<p>作者：Michael Loney</p>
<p>4 月 25 日 -</p>
<p>（保险公司）- Gallagher Re 首席执行官 Tom Wakefield 呼吁网络保险承保人增加保险需求，因为市场正接近一个 “重要的转折点”，这位再保险经纪人表示，网络市场的创新已经停滞不前。</p>
<p>Gallagher Re 在 3 月底发布的一份报告中表示，网络保险市场 “独特地处于指数级增长的有利位置，但其成功取决于对保单持有人的市场一致性。”</p>
<p>该经纪人认为，市场在 2019 年间网络勒索索赔激增时犯了一个错误。这导致了前所未有的费率变化，但也导致承保人寻求减少续保或承保业务，平均限额下降，支持管理一般代理（MGA）的力度减弱。</p>
<p>“这种方法可能作为短期解决方案有效，借鉴了其他业务领域在市场收紧时使用的策略。然而，这一周期的阶段往往缺乏创新，” 报告中提到。</p>
<p>因此，网络保单数量下降，因为减少的网络承保能力与减少的需求相遇。</p>
<p>“结论很明确：可持续的长期风险定价以及帮助客户管理和减轻网络风险对于避免重复过去的不稳定周期至关重要，” 报告中提到。</p>
<p>Gallagher Re 表示，自勒索软件激增以来，网络结果在过去几年中一直保持强劲，风险减轻和预防的教育有所改善。</p>
<p>“因此，更多的保险公司进入了网络市场，现有公司在更高的费率水平上扩大了其现有的市场份额，这导致原有客户停止购买过多的保险，主要是因为该产品变得不经济。”</p>
<p>Gallagher Re 建议，网络保险并不是一个特殊类别，而只是反映了其他所有财产类别。</p>
<p>该经纪人强调了当前波动的网络市场增长，从 2022 年的 40% 到 2025 年的不到 10%，并将其与一个潜在的替代、更可持续的市场进行了对比，该市场更一致，最终导致更高的增长。</p>
<p>“为了减轻市场的剧烈波动，我们需要稳定的资本供应和一致的需求，” 报告中提到。</p>
<p>Gallagher Re 警告称，重大网络事件后预期的需求激增可能不会出现，除非在产品设计上增加投资和创新，以确保覆盖范围足以满足每个客户的需求。</p>
<p>“承保人必须抓住这个机会，为客户开发更定制化的解决方案，以帮助缩小保护差距，” 报告中提到。</p>
<p>Gallagher Re 还表示，所有行业利益相关者现在必须保持一致，而不是在事件发生后做出反应。这将增强对尾部风险情景的信心。</p>
<h3>减少波动性的 ‘转折点’</h3>
<p>Gallagher Re 首席执行官 Tom Wakefield 在 4 月于伦敦举行的 Zywave 网络风险洞察活动中提到了这一主题。</p>
<p>Wakefield 呼吁网络承保人增加保险需求，同时承保能力持续扩展。他强调建立可持续网络保险市场的重要性。</p>
<p>“我们在 Gallagher Re 真心相信，我们正处于网络承保相对短暂历史中的一个重要转折点，” 他说。</p>
<p>“我们相信，通过在承保、产品和运营投资方面采取正确的方法，我们作为一个行业可以帮助降低与这一业务线相关的波动性，从而建立一个更可持续、不断增长的网络市场。”</p>
<p>网络类别的波动性在过去妨碍了增长，Wakefield 将市场周期描述为 “比大多数市场更繁荣和萧条”。</p>
<p>Wakefield 将 2022 年的网络保险市场状况描述为集体市场失败，因为承保人寻求减少业务，而不是续保到期的总额，否则将超过商定的保费业务计划。</p>
<p>“作为一个市场，我们集体失败了。我们没有增加风险暴露，而是被积极鼓励缩小它。曾经高度创新的网络市场开始停滞，至今仍然看到创新速度缓慢，已经过去三年多了，” 他说。</p>
<p>他警告说，如果 2025 年的费率继续恶化，即使是适度地达到保费目标，市场也面临 “自我追逐” 的危险。</p>
<p>“增加需求与扩展能力同样重要。历史表明，在任何业务线发生重大事件后，购买保险的兴趣会增加，但这种需求激增并不是保证的，” 他继续说道。</p>
<p>Wakefield 指出，在 911 恐怖袭击后，一些再保险公司进入了恐怖主义市场，以及在卡特里娜飓风后提供灾难承保能力的 ‘2005 年班’ 再保险公司，都是历史上关键的例子，那些在其他公司撤出时进入市场的承保人获得了财务和声誉上的优势。</p>
<p>“我们需要你们在承保社区抓住这个机会，为客户开发更定制化的解决方案，以缩小保护差距，” Wakefield 说。</p>
<p>他补充道：“准确评估市场未来盈利能力需要承保人认真审视其定价适当性、损失趋势和变化的动态。”</p>
<p>在 3 月，Gallagher Re 还推出了网络再保险的风险调整评级指数。该指数在 2025 年初的价值是 2020 年初的两倍，尽管这一数字低于 2023 年时的三倍。</p>

亚瑟加拉格尔

<p>Gallagher Re 首席执行官 Tom Wakefield 呼吁网络保险承保人刺激保险需求，因为市场面临停滞。最近的一份报告指出，尽管网络保险市场有增长潜力，但却遭遇波动和承保能力下降。报告强调了可持续风险定价和量身定制解决方案以满足客户需求的重要性。Wakefield 强调了协调行业利益相关者以建立信心和降低风险的重要性，并警告称，如果没有创新和投资，市场可能会继续经历不稳定和需求下降</p>

<p>By Michael Loney</p>
<div class="lb-trans"><p>作者：Michael Loney</p>
</div><p>April 25 -</p>
<div class="lb-trans"><p>4 月 25 日 -</p>
</div><p>(The Insurer) - Gallagher Re CEO Tom Wakefield has called on cyber underwriters to grow demand for coverage as the market approaches an “important turning point”, with the reinsurance broker, stating that innovation in the cyber market has stagnated.</p>
<div class="lb-trans"><p>（保险公司）- Gallagher Re 首席执行官 Tom Wakefield 呼吁网络保险承保人增加保险需求，因为市场正接近一个 “重要的转折点”，这位再保险经纪人表示，网络市场的创新已经停滞不前。</p>
</div><p>Gallagher Re said in a report released at the end of March that the cyber insurance market “is uniquely positioned for exponential growth, but its success hinges on market consistency for policyholders.”</p>
<div class="lb-trans"><p>Gallagher Re 在 3 月底发布的一份报告中表示，网络保险市场 “独特地处于指数级增长的有利位置，但其成功取决于对保单持有人的市场一致性。”</p>
</div><p>The broker argued that the market made a misstep amid a surge in ransomware claims around 2019. This led to unprecedented rate changes, but also to underwriters looking to renew or write less business, with average limits dropping and support for MGAs being withdrawn.</p>
<div class="lb-trans"><p>该经纪人认为，市场在 2019 年间网络勒索索赔激增时犯了一个错误。这导致了前所未有的费率变化，但也导致承保人寻求减少续保或承保业务，平均限额下降，支持管理一般代理（MGA）的力度减弱。</p>
</div><p>“This approach may work as a short-term fix, drawing from strategies used in other lines of business during hardening markets. However, this phase of the cycle is often marked by a lack of innovation,” the report said.</p>
<div class="lb-trans"><p>“这种方法可能作为短期解决方案有效，借鉴了其他业务领域在市场收紧时使用的策略。然而，这一周期的阶段往往缺乏创新，” 报告中提到。</p>
</div><p>As a result, cyber policy count fell as reduced cyber capacity was met with a reduced demand.</p>
<div class="lb-trans"><p>因此，网络保单数量下降，因为减少的网络承保能力与减少的需求相遇。</p>
</div><p>“The takeaway is clear: sustainable, long-term risk pricing and helping clients to manage and mitigate cyber risk is essential to avoid repeating past cycles of instability,” the report said.</p>
<div class="lb-trans"><p>“结论很明确：可持续的长期风险定价以及帮助客户管理和减轻网络风险对于避免重复过去的不稳定周期至关重要，” 报告中提到。</p>
</div><p>Gallagher Re said that cyber results have been consistently strong for several years since the ransomware spike, with improved education around risk mitigation and prevention.</p>
<div class="lb-trans"><p>Gallagher Re 表示，自勒索软件激增以来，网络结果在过去几年中一直保持强劲，风险减轻和预防的教育有所改善。</p>
</div><p>“As a result, more insurers entered the cyber market and incumbents grew their existing positions at a higher level of rate, which led to original clients stopping buying as much coverage, largely because the product was becoming uneconomic.”</p>
<div class="lb-trans"><p>“因此，更多的保险公司进入了网络市场，现有公司在更高的费率水平上扩大了其现有的市场份额，这导致原有客户停止购买过多的保险，主要是因为该产品变得不经济。”</p>
</div><p>Gallagher Re suggested that cyber turns out to not be a special class, but merely mirrors every other property class.</p>
<div class="lb-trans"><p>Gallagher Re 建议，网络保险并不是一个特殊类别，而只是反映了其他所有财产类别。</p>
</div><p>The broker highlighted the current volatile cyber market growth, which ranges from 40% in 2022 to less than 10% in 2025, and juxtaposed it with a potential alternative, more sustainable, market that is more consistent and ultimately leads to higher growth.</p>
<div class="lb-trans"><p>该经纪人强调了当前波动的网络市场增长，从 2022 年的 40% 到 2025 年的不到 10%，并将其与一个潜在的替代、更可持续的市场进行了对比，该市场更一致，最终导致更高的增长。</p>
</div><p>“To mitigate the steep peaks and troughs of hard and soft markets, we need a stable supply of capital and consistent demand,” the report said.</p>
<div class="lb-trans"><p>“为了减轻市场的剧烈波动，我们需要稳定的资本供应和一致的需求，” 报告中提到。</p>
</div><p>The expected heightened demand following a significant cyber event may not emerge without an increase in investment and innovation into product design to ensure the coverage is sufficient for each individual client’s needs, Gallagher Re warned.</p>
<div class="lb-trans"><p>Gallagher Re 警告称，重大网络事件后预期的需求激增可能不会出现，除非在产品设计上增加投资和创新，以确保覆盖范围足以满足每个客户的需求。</p>
</div><p>“It is up to underwriters to seize this opportunity to develop more bespoke, tailored solutions for clients today to help drive down the protection gap,” the report said.</p>
<div class="lb-trans"><p>“承保人必须抓住这个机会，为客户开发更定制化的解决方案，以帮助缩小保护差距，” 报告中提到。</p>
</div><p>Gallagher Re also said it is imperative for all industry stakeholders to be aligned now rather than reacting post-event. This will build confidence in tail-risk scenarios.</p>
<div class="lb-trans"><p>Gallagher Re 还表示，所有行业利益相关者现在必须保持一致，而不是在事件发生后做出反应。这将增强对尾部风险情景的信心。</p>
</div><h3>A ‘TURNING POINT’ TO REDUCE VOLATILITY</h3>
<div class="lb-trans"><h3>减少波动性的 ‘转折点’</h3>
</div><p>Gallagher Re CEO Tom Wakefield picked up this theme in a speech at the Zywave Cyber Risk Insights event in London in April.</p>
<div class="lb-trans"><p>Gallagher Re 首席执行官 Tom Wakefield 在 4 月于伦敦举行的 Zywave 网络风险洞察活动中提到了这一主题。</p>
</div><p>Wakefield called on cyber underwriters to grow demand for coverage with capacity continuing to expand. He underlined the importance of building a sustainable cyber insurance market.</p>
<div class="lb-trans"><p>Wakefield 呼吁网络承保人增加保险需求，同时承保能力持续扩展。他强调建立可持续网络保险市场的重要性。</p>
</div><p>“We at Gallagher Re truly believe that we’re at an important turning point in the relatively short history of cyber underwriting,” he said.</p>
<div class="lb-trans"><p>“我们在 Gallagher Re 真心相信，我们正处于网络承保相对短暂历史中的一个重要转折点，” 他说。</p>
</div><p>“We believe that, with the right approach in terms of underwriting, product and operational investment, we as an industry can help drive down the volatility associated with this line of business, and consequently build a more sustainable, growing cyber market.”</p>
<div class="lb-trans"><p>“我们相信，通过在承保、产品和运营投资方面采取正确的方法，我们作为一个行业可以帮助降低与这一业务线相关的波动性，从而建立一个更可持续、不断增长的网络市场。”</p>
</div><p>Volatility of the cyber class has hampered growth in the past, with Wakefield characterising the market cycle as “boomier and bustier than most”.</p>
<div class="lb-trans"><p>网络类别的波动性在过去妨碍了增长，Wakefield 将市场周期描述为 “比大多数市场更繁荣和萧条”。</p>
</div><p>Wakefield described cyber insurance market conditions in 2022 as a collective market failure, as underwriters sought to write less business rather than renewing expiring aggregates, which would have otherwise exceeded agreed premium business plans.</p>
<div class="lb-trans"><p>Wakefield 将 2022 年的网络保险市场状况描述为集体市场失败，因为承保人寻求减少业务，而不是续保到期的总额，否则将超过商定的保费业务计划。</p>
</div><p>“Collectively, we as a market failed. Instead of growing exposure, we were actively encouraged to shrink it. A once highly innovative cyber market began to stagnate and continues to see a slower pace of innovation today, more than three years later,” he said.</p>
<div class="lb-trans"><p>“作为一个市场，我们集体失败了。我们没有增加风险暴露，而是被积极鼓励缩小它。曾经高度创新的网络市场开始停滞，至今仍然看到创新速度缓慢，已经过去三年多了，” 他说。</p>
</div><p>He warned that if rate continues to deteriorate in 2025, even modestly to meet premium targets, the market is in danger of “chasing itself down”.</p>
<div class="lb-trans"><p>他警告说，如果 2025 年的费率继续恶化，即使是适度地达到保费目标，市场也面临 “自我追逐” 的危险。</p>
</div><p>“Growing demand is as crucial as expanding capacity. History would suggest that after a significant event in any line of business, interest in purchasing covers increases, but this surge in demand is not guaranteed,” he continued.</p>
<div class="lb-trans"><p>“增加需求与扩展能力同样重要。历史表明，在任何业务线发生重大事件后，购买保险的兴趣会增加，但这种需求激增并不是保证的，” 他继续说道。</p>
</div><p>Wakefield pointed to the entry of some reinsurers into the terrorism market following the 9⁄11 attacks, as well as the ‘class of 2005’ reinsurers that offered catastrophe capacity after Hurricane Katrina, as key historical examples where carriers that leaned into a market where others withdrew reaped financial and reputational advantages.</p>
<div class="lb-trans"><p>Wakefield 指出，在 911 恐怖袭击后，一些再保险公司进入了恐怖主义市场，以及在卡特里娜飓风后提供灾难承保能力的 ‘2005 年班’ 再保险公司，都是历史上关键的例子，那些在其他公司撤出时进入市场的承保人获得了财务和声誉上的优势。</p>
</div><p>“We need you in the underwriting community to seize this opportunity to develop more bespoke, tailored solutions for clients, to drive down the protection gap,” Wakefield said.</p>
<div class="lb-trans"><p>“我们需要你们在承保社区抓住这个机会，为客户开发更定制化的解决方案，以缩小保护差距，” Wakefield 说。</p>
</div><p>He added: “Forming an accurate view of the market’s future profitability requires carriers to take a long, hard look at their pricing adequacy, loss trends and changing dynamics.”</p>
<div class="lb-trans"><p>他补充道：“准确评估市场未来盈利能力需要承保人认真审视其定价适当性、损失趋势和变化的动态。”</p>
</div><p>In March Gallagher Re also launched a risk-adjusted rating index for cyber reinsurance. The index’s value at the start of 2025 was double that at the start of 2020, although this was down from the tripling in value as of 2023.</p>
<div class="lb-trans"><p>在 3 月，Gallagher Re 还推出了网络再保险的风险调整评级指数。该指数在 2025 年初的价值是 2020 年初的两倍，尽管这一数字低于 2023 年时的三倍。</p>
</div>

Cyber insurance innovation suffering from stagnation

- Gallagher Re CEO Tom Wakefield 呼吁网络保险承保人提升保险需求。  
- 报告指出网络保险市场面临创新停滞，需稳定资本供应。  
- 未来增长依赖于定制化解决方案和行业各方的协同。  

网络保险的创新是否陷入了停滞不前的困境