The word ‘change’ conjures up a myriad images and expectations. For some, it represents a threat. For others, it is possibility and potential. Which one it turns out to be for Swiss non-life insurers depends on how they grasp the need for transformation amid current challenges to the status quo.
The risk of being the victim of a cyber attack has risen sharply in recent years. Against the damage caused by such attacks, firms can protect themselves with so-called cyber insurance. What services do Cyber Insurances offer, who can assure and what should firms know before completing a policy?
Following the recent issue of a new FINMA circular on ORSA, KPMG Switzerland surveyed leading Swiss insurers to evaluate their response to the new requirements and assess preparedness to comply. Results varied significantly, but one thing is clear: there is still work to be done!