ID COMMENT: RE/INSURERS SHOULD BE CAUTIOUSLY OPTIMISTIC ABOUT CYBER

Attendees of the virtual Monte Carlo Rendez-Vous will certainly have noticed the blatant excitement among reinsurers who are expecting growth going into next year. The outlook is certainly positive for the industry. Financial performance has improved across the board, bolstered by price increases in a hard market environment, a fast rebound in economic activity and a decline in losses related to the pandemic.This optimism is shared by rating agencies and analysts alike. Fitch Ratings, for instance, has lifted the reinsurance sector outlook from stable to improving. Another frequent reflection point at the Rendez-Vous was cyber risk. The industry is targeting aggressive investment into cyber insurance as a source of growth, says reporter David Freitas.