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Insurance Gaps: A Growing Vulnerability
Though insurance gaps is a little-known term outside the insurance industry, and one not associated with national security, it is becoming a national security issue. According to a new report by Lloyd’s, $133bn is at risk in major cities across the world as a result of geopolitical and security risks. That's one quarter of the total economic activity at risk in those cities.
Another new report, by the Geneva Association, notes that “virtually all cyber losses remain uninsured”. The Geneva Association calculates that in potential cloud disruption could lead to losses of $4.6 billion for a large event and $53.1 billion for an extreme event. Other studies suggest that the annual loss of cyber attacks already amounts to $400 billion/year, 0.5 per cent of global GDP.
James Vickers is Chair of Willis Re International and a member of Willis Re's Operating Committee, which is responsible for the managing all aspects of Willis Re. He is also a Director of Willis Group's principle UK subsidiary, Willis Limited, along with a number of other Willis Group Subsidiary Companies. He has extensive practical experience in the analysis, structuring and placement of large complex reinsurance programs and strong relationships with the senior management of all major global reinsurers. James is a Chartered Insurer, an Associate of the Chartered Insurance Institute and Chair of the London International Insurance Broker Association (LIIBA) Reinsurance Sub Committee.
Elisabeth Braw leads RUSI’s Modern Deterrence project.
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