Lloyd's has agreed a common core set of data requirements for cyber risks in collaboration with modelling firms AIR Worldwide and RMS alongside the Cambridge Centre of Risk Studies.
AIR and the RMS and Cambridge team have agreed to highlight common elements when they publish their data charts in January. They have also agreed to use similar terminology and definitions.
Tom Bolt, Lloyd's performance management director, said it was important to have quality standardised data to track exposure to cyber risk.
"I am delighted the RMS/Cambridge team and AIR, in consultation with the Lloyd's Market Association, have worked with us to propose standard definitions for some common data. I have written to major brokers to ask them to endeavour to provide this data to Lloyd's underwriters," Bolt said.
"The cyber insurance industry is showing real innovation and demonstrates the ability of insurers to develop policies to cover modern, complex risks. Due to the growing importance of this risk class, quality standardised exposure data is critical for increased levels of insurance coverage and better risk modelling," he explained.
Bolt added the insurance needed to work collectively to ensure cyber risk is accurately calculated.
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