Cyber Attacks Set To Become 'Uninsurable', Says Zurich Chief
Date
12/26/2022 2:09:06 PM
(MENAFN- Swissinfo)
Switzerland's Mario Greco, CEO of Zurich Insurance group. © Keystone / Gian Ehrenzeller
The chief executive of one of Europe's biggest insurance companies has warned that cyber attacks, rather than natural catastrophes, will become“uninsurable” as the disruption from hacks continues to grow.
This content was published on December 26, 2022 - 15:53 December 26, 2022 - 15:53 Insurance executives have been increasingly vocal in recent years about systemic risks, such as pandemics and climate change, that test the sector's ability to provide coverage. For the second year in a row, natural catastrophe-related claims are expected to top $100bn.
But Mario Greco, chief executive at insurer Zurich, told the Financial Times that cyber was the risk to watch.
“What will become uninsurable is going to be cyber,” he said.“What if someone takes control of vital parts of our infrastructure, the consequences of that?”
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