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 * Sections
   * Critical Risks
   * Risk Management
   * The Insurance Industry
   * Claims & The Law
   * Workers’ Comp Forum
   * Risk Insiders
   * Sector Focus
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NEWSLETTERS

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RISK ALL STARS



RISK ALL STARS OVERVIEW

Topics: Award Applications | Risk All Stars | Risk All Stars Application



What is a Risk All Star?

Risk & Insurance® strives to identify emerging risks and mitigation strategies,
while covering the fascinating people who drive the industry forward. Our goal
is to inform and help our readers succeed in their careers as well as to inspire
and motivate them.

Risk & Insurance® All Stars embody this credo. They stand out from their peers
by overcoming challenges through exceptional problem-solving, creativity,
perseverance and/or passion. By presenting their stories, we strive to recognize
outstanding accomplishments while also providing our readers with ideas,
solutions and motivation to overcome similar challenges.

Who is eligible for the award?

Eligible nominees include any individual with responsibility for managing risk
or claims for their employer. For example:

 * Risk Manager
 * Claims Manager
 * Workers’ Comp Professional
 * COO
 * CFO
 * Owner/CEO/President
 * Any other professional responsible for risk management or claims

Who selects the winners?

Risk All Stars are selected by editors at Risk & Insurance® magazine.

What criteria are used to select winners?

Winning applicants are selected based on the compelling nature of their story
and accomplishments. The central question is, “Does the applicant’s story inform
and/or motivate others?” While a compelling story is most important, winners
also will exhibit success in any of the below:

 * Problem-Solving
 * Creativity
 * Perseverance
 * Passion

Nomination process

Applicants can apply directly or be nominated by a colleague, broker, insurer or
service provider.

Risk & Insurance® editors review all applicants and narrow the pool down to
finalists based on the application. Each finalist is then interviewed by a staff
member. A summary of the interview along with an evaluation form is completed by
the editor performing the interview.

Important Note Regarding Confidentiality: We are very conscious of the sensitive
nature of the information provided. Client references listed on applications and
contacted by judges may choose to be on or off the record. This includes the
client name, company name and additional identifying information. All other
information on the application will be considered on-the-record unless specified
otherwise.

Judging process

Once all interviews are complete, the judging team meets to review the
interviews and evaluations. Winners are selected.

There is no limit on the number of winners. Each Risk & Insurance® All Star is
chosen based on the compelling nature of their story.

Publication

Winners will be announced in the September issue of Risk & Insurance®. The
information will also be featured on the Risk & Insurance® website, and via
eNewsletter, magazine digital edition and App platforms. A profile highlighting
each Risk All Star’s story along with a head-shot is presented by industry
category.

Award Boxes

A few weeks after the winners are announced, each Risk & Insurance® All Star
receives a copy of the print issue, an award and additional promotional items.

Download the 2021 Logo Usage Agreement and PR Statement.

2022 Application Deadline: June 3, 2022

Winner Announcement Date: July/August (7/25/22) Issue








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SPONSORED: PINNACLE ACTUARIAL RESOURCES INC.



CYBER INSURANCE OR CYBER CAPTIVE?

Pinnacle Actuarial Resources’ Aaron Hillebrandt advises caution for those
engaged in managing cyber risk—even those seeking a captive solution, given the
unknowns and volatility associated with the cyber insurance market.
By: Pinnacle Actuarial Resources, Inc. | July 1, 2022

Insurers and risk managers expecting relief from escalating cyber insurance
premium increases may want to temper their expectations.

According to Pinnacle Principal and Consulting Actuary Aaron Hillebrandt, the
cyber risk landscape continues to be extremely complicated, even murky. It’s
difficult to know if the insurance industry is getting a full and complete
picture of the number and severity of cyber breaches or ransomware attacks.

In addition, price increases for coverages are continuing to increase, so anyone
seeking to purchase coverage, start a captive to manage cyber risk, or
self-insure for cyber losses should tread carefully.

Not only are premiums continuing to spike, but research from organizations
specializing in cyber are delivering divergent results on the details of losses,
including number and scope of losses for companies in a variety of industries.

Aaron Hillebrandt, Pinnacle Principal and Consulting Actuary, Pinnacle Actuarial
Resources

Remote work became much more prevalent for a large section of the workforce
during the COVID-19 pandemic. It stood to reason that less technologically
secure remote work arrangements could, theoretically, increase cyber risk and
attendant losses. According to IBM’s Cost of a Data Breach Report 2021 featuring
research from the Ponemon Institute, concerns about those arrangements appear to
be well-founded.

According to the report, the average cost of a breach for companies with less
than 10% of their workforce working remotely was $3.65 million. For companies
with 81 to 100% of their workforces working remotely, that cost averaged $5.54
million.

That same report stated that companies with less than 50% of their workforce
operating remotely reported requiring an average of 258 days to identify and
contain a breach. Companies with more than 50% of their employees working
remotely needed an average of 316 days to identify and contain a breach.

Could it be that the companies encouraging remote workers to return to the
office in 2022 are most concerned with cyber security risk?

Hillebrandt confirmed that the frequency and severity of cyber incidents
increased as the COVID-19 pandemic pushed so much of the workforce into
work-from-home situations.

“The influence of remote work accelerated cyber claims trends and exacerbated
conditions associated with greater cyber risk,” Hillebrandt said.

The Pinnacle team has also documented what many underwriters have experienced,
some more acutely than others. Cyber insurance premium rates have been
inadequate for quite some time and are likely still inadequate.

“Several years ago, research indicated that pricing levels were lower than where
they should have been. The industry seemed to be racing, competing to write more
cyber policies, depressing pricing,” he said.

“Subsequently, the claim situation reversed, with increasing frequency and
severity. Consequently, there is much more ground needed to be made up to get
premiums to an adequate level. I think we’re still not there yet,” he added.

“That’s why pricing is accelerating so much now,” he said.


IS IT TIME TO FORM A CAPTIVE?

With premium prices increasing, one might be tempted to form a captive to help
manage the risk, but Hillebrandt again urged perspective. Seasoned underwriters
are having difficulty mitigating cyber risk, so it should be expected that
captive management teams would face similar and familiar challenges.

The overarching issue is that cyber is a sizable insurance market, and it is
relatively new. There just isn’t enough good data and loss experience to
properly underwrite the risk.

“It’s not every day a new, major insurance line emerges,” said Hillebrandt.

“Cyber is, of course, still emerging and evolving. But whether or not it’s a new
insurance line, so much in cyber is conditional — it is dynamic and changing,
and that is driving the number and nature of the claims that insurers are
seeing,” he added.

If considering a captive, one should consider that major insurance companies,
with assets far beyond the amounts held by most captives, are better able to
absorb the volatility of losses in the cyber market.

“If preparing a captive feasibility study, it is important that managers
understand fully the kinds of limits under consideration,” Hillebrandt said.

A captive owner considering insuring cyber risk will need to make sure that they
have an adequate amount of capital backing the effort, not just for year one,
but for scenarios in which some years’ losses could be significantly worse than
others.

That being said, Hillebrandt said some companies are being practical in
exploring the captive route, given the difficulty of the commercial cyber
insurance premium and underwriting environment.

“Some people may not have a choice because they can’t get their commercial cyber
insurance policy renewed,” he said.

“Others may get it renewed, but it’s triple the price which makes a captive
solution more attractive,” Hillebrandt said.

“Our message is not to be casual or indeliberate about it,” Hillebrandt
continued.

Cyber is a volatile risk and risk managers and their risk management partners
need to understand what a bad year might look like and ensure they have adequate
surplus available in their captive should they experience, if not a worst-case
scenario, a substantial loss.

A bright side is that the premium that would be paid to a carrier stays
in-house.

“The silver lining is that if you put it into the captive and you do have a good
year, and you don’t have any cyber claims, then the profit remains in the
captive,” Hillebrandt said.

It may be difficult to predict where things are going from a loss perspective,
but, again, the picture is cloudy and complicated.

Hillebrandt pointed to recent commercial rate filings from major carriers.

In 2017, one major cyber writer showed a trended ultimate loss and allocated
loss adjustment expense (ALAE) ratio of 37.2% in its cyber insurance line. In
2020, that loss ratio had risen to 97.6%. The company had a somewhat less
difficult time in 2021 but its cyber insurance loss ratio still stood at a
difficult 88%.

The cyber security firm NetDiligence calculated the average cost of a breach in
2018 for companies with more than $2 billion in revenue at $2.9 million. In 2019
that average incident cost grew to $5.9 million and in 2020, stood at $10.4
million.

Looking at steadily rising premiums and steadily rising losses, Hillebrandt
said, “It’s similar to bailing water out of a leaky boat. The boat will continue
to fill up until the hole is fixed. Assuming or thinking things may improve
doesn’t necessarily make it so. That seems to be the immediate future for the
cyber market.

“If you’re considering different avenues to manage the risk – say, forming a
captive, waiting may be an unaffordable luxury. It may be a while.”

For more information, please visit Pinnacle Actuarial Resources at
www.pinnacleactuaries.com.





This article was produced by the R&I Brand Studio, a unit of the advertising
department of Risk & Insurance, in collaboration with Pinnacle Actuarial
Resources, Inc. The editorial staff of Risk & Insurance had no role in its
preparation.

A full-service actuarial firm, Pinnacle provides your business with data-driven
research backed by clear communication. Our expert Consultants work with you to
look beyond today’s numbers in planning for tomorrow.







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