Speaking during the firm’s briefing at the 2026 Rendez-Vous de Septembre (RVS) in Monte Carlo, Stefan Golling, a Member of the Board of Management of Munich Re, suggested that the industry has not done enough to close the significant cyber protection gap, while also flagging the major business opportunity in doing so as Munich Re looks to maintain its position as a market leader in the growing sector.
Golling observed that much of the growth in cyber has come over the past 24 to 36 months and, with rates having softened, said he believes the industry has not done enough to close the significant protection gap.
“We must continue, of course, to focus on underwriting quality, and we must understand the implications of AI,” the executive said.
Golling continued, “We must understand what the implications of the current geopolitical tensions on cyber are, and we need to understand the new systemic interdependencies that are out there with new technology and so on.
“But this must not become an excuse for us in this industry for failing to educate the distribution partners, to educate our end customers more effectively about the value of cyber insurance.”
Golling added that the value of cyber insurance lies not only in its role as a risk transfer instrument, but also as a tool to help with risk mitigation.
He went on, “Closing the cyber protection gap is a major business opportunity, but it’s also our responsibility as an industry if we want to live up to the picture of being the immune system for our customers.
“Before I close, I would like to highlight Munich Re’s ambition and capabilities to innovate and to push the boundaries of insurance.
“We have been a top cyber reinsurer for the last 10 years, but actually, the first cyber policy was sold in the market already 20 years ago, and even Munich Re sold its first cyber policy about 15 years ago.
“So this shows that innovation, expanding the boundaries of insurability, just takes time. It’s a long journey.”
At the same briefing, Munich Re also underlined the importance of a resilient reinsurance sector as risks are “becoming more global and more volatile.”
The firm described reinsurance as society’s immune system, but warned that the industry is facing an abundance of uncertainties from the changing climate, geopolitical tensions, and rapid technological development.
