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Home > Prudential Regulation Authority > Cyber insurance underwriting risk – PS15/17
 

Cyber insurance underwriting risk – PS15/17

05 July 2017

Overview

This Prudential Regulation Authority (PRA) policy statement (PS) provides feedback to responses to Consultation Paper (CP) 39/16 ‘Cyber insurance underwriting risk’. The PS also includes Supervisory Statement (SS) 4/17 ‘Cyber insurance underwriting risk’, which sets out the PRA’s final expectations regarding the prudent management of cyber underwriting risk (see Appendix).

This PS is relevant to all UK non-life insurance and reinsurance firms and groups within the scope of Solvency II including the Society of Lloyd’s and managing agents (‘Solvency II firms’).

Feedback on consultation responses

The PRA received thirteen responses to the CP. Respondents were largely supportive of the proposals. Following consultation, there have been no material changes to the proposals. However, the PRA has made some amendments to the SS following various responses, in order to clarify.  These are set out in Chapter 2.

Policy statement

Cyber insurance underwriting risk – PS15/17

Appendix

Cyber insurance underwriting risk – SS4/17

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