Special Actuarial Topics in Cyber (Re)Insurance

Einleitung/Dauer

In the modern economy, where many businesses integrally depend on functioning IT systems and digital services, cyber insurance has emerged as one of the fastest-growing insurance lines. Likewise, the challenges for actuaries in adequately assessing, modelling, pricing, and managing this complex and ever-evolving risk are manifold. In this session, we will delve into key aspects of cyber insurance, extending beyond the basics.

In particular, we will discuss three topic areas with particular relevance to actuarial cyber (re)insurance practitioners:

1. Cyber Accumulation: Diversification and accumulation are integral parts of assessing cyber risk and understanding the overall exposure. Cyber comes with a unique set of challenges, where data scarcity may add an additional layer of complexity. We discuss different types of accumulation modelling approaches and possible data sources.
2. Risk Mitigation Services: Cyber insurance products are continuously being developed following an evolving market landscape. Risk mitigation services included in insurance products provide insureds with an additional value proposition and allow the insurer to benefit from synergies between offering risk transfer and pro-actively ensuring adequate risk assessment and risk mitigation. We present already existing solutions for the inclusion of pre- and post-incident services in both commercial and personal lines cyber insurance products, present ideas for additional initiatives, and discuss how such combinations of risk transfer and risk mitigation can be assessed from an actuarial perspective.
3. Parametric Cyber Insurance: Characteristics of cyber risk pose significant challenges to insurability, resulting in dangerous protection gaps. Parametric insurance products based on publicly observable indices can support swift recovery and may provide coverage for difficult-to-insure losses to ensure a holistic risk transfer in combination with indemnity-based solutions. We give an overview of the basic principles underlying parametric insurance and suitable applications in the context of cyber risk, introduce an actuarial modelling framework for assessing premiums and portfolio risk, and investigate the design of basis risk-optimal payment schemes.

 
Preliminary Programme
Wednesday, 4 November 2026
09:00 - 09:10 Introduction
09:10 - 10:10 Cyber Accumulation
10:10 - 11:10 Risk Mitigation Services in Cyber Insurance 
11:10 - 12:10 Parametric Cyber Insurance
12:10 - 12:30 Outlook
A total break time of 30 minutes is included.

All the above times are given in CET (Central European Time).

Vorgehensweise und Ziele

Actuarial professionals with particular interest in cyber risk modelling and cyber insurance acquaint themselves with specialist topics of particular relevance in the current insurance market landscape.

In particular, the presentations and discussions will enable participants to:

• Understand different approaches to cyber accumulation modelling and gain insights into current discussions on diversification,
• Learn about the combination of risk transfer and risk mitigation services in state-of-the-art cyber insurance solutions, both for commercial and personal lines products, and how to assess such solutions from an actuarial viewpoint,
• Understand parametric cyber insurance products, explore actuarial tools for contract design and portfolio modelling, and identify risks suitable for parametric coverage.
  

Teilnehmer

The seminar is open to all non-life actuaries or other professionals with a basic knowledge of cyber risk and cyber insurance. The discussed topics are particularly relevant for actuaries or other professionals concerned with actuarial applications in cyber risk modelling and cyber (re)insurance.

Technical Requirements
Please check with your IT department if your firewall and computer settings support web session participation (the programme Zoom will be used for this online training). Please also make sure to join the web session with a stable internet connection.

Dozierende

Markus Johannes Maier
Markus holds a master’s degree in Mathematical Finance and Actuarial Science from the Technical University of Munich (TUM). As a doctoral candidate at TUM, he is focusing on cyber risks and related insurance products as part of a joint research initiative with Allianz SE.

Stefan Tremmel
Stefan holds a master’s degree in mathematics from the Technical University of Munich (TUM). He works in Munich Re’s cyber actuarial team, focusing on accumulation modelling. Stefan is an aspiring member of the German Actuarial Association (DAV).

Dr Gabriela Zeller
Gabriela holds a master’s degree in Finance and Information Management and completed her doctorate on Cyber Risk Modelling and Cyber Insurance at the TUM Chair of Mathematical Finance and Actuarial Science in 2023. She currently works in Underwriting at Munich Re and is an aspiring member of the German Actuarial Association (DAV).

Sprache/Kurztitel

The language of the web session will be English.

CPD Credits
For this web session, the following CPD credits are available under the CPD scheme of the relevant national actuarial association:

• Austria: 3 points
• Belgium:  3 points
• Bulgaria:  4.5 points
• Croatia: individual accreditation
• Czechia:  3 hours
• Denmark: 3 credits
• Estonia:  3 hours
• Finland: 3 points
• France:  18 points
• Germany:  3 hours
• Greece: 4 points
• Hungary:  3 hours
• Iceland: 3 credits
• Ireland: 3 hours
• Italy: GdLA individual accreditation
• Latvia: 3 hours
• Lithuania: 3 hours
• Netherlands:  approx. 3 points (individual accreditation)
• Norway: 3 points
• Poland: 3 hours
• Portugal: 3 hours
• Serbia: 3 hours
• Slovakia:  individual accreditation
• Slovenia:  individual accreditation
• Spain: CAC: 3 hours, IAE: 3 hours
• Switzerland:  individual accreditation
• USA: SOA (Section B): up to 3.6 hours

No responsibility is taken for the accuracy of this information.