Now showing 1 - 9 of 9
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What Do We Know About Cyber Risk and Cyber Insurance?

2016 , Eling, Martin , Schnell, Werner

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Recent Research Developments Affecting Non-Life Insurance - The CAS Risk Premium Project 2016 Update

2017 , Eling, Martin , Schnell, Werner

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Der Kunde – das unbekannte Wesen? Wie verändert sich die Wertschöpfung in Versicherungsmärkten?

2019 , Häusle, Niklas Matthias , Jahnert, Jonas Raphael , Schnell, Werner , Waeber, Aline

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Does cyber risk pose a systemic threat to the insurance industry?

2020 , Schnell, Werner

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Recent Research Developments Affecting Non - Life Insurance-The CAS Risk Premium Project 2015 Update

2016 , Eling, Martin , Jia, Ruo , Schnell, Werner

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Ten key questions on cyber risk and cyber risk insurance

2017 , Eling, Martin , Schnell, Werner

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The Impact of Extreme Cyber Events on Capital Markets and Insurers’ Asset Portfolios

2021 , Eling, Martin , Schnell, Werner

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Capital Requirements for Cyber Risk and Cyber Risk Insurance: An Analysis of Solvency II, the U.S. Risk-Based Capital Standards, and the Swiss Solvency Test

2019-10-30 , Eling, Martin , Schnell, Werner

Cyber risk is becoming more significant for insurance companies in both underwriting and operational risk terms, but the characteristics of cyber risk are still not yet well understood. We contribute to the literature by analyzing the role of cyber risk in insurance regulation frameworks. The aggregated cyber risk exposure of an insurer is estimated by fitting different marginal distributions and dependence models to historical cyber losses. This aggregated cyber exposure allows us to derive the insurer’s survival probability and compare it with the goals of regulatory frameworks, such as the U.S. Risk Based Capital (RBC) or Solvency II (SII). Our findings indicate that regulatory models underestimate the potential risks associated with cyber threats. This is especially true for small cyber insurance portfolios, which are predominant in practice today. Regulatory models should be adapted to account for the heavy tails and dependence structure specific to cyber risks, instead of assuming “one size fits all.

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Ten key questions on cyber risk and cyber risk insurance

2016-12-07 , Eling, Martin , Schnell, Werner