Munich Re has announced that it has selected CyberCube, a San Francisco, US-based insurtech startup, to help it improve its analysis of cyber risk. Munich Re will make use of CyberCube’s analytics platform to help better quantify, model and control cyber accumulation risk, leveraging the startup’s sophisticated risk modelling expertise to conceptualise various potentially risky scenarios and work out exactly how to navigate them.
CyberCube has already proven its worth in partnerships with the likes of Chubb, JLT Re and Guy Carpenter; last year, it appointed Swiss Re’s former Chief Underwriting Officer Matthias Weber to its board to enhance its reinsurance expertise.
“Cyber insurance is a key focus of our innovation strategy,” said Stefan Golling, Munich Re’s Chief Underwriter. “We have made significant investments in our own cyber risk expertise and we seek to complement this with insights from the cyber ecosystem. Leveraging the capabilities of CyberCube will help our underwriting and risk modelling teams in better quantifying cyber risk and understanding potential cyber accumulation scenarios.”