“Facing the prospect of major financial fallout from an attack, C-suites around the world have turned to cyber insurance. Insurers are issuing more policies, and the amounts of protection available are increasing. In 2020, according to data proprietary to the team I lead, the global insurance community saw the first cyber insurance program to exceed $1 billion — and the second. However, the momentum that has propelled the sector this far may be running out. The cyber insurance sector may still be in its infancy, but there are signs that it’s hit a (hopefully temporary) plateau.”
That is a quote from a Jan. 11, 2021, article in the Harvard Business Review titled “Cybersecurity Insurance Has a Big Problem.”
The author of the piece is my guest on our latest episode. He is Tom Johansmeyer, ARM, is head of PCS, a Verisk business. PCS investigates and provide, independent loss estimates on catastrophes and large individual losses to the benefit of the global risk and capital supply chain. Tom has focused on the broad and rapid expansion of PCS, leading the team into Japan, New Zealand, and other APAC regions in 2019 – as well as Mexico. Tom is the architect of the PCS entry into global specialty lines, most recently adding large risk loss reporting to the group’s portfolio. Previously, Tom held insurance industry roles at Guy Carpenter (where he launched the first corporate blog in the reinsurance sector) and Deloitte. Personally, I like his LinkedIn description: “Aspiring cyclist and distance swimmer, former soldier. Leading the global charge at PCS. Haven’t driven anything with a motor since 2007.” Excellent.
This podcast is the audio companion to the Journal on Emerging Issues in Litigation, a collaborative project between HB Litigation Conferences and the legal news folks at Law Street Media, and the Fastcase legal research family, which includes Docket Alarm and Judicata. If you have comments or wish to participate in one our projects, or want to tell me how insightful our guests are, please drop me a note at Editor@LitigationConferences.com.
You might notice that I misused a commonly word term, one specifically common in the world of insurance, or maybe you weren’t paying that much attention. That would make two of us. Also, Tom J. was just a fun interview and I hope to get him back! I like the way he explained his candor at the end. He suffers from an infliction that I wish were a pandemic. I hope you enjoy it.