A.M. BestTV: Aspen’s Brew: Compliance Is Not the Same as Security

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)-- In this ^A.M.BestTV episode, Oliver Brew, executive vice president, global head of cyber risk and head of international professional indemnity, Aspen Insurance Group, said cyber exposures are increasingly linked to property risks. With broader rules on security and privacy forcing companies to focus on protecting their systems, most need to go further. Click on http://www.ambest.com/v.asp?v=brew716 to view the entire program.

“One of the challenges that we are facing is how cyber risk interacts with property damage,” said Brew. “We are seeing an increasing demand among our clients. The concern is how cyber risk, whether through malicious (acts) or errors, could drive possible property damage in certain critical infrastructure areas.”

Brew further explained that he is, “working very closely with both our cyber team and some of the other groups within Aspen Insurance Group, to help build solutions and support clients in trying to find a way to work through how they interact with their existing and mature insurance programs.”

Brew also believes that the biggest challenge to increasing the sales of cyber is education. He sees the need to educate insurance carriers, reinsurers, brokers and clients to the changing nature of risk.

Recent episodes of ^A.M.BestTV include:

Minding the Gap in Cyber Coverage: In a recent A.M. Best webinar, insurers and technologists examine how cyber policies are struggling to keep up with fast-developing cyber risks, as well as identifying and addressing gaps in coverage: http://www.ambest.com/v.asp?v=cyber716.
Driverless Cars Set to Remake Automobile Coverage: McKinsey & Co. predicts driverless cars will hit the road in 2020, but a new survey from Munich Re reports that many insurers are unprepared for the changes that autonomous vehicles will bring to the auto insurance sector: http://www.ambest.com/v.asp?v=autonomous716.
Takaful Market Secures Foothold in Malaysia: A.M. Best Senior Financial Analyst Salman Siddiqui explains how regulation has helped to boost growth in Malaysia's takaful industry: http://www.ambest.com/v.asp?v=takaful716.
Securitizing Life-Related Traditional Premium Finance Loans: A.M. Best’s Yuhmei Chen, senior financial analyst, and Elmo Chin, assistant vice president, share their perspective on the securitization of pools of collateralized loans used to finance the premiums of life insurance policies: http://www.ambest.com/v.asp?v=securitization716.

^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv.