16/17 May 2024 in Lisbon
Actuarial Methods for Cyber Insurance
Organised by the EAA – European Actuarial Academy GmbH in cooperation with the Instituto dos Actuários Portugueses.
With the rise of digital economy, cyber risk has become a major concern for all customer segments. Although the development of “physical” protection strategies against cyber attacks is fundamental, no protection is perfect, and insurers are intended to play a crucial role in providing financial protection. The cyber-insurance market is increasingly developing but with important uncertainties on the real value of the guarantees, due to the nature of the risk itself. The emerging and evolving nature of cyber-risk and its potential systemic component make it one of the most important social and economic risks and questions its insurability.
The seminar is open to all interested persons with basic knowledge on property and casualty insurance.
Attendees are encouraged to bring a laptop computer with R and, ideally, RStudio installed.
Purpose and Nature
The purpose of this seminar is to provide an overview on cyber risk and on the ability of cyber insurance to cover it. After an introduction describing the specificities (technological, technical, actuarial) of cyber risk, we discuss the actuarial models that can be adapted to pricing and reserving in the context of cyber insurance and reinsurance. We also discuss the question of «insurability» of cyber, and of quantification and prevention of accumulation scenarios.
After completing this course, you will be able to
Caroline HillairetCaroline Hillairet has been a Professor at ENSAE Paris since September 2015, in charge of the actuarial program. She is a member of the Center for Research in Economics and Statistics (CREST) and the LFA (Finance and actuarial science) laboratory. She is board member of the French Institute of Actuaries. She was co-director, with Olivier Lopez, of the Research Initiative on "Actuarial modeling of cyber risk" (AXA Joint Research Initiative).
Olivier LopezOlivier Lopez is Professor of Statistics and Actuarial Sciences at ENSAE Paris, in charge of the master program in finance and actuarial sciences. Formerly, he directed the Institute of Statistics (ISUP) of Sorbonne Université from 2016 to 2023, and its actuarial master degree. He is a fully qualified member of the French actuarial association “Institut des Actuaires”, and member of its scientific committee since 2013. He is also one of the scientific directors of Detralytics since 2021. His research topics cover machine learning and survival analysis applied to actuarial science. He was co-director (with Caroline Hillairet) of a Joint Research Initiative on cyber insurance (AXA Research Fund).
Venue & Accommodation
The seminar will take place at the hotel
Ramada by Wyndham LisbonAv. Eng. Arantes e Oliveira 9,1900-221 Lisbon, PortugalHotel website
We have arranged special prices for accommodation. The special rate is € 140,00 per night, including breakfast and VAT (excl. city tax). It is valid for bookings by 30 April 2024 out of our allotment 'EAA Seminar'. Our allotment includes a limited number of rooms. Kindly book your accommodation directly with the hotel using this booking link and note the hotel’s cancellation policy.