Ukraine invasion adds to insurers cyber risks: Fitch
- August 5, 2024
- Posted by: Web workers
- Category: Finance
Evolving cyber exposures may be further affected by Russia’s Ukraine invasion, Fitch Ratings Inc. said Thursday in a report.
The report says recent increases in cyberattacks “add to operational risks for P/C insurers and underwriting losses for insurers offering cyber coverage.”
These attacks may also “further test the effectiveness of ‘war exclusion’ and ‘hostile act exclusion’” policy language, Fitch says in the report, “U.S. Diversified Commercial Property/Casualty Insurers — Peer Reviews March 2022.”
“Larger insurers have taken significant pricing and underwriting actions in response to rising cyber claims, including tightened contract language, which should help offset underwriting losses in the current uncertain environment,” the report states.
The report also says, “On balance, improved underwriting performance is expected near term.”
Insurers in the peer group are American International Group Inc; W.R. Berkley Corp.; Chubb Ltd.; CNA Financial Corp. and The Travelers Cos., Inc.
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