Reinsurers risk lawsuits over uncertain cyber cover
Hiscox Re warns that the inclusion of cyber risks in poorly defined reinsurance contracts could prompt a wave of litigation claims that will affect the industry’s reputation
The reinsurance sector could be facing a wave of lawsuits after moving too fast into the cyber risk area. Mike Krefta, chief underwriting officer at reinsurance firm Hiscox Re, warns that the uncertainty around poorly worded reinsurance contracts expanded to include such areas as cyber risk may lead to a mass of expensive litigation from unsatisfied customers when claims are eventually made – and
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