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Risk and insurance industry report urges Europe to become global leader in advancing cyber resilience

European risk and insurance industry calls for greater collaboration on cyber risk, and highlights need for coordination between all stakeholders on solutions for evolving cyber risks.

Brussels, 26 June 2023 –  FERMA has released together with its industry partners a new joint report entitled ‘Cyber insurance dialogue – How Europe can lead the way to cyber resilience’ which addresses the challenges faced by all participants in the cyber insurance chain and highlights the potential for Europe to become a global leader in developing solutions for risks that cannot be covered by the private insurance market alone.

The report is the result of a pan-European, multi-stakeholder dialogue and was produced by FERMA in partnership with Allianz Global Corporate & Specialty, AXA XL, HDI Global, Howden, Lloyd’s Insurance Company (Europe), Marsh, and Munich Re.

Central to the findings is the call for greater collaboration between all cyber stakeholders to achieve a balance between the risk appetite of insurers and the coverage requirements of corporate buyers to ensure a sustainable market. It also urges greater investment in iden􀆟fica􀆟on and preven􀆟on measures, promotes the adop􀆟on of transi􀆟onal coverage and con􀆟nuous underwri􀆟ng prac􀆟ces, and proposes an annual high-level interna􀆟onal summit focused on cyber resilience.

Key recommendations of the report include:

–> Identification and Prevention

• For large corporates, improve identificación and prevención by investing in quantification, benchmarking, and crisis management training & protocols.
• Development of common EU cybersecurity standards for the SME segment.
• Awareness-raising campaigns/tools and incentivisation schemes for SMEs to invest in cyber security controls by public authorities.


  • Continuing to work to a more standardised baseline questionnaire to be used in underwriting discussions.
  • More training on technologies embedded in business processes and the necessary security.
  • Transitional coverage offering for SMEs on cybersecurity journey.
  • A more continuous underwriting approach for larger corporates focusing on greater feedback.


  • Europe to become a global leader by addressing possible solution for risks that cannot be covered by private insurance market alone.
  • Further discussion required around public and private cooperation to find solutions for evolving cyber risks (for example Cyber War and Systemic Risk).
  • Stress-scenarios to be developed and worked on by all stakeholders (public and private).

The report also calls for broader data sharing on cyber claims and the establishment of an annual largescale cyber event which brings together stakeholders from across the insurance value chain and policymakers to address key market challenges and develop more effective cyber resilience strategies.

Philippe Cotelle, Vice President of FERMA, and Chair of the Digital Committee, said: “This report is the result of a ground-breaking pan-European dialogue across all core cyber insurance stakeholders. Our collective aim is to support the development of a bedrock of cyber resilience at the organisational level which is ably supported and enhanced by a robust, relevant, and affordable cyber insurance market and which serves to bolster the overall competitiveness of the European market.”

Typhaine Beaupérin, CEO and Secretary General of FERMA, added: “We believe that Europe can become a world leader in efforts to bolster cyber resilience. Adopting a Europe-wide, pan-stakeholder approach to address every aspect of the cyber challenge and ensuring that through ground-breaking risk-sharing initiatives we can create the depth and breadth of capacity required to bridge the cyber protection gap.”

Partner Quotes

Scott Sayce, Global Head of Cyber, Allianz Global Corporate & Specialty: “Cyber is the top business risk in the Allianz Risk Barometer with ransomware, business email compromise and supply chain attacks on the rise, accelerated by AI and technology. Responding to the ever-evolving nature of cyber risk, the cyber insurance market has matured quickly in producing solutions and innovative approaches. Allianz are committed to being a reliable cyber insurer for the long-term providing tangible capacity, coverage clarity and helping our clients to strengthen their cyber resilience.”

Carlos Rodríguez Sanz, Regional Cyber Product Leader APAC & Europe, AXA XL: “The European cybersecurity market is estimated at more than €130 billion and is growing at a rate of 17% a year. This is a clear sign that European businesses appreciate the risks associated with cyber security and understand the need and urgency to protect their operations and minimize their exposure. To help them and society at large to build resilience, insurers and cybersecurity experts must come together to define standards, benchmarking and crisis management protocols, and further raise awareness among SMEs and larger corporates alike.”

Shay Simkin, Global Head of Cyber, Howden: “Cyber insurance has never been more critical, as even the best-prepared companies cannot eliminate the risk of a cyber-attack. Ransomware, wars and rate increases encapsulate a period of incredible change in the cyber insurance market. Strong cyber controls are increasingly important as insurers deploy capacity when they are satisfied by companies’ risk management protocols. Today’s market demands the very best intermediary experience to navigate placement and industry-wide collaboration to devise practical solutions for businesses. This report is a great demonstration of dialogue and collaboration to formulate practical solutions for navigating this complex landscape.”

Jean Bayon de la Tour, Managing Director, Head of Cyber – Europe, Marsh: “We appreciate FERMA’s invitation to participate in this one-of-its-kind platform in Europe to discuss how we can help further improve the European and global cyber market, ensuring the needs of insurance buyers remain at the forefront of our collective mind, while also reconciling the current restraints of (re)insurers. At Marsh we protect and promote possibility, and for this initiative, it translates to our commitment in support of multi-stakeholder discussions around cyber risk and cyber insurance.”

Dr Jürgen Reinhart, Chief Underwriter Cyber, Munich Re: ““Effectively managing cyber risk is critical for society. We insurers have taken up the cyber task, today insurance is one of the most important tools for risk management of business. In the face of increasing demand and dynamic risk exposure, the cyber insurance market must ensure sustainability and functionality; this way, new capacities will develop. When it comes to systemic risks, a societal dialogue needs to be enforced, as their management is best enabled in an effective public-private partnership. Munich Re is a committed partner in this dialogue.”