The question remains that if a very unlikely, but potentially very significant, cyber event occurs, how should the insurance industry and governments address this challenge?
This Lockton Re report outlines examples where governments have stepped in to support communities in times of extreme need and, in many cases, have contributed more to the financial recovery following a shock event than the private insurance market. There are several operational, successful PPP schemes upon which lesson can be drawn. They are typically developed in the shadow of a major disaster which has prompted rapid intervention, for example, Flood Re, The Australian Reinsurance Pool Corporation and the US Terrorism Risk Insurance Program
View the report here (opens a new window).