World Alzheimer’s Day marks a longstanding partnership between the SCOR Foundation and France's Alzheimer’s Disease Foundation to seek advances in the treatment, early diagnosis and prevention of this debilitating condition.
The agricultural industry is faced with a plethora of risks, and some of its major loss drivers are weather-driven natural catastrophes. SCOR’s latest technical newsletter takes a look at winterkill, caused when crops are damaged through exposure to cold in the winter.
Viral hepatitis is currently the world’s 7th deadliest human disease. To mark World Hepatitis Day on June 28, SCOR Global Life Medical Director Dr. Gabriela Buffet shares some key points about this widespread pathology.
Automated vehicles (AV) are keenly anticipated for the benefits they are expected to bring to society: greater safety, fewer traffic accident victims, improved access to mobility, and more efficient traffic flow resulting in reduced emissions.
In the video interview below, Thomas Sterner, Professor of Environmental Economics at the University of Gothenburg in Sweden, explores the risks associated with climate change and the uncertainty surrounding their quantification. He goes on to discuss the most efficient tools to mitigate those risks from the perspective of policymakers, corporates and the (re)insurance industry.
In his presentation “Cyber risks, where we are”, Sébastien Héon, Deputy Chief Underwriting Officer at SCOR Global P&C, analyzes the impact on the insurance industry of the increasing threat posed by cyber attacks.
Last year saw a growing number of cyber attacks, confirming the increasing presence of cyber risk and its highly disruptive potential. According to Sébastien Héon, Deputy Chief Underwriting Officer at SCOR Global P&C, this trend is here to stay. During his presentation titled “Cyber risks, where we are” at the SCOR Conference 2017, Héon explained that the best way to deal with this risk is through risk management. Because of its technical complexity, cyber risk is generally handled by IT departments. “But cyber risk is not about IT”, he said, “it is about process, about management, about strategy, about digital transformation”. It should be addressed globally throughout companies.
The impact of cyber-attacks over the past few months has exceeded expectations. One of the characteristics of cyber risk is that it threatens intangible assets – it can break reputations, destroy R&D, and reduce share value. This means that new tools are needed, not only to value these assets but also to protect them.
The biggest problem for the market development of cyber insurance lies in accumulation risk. Both the highly mediatized WannaCry and Petya attacks impacted companies in various sectors and various parts of the world. For instance, WannaCry’s victims include institutions and companies in health, the car industry, the telecommunications sector and many others, in the UK, the US, France, Southern Europe and elsewhere. According to Héon, for an insurance company “there is no magic solution to protect against such risk”. He said that the first step is to clarify contracts, in order to determine exactly what kind of cyber risk is covered, and that it could also be useful in the long run to identify the supply chains of all clients, to check if they use the same IT infrastructure, the same IT provider, the same operating systems, and so on.
Sébastien HÉON, Deputy Chief Underwriting Officer at SCOR Global P&C