Advertise here, Reinsurance News


Reinsurance News

Risk modeller Kovrr develops new silent cyber product

4th October 2018 - Author: Matt Sheehan

Kovrr, an Israel-headquartered cyber risk modeller, has developed a new silent cyber risk offering that enables insurance and reinsurance carriers to identify uncalculated capital at risk and quantify policy clauses that may leave them liable in the event of a cyber-attack.

cyber modelThe product, which Kovrr claims is the first fully integrated silent and affirmative cyber risk solution, uses open-source, third-party data harvesting engines to analyse reinsurers’ policy wording and simulate loss processes, calculate loss cost and correlations, and audit a company’s book of business.

Clients also undergo a cyber resilience analysis that uses dozens of risk scenario models to offer real-time insights and prediction into the frequency and severity of incidents.

Kovrr’s predictive models are custom built for reinsurers of all sizes, and can enable underwriters to validate capital at risk in any P&C line of business, Kovrr said, in addition to quantifying cyber risk for new policies and adjusting prices based on a customers cyber stature.

“We understood that insurers are looking for quantification methods around cyber risk but lack the cyber expertise in building their models,” said Yakir Golan, Chief Executive Officer (CEO) of Kovrr.

“We’re delighted to have already onboarded a number of forward thinking insurers and reinsurers and see our technology as the engine behind their affirmative and non-affirmative cyber risk strategy.”

Kovrr first announced the launch of its predictive cyber risk modelling platform for the P&C re/insurance sectors in April 2018.

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
IFRS 17 to have mixed results for reinsurers, says Deutsche Bank

The International Financial Reporting Standard (IFRS) 17 will have mixed results for reinsurers in different sectors, according to a new...