Huff: Bermuda can be a leader in cyber

  • Upbeat on cyber: John Huff

    Upbeat on cyber: John Huff


The emergence of cyber-risk is prompting insurance companies to move beyond pure indemnification of loss costs, the president of the Association of Bermuda Insurers and Reinsurers has said.

John Huff was speaking at Monte Carlo Reinsurance Rendez-Vous de Septembre, the annual conference of reinsurers.

“What cyber is highlighting, and Abir members have been very strong in delivering, is that cyber starts with policyholders asking the insurers and the reinsurers to tell them how to protect themselves, through the underwriting process,” he told Monte Carlo Today, a special edition published by Intelligent Insurer.

“Insurers are improving ‘cyberhygiene’ by telling potential customers, who are merely applying for cyber coverage, that no, they’re not interested in them because they don’t have the software patches, or hardware enhancements, or a protocol, or a culture for cyber resilience.

“The industry is now going from silent cyber, that may or may not be in D&O and other policies, to a true standalone affirmative cyber product. Regulators are pushing for it and the industry is responding. It will be an exciting time.”

Mr Huff said Bermuda was at the forefront of the market and continues to provide the thought leadership and impetus to lead that shift to standalone products.

“I’m getting very energised about cyber,” he said. “Bermuda will take a leadership role in this area because cyber is going to evolve.

“No-one knows yet what the magic formula is for coverage and for cyber terms and conditions and what will be the exact value proposition for cyber coverage.

“One thing is certain: it will require flexibility and adaptation.”

You must be registered or signed-in to post comment or to vote.

Published Sep 20, 2019 at 8:00 am (Updated Sep 19, 2019 at 6:42 pm)

Huff: Bermuda can be a leader in cyber

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "Which of these is the worst political gaffe of modern times"
    • Craig Cannonier getting on that plane
    • 11%
    • Michael Fahy pressing on with Pathways to Status
    • 10%
    • Bob Richards's 'Money doesn't grow on trees' speech
    • 5%
    • Lt-Col David Burch and ATVs
    • 9%
    • Wayne Caines and the London cereal cafe
    • 44%
    • Zane DeSilva's mystery shopper cruise
    • 21%
    • Total Votes: 5373
    • Poll Archive

    Today's Obituaries

    eMoo Posts