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.