsurable risk. The seminar focuses on the fundamental considerations that led to the development of such clauses, the main systematic approaches, and the clauses’ contents (especially those clauses based on the concept developed by LMA), while also addressing the balancing effect on insurance books.