Insurers including QBE, Tokio Marine, and Prudential will be subject to the new IAIS standard which will be applied in a two stage process starting in 2026.
Global cyber insurance market growth stalled in 2023 as US premiums saw their first ever decline, but opportunities exist in Asia Pac’s underserved SME sector.
Wider AI use by businesses could add $4.4trn to annual global GDP growth and bring cyber risk directly into a number of general insurance lines says the Swiss Re Institute.
Higher for longer rates predicted to help add US$1.5 trillion in global premiums by 2034, with advanced markets like Australia and Japan leading the surge.
'Stable' outlook driven by economic improvements and regulatory advancements, but concerns about higher risk retention and lack of agricultural reinsurance remain.
