In 2018, Gallagher Re (then Capsicum Re) published a white paper outlining an expectation that the reinsurance market will soon become redefined as PC&C (Property, Casualty, and Cyber). With Cyber’s journey toward PC&C well under way, this paper represents a spiritual sequel.
The COVID-19 pandemic has highlighted society’s ever-expanding dependency on technology, whilst the conclusion of the Lloyd’s non-affirmative deadlines is creating momentum for standalone Cyber growth. The demand for Cyber cover is continuing to soar as our headlines are occupied with stories of Cyber-attacks and new technologies.
In this paper we explore how, given the momentum of recent years, the market could become PC&C. Although a work of “cy-fi”, we hope this paper prompts insightful discussion on the future of Cyber.