Silent Cyber Added to Willis Re’s Cyber Portfolio Management Tool PRISM-Re
Willis Re, the reinsurance business of
PRISM-ReTM was first launched by Willis Re in
The innovative 2018 update to PRISM-ReTM offers the insurance market access to the stochastic modelling of cyber losses on a worldwide basis, arising from insurance policies not specifically designed to cover cyber risk.
The latest version of PRISM-ReTM supports insurers and reinsurance buyers to more effectively manage their exposure to cyber risk across their entire portfolio of property and casualty business. The model incorporates the likelihood of a loss resulting from silent cyber and overlays this against client-specific non-cyber limits profiles and loss severity curves to generate a full loss distribution for silent cyber loss potential in isolation, or in conjunction with affirmative cyber loss.
The likelihood of loss is derived from the responses of around 750 insurance professionals to Willis Re's 2017 silent cyber survey which focused on the extent to which the cyber aspect of exposure would increase the likelihood of a covered loss to various industry segments in the property, other liability, auto and workers compensation lines of business.
About Willis Re
One of the world's leading reinsurance brokers, Willis Re is known for its world-class analytics capabilities, which it combines with its reinsurance expertise in a seamless, integrated offering that can help clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world's top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. The broker's global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms.
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