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The U.S. small business property market is exposed to $9.5 billion of attritional losses and $3 billion of catastrophe losses under a one-in 100-year loss scenario, which could have a significant impact on the insurance industry, says a report issued Tuesday.
The study was conducted by San Francisco-based CyberCube Inc., a cyber risk analytics company, Aon PLC and A.M. Best Co.
“In the context of natural catastrophe perils with physical damage components, this presents a small loss event,” the study says.
“However, considering that these exposures are often unpriced or unaccounted for in (enterprise risk management), the impact on carriers can be significant,” the study says.
The study said according to a stress test on the U.S. property market conducted by A.M. Best, 18 insurers would suffer a downgrade to the capital adequacy ratio assessment as a result of the modeled cyber losses.
As the world becomes increasingly connected, people will face a growing host of threats from a range of sources, Chris Krebs, former director of the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency, said Tuesday at the ITC InsureTech Connect Conference in Las Vegas.