Details
| Original language | English |
|---|---|
| Pages (from-to) | 657-689 |
| Number of pages | 33 |
| Journal | Geneva Papers on Risk and Insurance: Issues and Practice |
| Volume | 45 |
| Issue number | 4 |
| Early online date | 7 Sept 2020 |
| Publication status | Published - Oct 2020 |
Abstract
This paper examines the design of affirmative and silent coverage in view of the cyber risks in traditional insurance policies for select product lines on the German market. Given the novelty and complexity of the topic and the insufficient coverage in the literature, we use two different sources. We analysed the general insurance terms and conditions of different traditional insurance lines using Mayring’s qualitative content analysis. Also, we conducted interviews with experts from the German insurance industry to evaluate how insurers understand their silent cyber exposures, and what measures they take to deal with this new exposure. The study shows a considerable cyber liability risk potential for insurers in the considered insurance lines. This arises from the affirmative as well as silent cover inclusions and exclusions for cyber risks, which result from imprecise wordings of insurance clauses and insufficient descriptions of the contractually specified scope of the insurance coverage.
Keywords
- Affirmative cyber coverage, Cyber insurance, Cyber risk, Silent cyber, Silent cyber coverage, Traditional insurance policies
ASJC Scopus subject areas
- Business, Management and Accounting(all)
- Accounting
- Business, Management and Accounting(all)
- Economics, Econometrics and Finance(all)
- Finance
- Economics, Econometrics and Finance(all)
- Economics and Econometrics
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In: Geneva Papers on Risk and Insurance: Issues and Practice, Vol. 45, No. 4, 10.2020, p. 657-689.
Research output: Contribution to journal › Article › Research › peer review
}
TY - JOUR
T1 - Affirmative and silent cyber coverage in traditional insurance policies
T2 - Qualitative content analysis of selected insurance products from the German insurance market
AU - Wrede, Dirk
AU - Stegen, Tino
AU - Graf von der Schulenburg, Johann Matthias
PY - 2020/10
Y1 - 2020/10
N2 - This paper examines the design of affirmative and silent coverage in view of the cyber risks in traditional insurance policies for select product lines on the German market. Given the novelty and complexity of the topic and the insufficient coverage in the literature, we use two different sources. We analysed the general insurance terms and conditions of different traditional insurance lines using Mayring’s qualitative content analysis. Also, we conducted interviews with experts from the German insurance industry to evaluate how insurers understand their silent cyber exposures, and what measures they take to deal with this new exposure. The study shows a considerable cyber liability risk potential for insurers in the considered insurance lines. This arises from the affirmative as well as silent cover inclusions and exclusions for cyber risks, which result from imprecise wordings of insurance clauses and insufficient descriptions of the contractually specified scope of the insurance coverage.
AB - This paper examines the design of affirmative and silent coverage in view of the cyber risks in traditional insurance policies for select product lines on the German market. Given the novelty and complexity of the topic and the insufficient coverage in the literature, we use two different sources. We analysed the general insurance terms and conditions of different traditional insurance lines using Mayring’s qualitative content analysis. Also, we conducted interviews with experts from the German insurance industry to evaluate how insurers understand their silent cyber exposures, and what measures they take to deal with this new exposure. The study shows a considerable cyber liability risk potential for insurers in the considered insurance lines. This arises from the affirmative as well as silent cover inclusions and exclusions for cyber risks, which result from imprecise wordings of insurance clauses and insufficient descriptions of the contractually specified scope of the insurance coverage.
KW - Affirmative cyber coverage
KW - Cyber insurance
KW - Cyber risk
KW - Silent cyber
KW - Silent cyber coverage
KW - Traditional insurance policies
UR - http://www.scopus.com/inward/record.url?scp=85090455636&partnerID=8YFLogxK
U2 - 10.1057/s41288-020-00183-6
DO - 10.1057/s41288-020-00183-6
M3 - Article
AN - SCOPUS:85090455636
VL - 45
SP - 657
EP - 689
JO - Geneva Papers on Risk and Insurance: Issues and Practice
JF - Geneva Papers on Risk and Insurance: Issues and Practice
SN - 1018-5895
IS - 4
ER -