13th September 2023
PERILS, the independent Swiss-based organisation providing industry-wide catastrophe insurance data, and CyberAcuView, the independent US-based organisation set-up by leading cyber insurers for the benefit of the cyber insurance market, have announced the launch of a US Cyber Industry Loss Index.
The Cyber Industry Loss Index reports affirmative US primary cyber market losses resulting from systemic cyber
incidents which affect more than one insurer and more than one policyholder. The reporting includes all events
exceeding $500m industry loss. Loss estimates are released at the latest six months after the event end date and are updated quarterly up to a maximum of three years after the event end date.
The loss data are available for licensing for use in industry-loss-based risk transfer products such as Insurance
Linked Securities(ILS) and Industry Loss Warranty contracts (ILW). Moreover, the loss database will support the
further development of cyber risk models over time.
The cyber industry losses are based upon loss data collected from US cyber insurers. Data collection and aggregation is carried out by CyberAcuView with subsequent industry-level calculations jointly signed-off by CyberAcuView and PERILS. The initial industry loss estimate and subsequent quarterly loss updates are made available to subscribers of the newly developed PERILS Cyber Portal. In addition, PERILS is also acting as the industry loss reporting agency for ILS and ILW transactions.
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