AM Best to Add “Innovation Scores” to Carrier Rating Models

In a very intriguing announcement, the “gold standard” of insurance company credit rating organizations, AM Best, has decided that how a carrier does or does not invest in areas of technological innovation will impact their long term financial viability and thus potentially their rating.

“AM Best defines innovation as a multistage process whereby an organization transforms ideas into new or significantly improved products, processes, services or business models that have a measurable positive impact over time and enable the organization to remain relevant and successful. These products, processes, services or business models can be created organically or adopted from external sources.”

While I think this is a fantastic move, other agent peers not so much. My favorite quote of the article is:

“The Council of Insurance Agents and Brokers took a more dubious view of the innovation scoring proposal, in a blog post titled “AM Best Aims to Quantify the Unquantifiable: Innovation.”

What companies spend on innovation as a percentage of surplus/premiums is a pretty black and white measurement and I would think the ability to make innovation actionable and meaningful can also be quantified. Why would agents not want the carriers to be more advanced?

I have a quote of my own to reference on that front…

“If you want something new, you have to stop doing something old.”

 -Peter F. Drucker

The insurance industry is arguably the most behind on innovation than any other financial sector – let’s hope this change helps to jump-start a movement of investment in the improvement of the client and agent experience through technological innovation!

  • By Elaine Goodman and from our friends at

Rating agency AM Best has proposed a new scoring system for assessing carriers’ innovation efforts, an idea that is sparking mixed reactions from the insurance industry.

Mike Fitzgerald

Mike Fitzgerald
(Celent photo)

AM Best announced its draft proposal, “Scoring and Assessing Innovation,” in March. A public comment period ran through mid-May. The agency continues to meet with different groups to discuss the proposal, including a presentation this week at the Farm Bureau Insurance Managers Conference in Jackson Hole, Wyoming.

AM Best said it has been capturing innovation indirectly through the “various building blocks” of its rating process. But now, a more direct focus on innovation may be needed.

“Innovation always has been important for the success of an insurance company, but with the increased pace of change in society, climate and technology, it is becoming increasingly critical to the long-term success of all insurers,” AM Best said in announcing the initiative.

Under the proposal, all companies rated by AM Best would be scored and their innovation assessment would be published. In addition, AM Best would “explicitly consider” whether a company’s innovation efforts are impacting its financial strength.

A proposed scoring system would rate companies on their innovation “inputs” — factors such as whether the company has an innovation strategy, and management’s attitudes toward innovation. AM Best would also assess measurable results, or “outputs,” a company is seeing from innovation.

Although some failure is expected when a company is trying new things, AM Best said the lack of productive results may indicate that innovation has become a financial drain on a company.

AM Best noted that not all innovation involves fancy technology such as blockchain or the “Internet of Things.” Innovation can come from outside sources and doesn’t have to be developed within the company, AM Best said.

Mike Fitzgerald, a senior analyst with information technology consulting firm Celent, called the AM Best proposal a positive step that will help ensure that the insurance industry moves forward.

“It’s a fantastic idea,” Fitzgerald said. “I think they’re right on target.”

One of the first results of the innovation assessment will be that insurance executives are more involved in innovation initiatives at their companies, he predicted.

“Senior leaders at all insurance companies are going to have to be a lot more engaged and conversant than they have been in the past,” Fitzgerald said.

One part of the AM Best proposal that could use more fleshing out, Fitzgerald said, is the definition of innovation.

In its proposal, AM Best defined innovation as “a multistage process whereby an organization transforms ideas into new or significantly improved products, processes, services or business models that have a measurable positive impact over time, and enable the organization to remain relevant and successful.”

Although Fitzgerald said innovation is likely to involve technology, he said there could be some cases where it doesn’t.

The Council of Insurance Agents and Brokers took a more dubious view of the innovation scoring proposal, in a blog post titled “AM Best Aims to Quantify the Unquantifiable: Innovation.”

“Market incentives already exist to push companies to innovate — will establishing an innovation rating system encourage companies to invest in new technologies for the right reasons?” CIAB said.

In addition, CIAB said, the scoring could push companies toward investing in risky companies to show their interest in innovation.

“Investing in immature or unnecessary startups presents an opportunity cost that in turn may harm a company’s overall rating if those investments do not result in any created value,” CIAB said.

Paul Carroll, editor-in-chief of the Insurance Thought Leadership website, called the AM Best announcement great news for the insurance industry.

“With this new focus on innovation, AM Best has done the insurance industry a big favor by not only sounding a warning but also offering the industry focus, structure and direction to avoid the danger of inaction,” Carroll wrote in a blog post.

The assessment will force insurance companies to move beyond merely “checking the boxes” when it comes to innovation, Carroll said. He cited as an example companies that go on innovation tours and then claim to be on top of the latest technology.

Shortly after the AM Best announcement, the strategic consulting arm of Insurance Thought Leadership, ITL Advisory, announced it was offering insurance companies a new innovation assessment service. ITL Advisory said its assessment can help insurers determine whether their innovation programs align with best practices and are likely to produce a return on investment, as well as whether the company is prepared for the AM Best review.

“The release of (the AM Best) draft criteria and procedures will create some urgency among insurers to understand the innovation process, and start or accelerate efforts to implement innovation programs,” Wayne Allen, chief executive officer of Insurance Thought Leadership, said in a statement.

Workers’ Compensation Industry Profits Continue to Rise, NCCI Reports

Wednesday, May 15, 2019

The National Council of Compensation Insurance (“NCCI”) just concluded their Annual Issues Symposium (“AIS”) in Orlando today. As always they did a fabulous job in reporting gobs of valuable data to help understand the cost and profit drivers of the workers’ compensation on a countrywide basis. “One of the most closely watched indicators — the combined ratio for comp carriers in the 38 states — declined, to 83% in 2018 from 89% in 2017, the report showed. The ratio, which has dropped steadily, from 110% in 2011, reflects the combination of loss and expense ratios, and is considered a key measure of financial health for insurers.” This is an unheard of profit margins for workers’ compensation insurers and will trigger even more softening in an already soft market —

Like a sports team on a years-long winning streak, the workers’ compensation insurance industry continues to put up record-breaking numbers, the top actuary for the National Council on Compensation Insurance said Tuesday at the council’s annual symposium.

Bill Donnell

Bill Donnell

The numbers, including a continued drop in combined ratio, an increase in profitability and a sustained drop in claims frequency, are so good, in fact, that some stakeholders are wondering if they’re watching a bubble about to burst.

“We have never seen this level of financial performance, and it is clear insurers are still trying to figure out why this is happening, when it will end, what will cause a change and what the warning signs will be,” blogged longtime industry analyst Joe Paduda, principal of Health Strategy Associates.

Even NCCI CEO Bill Donnell gave a nod to the horizon.

“After seven straight years of strong performance, people frequently ask me, ‘Are we in for a big swing in the other direction?’” Donnell said in his opening remarks at the State of the Line symposium in Orlando, Florida, on Tuesday.

He said he couldn’t predict the future but noted that more timely data and advanced analytics are making underwriting more accurate, and are reducing peaks and valleys in comp rates, and that helps create a stable marketplace.

The NCCI acts as the rating bureau for 38 states and releases their data annually at the symposium. Some larger states, including California, New York and Pennsylvania, are not NCCI states and are not included in the report. But the data are considered a strong measure of the health of the workers’ compensation system in the United States.

One of the most closely watched indicators — the combined ratio for comp carriers in the 38 states — declined, to 83% in 2018 from 89% in 2017, the report showed. The ratio, which has dropped steadily, from 110% in 2011, reflects the combination of loss and expense ratios, and is considered a key measure of financial health for insurers.

Net written premium, another key indicator, also improved. The number rose, from $45 billion in 2017 to $48.6 million in 2018, an 8.5% increase, NCCI’s chief actuary, Kathy Antonello, told the crowd.

The number has climbed almost every year since 2010. In 2018, the number climbed in part because of a change in federal tax law that made it less attractive to cede business to offshore affiliates, said Dean Dimke, communications director for NCCI.

The report also indicated that the overall reserve position for private carriers at the end of 2018 was a $5 billion redundancy — the first redundancy in reserves in 25 years. Pre-tax operating gains also climbed, from 23.6% in 2017 to 26% in 2018, well above the average of 7.2% for the last 20 years, the report shows.

Every NCCI state reported a drop in claim frequency from 2013 to 2017. Overall, claim frequency dropped almost 5% in 2017, but just 1% in 2018.

That 2018 figure, the smallest improvement in claims frequency in seven years, could reflect a bustling economy, said Steve Nichols, workers’ compensation manager for the Insurance Council of Texas. With more companies hiring and some industries facing a shortage of workers, more neophyte workers are on the job and are more prone to accidents, he said.

Looked at another way, although a strong economy has led to higher wages and larger payrolls for many employers, total loss cost reductions more than made up for that. Payroll increased, by 5.3% overall in 2018, but loss costs dropped almost 9%.

Almost every NCCI state approved a decrease in average premium levels for 2019. Tennessee led the way with a 19% reduction. Hawaii was the only increase, at 4.7%.

All of the rosy figures should now give pause to state legislators who may be contemplating reductions in indemnity or medical coverage as a way to cut costs for insurers and employers, claimants’ attorneys said.

“With profits at a record high, there is no need for any benefits for injured workers to be reduced,” said Tom Holder, president of the Workers’ Injury Law and Advocacy Group.

The State of the Line didn’t offer many negatives but did report that claim severity continues to increase — but not by much. Average indemnity claim severity rose overall, by 4.4% in 2017 and 3% in 2018, the continuation of a gradual but steady increase since 1998, the report said. It noted that the cost of claims has outpaced wage inflation significantly but did not give a reason for the increase.

Average medical lost-time claim severity grew more slowly, about 4% in 2017 and 1% last year, but still faster than a standard measure of health care prices, Antonello reported.

Workers’ comp is doing well, but not necessarily better than other lines of property and casualty insurance, the data show. Net written premium grew 8.5% from 2017 to 2018, which was slightly better than personal auto and homeowners’ lines, but well behind the growth in commercial auto and other liability, including product liability.

Overall, the property and casualty industry enjoyed a 10.6% growth in net written premium in the 38 NCCI states, the report said.

“Life is pretty great right now,” Paduda said. “We do know it will end. We do not know what will cause that event.”

Lightyear Capital Enters Purchase Agreement with Engage PEO

It has been quite an experience to watch Engage start 7 years ago as a start-up, grow to over a billion in payroll and now join hands with Lightyear. What tells me the best is yet to come –

Congratulations to Jay, Midge and the rest of the team!

05.01.2019 New York, NY – Lightyear Capital LLC (“Lightyear”), a New York-based private equity firm focused on financial services investing, announced today that investment funds affiliated with Lightyear have agreed to terms for the acquisition of Engage PEO (“Engage”), a professional employer organization providing HR outsourcing solutions to small and mid-sized businesses across the U.S. The company will continue to operate as Engage PEO, and the current management team will remain part of the ownership structure and in place with no operational changes impacting clients and brokers. The transaction is expected to close in the second quarter of 2019, and financial terms were not disclosed. 

“The PEO industry represents an attractive growth sector for Lightyear, one that we have been tracking for years,” said Mark Vassallo, Managing Partner of Lightyear. “Engage focuses on delivering the highest levels of quality service to its growing client base. We look forward to working with Jay and his management team to add to an already successful effort to grow their portfolio of clients and services.” 

Based in Fort Lauderdale, Florida, Engage PEO was founded in 2011 by CEO Jay Starkman. Built on its “expect more” philosophy, Engage’s human resource delivery team is unique in the PEO industry, combining the people skills of HR professionals with the technical and strategic savvy of legal professionals. Engage also embraces brokers and agents creating a partnership that translates to added value for their mutual clients. This innovative business model fueled the company’s expansion, resulting in Engage being named one of the fastest-growing private companies on Inc. Magazine’s annual Inc. 5000 list for the past three years. 

“Engage is driven to deliver the best PEO experience to clients while simultaneously growing our company, and Lightyear gives us the opportunity to do both better and faster,” said Jay Starkman, CEO of Engage PEO. “A key factor in our decision was Lightyear’s track record of working with management teams to create stronger companies and add value to all stakeholders.” 

Piper Jaffray & Co. is acting as exclusive financial advisor and Jones Day is acting as legal counsel to Engage. 

About Engage PEO
Engage PEO delivers comprehensive HR solutions to small and mid-sized businesses nationwide, sharpening their competitive advantage. Comprised of the industry’s most respected veteran professional employer organization executives, certified HR professionals and attorneys, Engage PEO provides hands-on, expert HR services and counsel to help clients minimize cost and maximize efficiency for stronger business performance. The company’s superior service offering includes a full range of health and workers’ compensation insurance products, payroll technology and tax administration, risk management services and advanced technology as part of an extensive suite of HR services. Engage PEO was recently awarded the designation of Certified Professional Employer Organization (CPEO) by the Internal Revenue Service (IRS), ensuring greater benefits for small and mid-sized businesses such as tax advantages and financial protections. Engage PEO is also accredited by the Employer Services Assurance Corporation. For more information on Engage PEO visit

About Lightyear Capital LLC
Founded in 2000, Lightyear is a financial services-focused private equity firm based in New York. Through its affiliated private equity funds, Lightyear makes primarily control investments in North America-based, middle-market companies across the financial services spectrum, including financial technology, asset and wealth management, healthcare financial services, insurance and insurance services, payments and processing, and specialty finance. Lightyear brings focus and discipline to its investment process, as well as operating, transaction and strategic management experience, along with significant contacts and resources beyond capital. For more information, please visit

Workers’ Compensation Rate Redundancy

  • It appears that although rate reductions countrywide have been at historic levels and combined ratios for the carriers that service the business were at the second best is the last 50 years in 2018. While these are generally signs that the market will be corrected, it is anticipated that due to claims reserve redundancy, the end of the soft market is not in sight. from
Friday, March 29, 2019

Healthy Reserves May Help Extend Comp’s Profitability, Analysts Say

  • By Elaine Goodman
  • National
  • Topic: Top
  • – Average time spent on item: 13 minutes
  • – Popular with: Insurance

The workers’ comp industry had excess loss reserves estimated at $4.7 billion at the end of 2018, according to new report from A.M. Best, and some analysts say that will provide a cushion to help extend the insurance line’s streak of profitability.

Robert Hartwig

Robert Hartwig

The workers’ comp reserve excess, which analysts refer to as a redundancy, is in contrast to some other insurance lines detailed in the report that are experiencing a reserve deficiency. Those include commercial auto liability, with a $2.2 billion deficiency, and a products liability category, with a $5 billion deficiency.

The figures represent the “undiscounted” reserve, which includes factors such as the amount of interest the money will earn.

While $4.7 billion might sound like a hefty sum, it represents less than 3% of the workers’ comp net loss and loss adjustment expense reserves, which total about $165 billion, according to Thomas Mount, a senior director for A.M. Best rating services and author of the report.

Still, the extra $4.7 billion is nice to have for an insurance line that’s known for its volatility, said Robert Hartwig, director of the Center for Risk and Uncertainty Management in the Darla Moore School of Business at the University of South Carolina. As recently as 2011, workers’ comp was running a combined ratio of 115%, representing an underwriting loss, and reserves were deficient, Hartwig noted.

Hartwig said the reserve redundancy should be viewed as “a prudent cushion in an inherently volatile line — a line in which reserves can transition from redundant to deficient quickly relative to shorter-tail lines.”

When insurers feel comfortable that a portion of reserves won’t be needed, that amount can be released and applied toward earnings, something that Hartwig said has been happening gradually in workers’ comp. Hartwig said he expects to see “continued modest releases” over the next few years.

“The $4.7 billion redundancy makes it highly likely that reserve releases in this line will continue, bolstering the WC line’s underwriting performance and its overall profitability,” Hartwig said.

Reserves are set based on projections of the amount that will be needed to pay claims into the future. As time goes on, it may turn out that the estimate is too low to cover actual claim costs, resulting in a reserve deficiency, or too high, producing a reserve redundancy.

Timothy Mosler, a director and consulting actuary with Pinnacle Actuarial Resources, said a decline in claim frequency is one contributor to the workers’ comp reserve redundancy. Even after claim frequency falls, he said, insurers will take a cautious approach to reducing reserves. That’s because it’s not immediately known whether frequency has fallen for low-cost claims or high-cost cases.

Another factor is that medical severity has been increasing at a slower rate, according to Mosler, who attributed the trend to insurers’ implementation of cost containment measures.

Workers’ comp has experienced four straight years of underwriting profitability, and the reserve redundancy likely means “the good times will continue a bit longer,” Mosler said.

“With reserve redundancy, it’s reasonable to expect a postponement to the unprofitable times,” he said.

According to A.M. Best, workers’ comp reserve development has been favorable each year since 2011, ranging from $300 million in 2011 to about $2 billion in 2015 and 2016. Favorable reserve development then more than doubled in 2017, to $4.3 billion.

Mount, at A.M. Best, said the workers’ comp reserve redundancies are spread across most WC insurers.

He said that “only time will tell” what ultimately happens to the current $4.7 billion redundancy. And for each insurer, the answer may be different.

“Some insurers may release it into earnings in lieu of taking rate increases, thereby keeping the calendar year results profitable while the accident year deteriorates,” Mount said.  

In another possibility, Mount said, multi-line insurers might use the workers’ comp redundancy to bolster reserves in a line that has a reserve deficiency.

And if claim costs turn out to be higher than what was estimated in calculating the reserve, some of the redundancy could be used to cover the higher-than-estimated liabilities, he said.

Congratulations to Amtrust!

We are excited to report that Mr. Zyskind and company have successfully executed their effort to privatize Amtrust.  We appreciate their ongoing support of the PEO industry and wish them the very best of luck in this new chapter of their history….


AmTrust completes transaction to become a private company  

Dear Agent Partner,

We are pleased to announce the completion today of AmTrust Financial’s go private transaction as anticipated following all necessary regulatory approvals. The transaction, approved by a majority of AmTrust’s shareholders in June 2018, values the fully diluted equity of the Company at approximately $2.95 billion, excluding the Company’s outstanding preferred stock.*

Thanks to the initiatives we undertook over the last two years, AmTrust has established the strongest capital base in our 20-year history, with total assets of $25.76 billion and $3.6 billion in equity. Our A.M. Best “A-” (Excellent) rating with a Stable outlook and strong capital base have AmTrust well positioned to provide you and your policyholders support now, and in the future. AmTrust as a private company will continue to focus on the principles that have guided our growth over the past 20 years – servicing and supporting our agent partners and providing optimal value to our insureds.

AmTrust is here to service your clients and help you grow your business for the long term.  

We greatly value your partnership and we look forward to continuing to provide outstanding service to you and your clients moving forward as a private company.

Barry Zyskind signature 11-13-17.jpg
Barry D. Zyskind
Chairman, President and CEO
AmTrust Financial Services, Inc.

*The merger transaction involved Evergreen Parent, L.P., an entity formed by private equity funds managed by Stone Point Capital LLC (“Stone Point”), together with Barry Zyskind, Chairman and CEO of AmTrust, George Karfunkel and Leah Karfunkel (collectively, the “Karfunkel-Zyskind Family”), has acquired the approximately 45% of the Company’s issued and outstanding common shares that the Karfunkel-Zyskind Family and certain of its affiliates and related parties did not already own or control.


New Jersey Workers’ Compensation Rates to Go Down 5.3% on 1/1

From our friends at the…

Insurance Commission Approves Rate Decrease of 5.3%

The New Jersey commissioner of banking and insurance has approved an overall 5.3% decrease in workers’ compensation rates, effective Jan. 1.

The reduction is the third straight annual decrease, and will likely be seen as good news by employers. New Jersey has consistently ranked as one of the most expensive for workers’ compensation insurance, according to the 2018 Oregon Department of Consumer and Business Services’ premium ranking report, which came out in October.

The New Jersey Compensation Rating and Inspection Bureau said in a circular this week that the 2019 decrease is based on experience and the trend toward fewer claims, although an increase in maximum weekly benefits will increase costs slightly.

The manufacturing sector will see the biggest decline, with an average rate decrease of 8%, the bureau said. Office and clerical will see a 7.5% drop, followed by maritime and rail workers, at 5.5%

There will be no change to catastrophe provisions, but the minimum premium multiplier will increase, from 170 to 180.

“The change to premium resulting from the new minimum premium multiplier is minimal and does not impact the overall rate level,” the circular noted.

The E-merging Risk that Keeps on E-volving: Cyber

As providers of service and insurance to PEO’s, small and medium-sized businesses are the “bread and butter” of clients targeted.

“According to an ISO analysis, 80 percent of cyber breach victims in 2017 were small and medium-sized businesses.” — Neil Spector, president, ISO, a Verisk business

Great article on the current state of cyber from our friends at

The E-merging Risk that Keeps on E-volving: Cyber

    6 Reasons Cyber Remains Top Emerging Risk

    Property/casualty insurance experts may not agree on everything but there is a consensus that the most important emerging risk for the industry remains the five-letter word: CYBER. It is not new, of course, but it stays atop emerging risk lists because of its dynamic and pervasive nature.

    Insurance Journal defines emerging risks as those that are new and not yet widely recognized, or perhaps recognized but not well understood. A number of industry leaders explain why cyber remains such an important risk to watch.

    Not Slowing Down

    The number of data breaches and the average costs of cyber-crime are rising every year. These trends show no signs of slowing down. In fact, cyber risk is becoming more concerning as crime-as-a-service gains popularity and artificial intelligence technologies are used more frequently in attacks. Internet of Thing devices are increasing the attack surface and providing more ammo for hackers. One of the more difficult aspects about insuring cyber risk is the dynamic nature of the risk. Just a few years ago, cyber-attacks primarily involved stealing private credit card and health information from large companies. Today, cyber criminals focus on completely different tactics for making money, such as locking out users from computer systems using ransomware, or secretly hijacking computers to mine cryptocurrency. And large corporations aren’t the only targets. According to an ISO analysis, 80 percent of cyber breach victims in 2017 were small and medium-sized businesses. — Neil Spector, president, ISO, a Verisk business

    Keeping Up with IoT

    The biggest risks involve cyber crime. Under “emerging risks,” one of the biggest is the Internet of Things (IoT), and the cybersecurity risks created by billions of interconnected devices. The challenges for agents and brokers multiply in regard to understanding the potential implications, such as IoT devices in homes and businesses — tracking sensors, fire/flooding/intrusion warning devices and more. Agents need to be aware of the questions to ask clients to ensure they are offering complete coverages. They need to be vigilant in keeping up with the IoT devices emerging at an astonishing pace. — Robert Rusbuldt, CEO, Big “I” Independent Insurance Agents & Brokers of America.

    High Severity

    There are many scenarios where cyber risk comes into play, but one example is related to vehicle systems. Luxury automobiles, for example, have up to 150 or more computer programs that impact vehicle performance. Tractor trailer technology is also advancing rapidly, and just one of those systems being hacked could have catastrophic results. WSIA conducts a biennial survey of members regarding emerging issues. Cyber exposure jumped in priority this year, with members agreeing the issue has high severity in terms of current impact industrywide. — Jacqueline Schaendorf, president and CEO, Wholesale & Specialty Insurance Association

    Cyber Property Damage

    One definite area of emerging peril is the threat of substantial property destruction caused by intrusions into sensitive computer networks and connected hardware devices. Long gone are the days where the worst aspect of cyber vulnerabilities amounted to stolen credit card information or lost privacy. Instead, a new breed of cyber exposure is unfolding whereby energy infrastructure facilities and other industrial works have been targeted with cyber attacks causing explosions, wreckage and business interruption. Most expect these risks will soon expand to domestic infrastructure and transportation operations with the prospect of major instances of property damage and life-threatening injuries.

    — Joshua Gold, shareholder attorney, Anderson Kill

    Immature Market

    Cyber comes with a bit of a double-edge sword. On one hand, it is a new market that is growing faster than any other for the industry. But being an immature market means more time is needed to flesh out the data to improve underwriting. Where cyber may be a more interesting market — perhaps even one that helps us peer into the future value of insurance — is how risk mitigation tools are being incorporated into the mix. We are seeing many carriers partner with technology companies in order to assess the actual vulnerabilities within the customers. This presents more stability for underwriting. Customers’ value may evolve in the future toward risk mitigation and resilience building. This would be a shift for an industry that — at least for the past several decades — has based its value on price. — Sean Kevelighan, president and CEO, Insurance Information Institute

    Accumulation Risks

    In a study titled “Advancing Accumulation Risk Management in Cyber Insurance,” global insurance think tank The Geneva Association focused on the danger of accumulation risks as a threat to cyber insurance. The report highlights several cyber accumulation risk challenges:

    • Insurers and reinsurers could underestimate non-affirmative cyber exposure leading to an unplanned shock from a major event. Non-affirmative cyber exposure occurs when a cyber attack causes major losses by triggering coverages in other classes.
    • Data are of insufficient quality, are incomplete and/or lack the necessary consistency for more advanced modeling techniques.
    • Governments predominantly fail to provide frameworks for the sharing of large- scale cyber-terrorism-losses.

    – Anna Maria D’Hulster, secretary general, The Geneva Association