Asia Capital Reinsurance Group is a top 50 reinsurance carrier in the Pan-Asian region focused on large and specialty risks.
Reinsurers currently face challenges in quantifying their total underlying exposure to cyber catastrophes within other business lines - often referred to as silent cyber exposure. Specifically, Asia Capital Re wanted to be able to employ data intelligence to identify, quantify, monitor and predict the exposure within their property insurance books.
"With Kovrr, we're able to better manage our silent cyber risk exposures and moreprecisely define our risk appetite for affirmative cyber risk." -Hetul Patel, Head of Actuarial, Asia Capital Re
The company chose Kovrr to identify catastrophic cyber risk within their property books. They also use the solution to continue to monitor cyber risk they may take on within new policies. Asia Capital Re was provided with data that reflects their silent cyber risk including risk scenarios based insights. Kovrr quantifies potential loss distributions to enable Asia Capital Re to manage their catastrophic cyber risk in a continuous manner, understand their capital at risk, and diversify their book. Asia CapitalRe is provided with ongoing visibility to their silent risk accumulation, based on evolving risks and changes of the insured’s security posture.The solution also takes into account possible triggers based on specific wording and exclusions. The solution is currently being used for their existing books and for onboarding new customers.