Published on: 26-Sep-2016
Leading international insurance think tank The Geneva Association and Nanyang Technological University (NTU) will jointly collaborate in cyber risk insurance research.
Under a new agreement signed today, The Geneva Association will join the Oversight Board of the NTU’s Cyber Risk Management Project (‘CyRiM’) and support insurance-related research initiatives through its academic experts and global insurance and risk management networks.
The NTU Singapore’s Cyber Risk Management Project (‘CyRiM’) is a new public-private partnership project between industry, academia and government. Launched in May this year, it aims to foster an efficient cyber-risk insurance market place by developing cyber loss data and analytics, and engaging academics, insurance professionals and IT security experts in research development. Furthermore, through improving cyber-security knowledge, infrastructure and mitigation, it will help to grow the cyber risk insurance market by promoting both the demand and supply of insurance coverage.
The research findings will be shared with the public, private and academic sectors in the form of published papers and a joint Geneva Association-NTU conference attended by experts to exchange best practices, new ideas and trends in cyber risk and insurance. Both parties will also work together to promote the integration of Asian, European and North American insurance cultures in the cyber-risk field.
The Geneva Association’s membership, up to 90 CEOs of global insurance companies, will provide valuable guidance that will assist CyRiM to achieve its objectives.
Dr Fabian Sommerrock, Deputy Secretary General and Head of Insight at The Geneva Association, will join the Oversight Board of the CyRiM project. He said, “We are very pleased to be signing this agreement with NTU Singapore. Cyber risks are growing exponentially and this project is an important platform for the insurance industry, academia and government to understand cyber risks better and address them more effectively. We are looking forward to playing an active role in this globally relevant initiative.”
Professor Neo Boon Siong, Dean of NTU’s Nanyang Business School, said, “Cyber risk is an emerging risk that is evolving rapidly in Asia, and cyber insurance is a key growth opportunity for the region’s insurance industry. In fact, the global cyber insurance market is expected to grow to US$5 billion in annual premiums by 2018 and at least US$7.5 billion by the end of the decade. NTU wants to take the lead in driving the discourse and research on cyber risk through its Nanyang Business School, one of Asia’s foremost business schools, and in particular the promotion of public-private partnership.”
Nanyang Business School Professor Shaun Wang, Director of NTU’s Insurance Risk and Finance Research Centre (IRFRC) that is leading this project, added, “The addition of The Geneva Association as a research partner of the CyRiM project will help sharpen our research focus on how the global insurance industry can contribute to the resilience of a fast growing digital economy, through cyber risk transfer and services.”
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For further information, please contact:
The Geneva Association
+41 789 20 56 77
Feisal Bin Abdul Rahman (Mr)
Senior Assistant Director (Media Relations)
Corporate Communications Office
Nanyang Technological University
+65 6790 6687
About the Geneva Association
The Geneva Association is the leading international insurance think tank for strategically important insurance and risk management issues. It is a unique platform for dialogue between leaders of the insurance industry and key decision-makers at the international and national levels to evidence the important social and economic role of the insurance industry.
It identifies fundamental trends and strategic issues where insurance plays a substantial role or which influence the insurance sector. Through the development of research programmes, regular publications and the organisation of international meetings, The Geneva Association serves as a catalyst for progress in the understanding of risk and insurance matters and acts as an information creator and disseminator.
The Geneva Association membership comprises a statutory maximum of 90 chief executive officers (CEOs) from the world’s top insurance and reinsurance companies. It organises international expert networks and manages discussion platforms for senior insurance executives and specialists as well as policy-makers, regulators and multilateral organisations.
Established in 1973, The Geneva Association is based in Zurich, Switzerland and is a non-profit organisation funded by its membership.
About Nanyang Technological University, Singapore
A research-intensive public university, Nanyang Technological University, Singapore (NTU Singapore) has 33,000 undergraduate and postgraduate students in the colleges of Engineering, Business, Science, Humanities, Arts, & Social Sciences, and its Interdisciplinary Graduate School. It has a joint medical school, the Lee Kong Chian School of Medicine, set up with Imperial College London.
NTU Singapore is also home to world-class autonomous institutes – the National Institute of Education, S Rajaratnam School of International Studies, Earth Observatory of Singapore, and Singapore Centre on Environmental Life Sciences Engineering – and various leading research centres such as the Nanyang Environment & Water Research Institute (NEWRI), Energy Research Institute @ NTU (ERI@N) and the Institute on Asian Consumer Insight (ACI).
Ranked 13th in the world, NTU Singapore has also been ranked the world’s top young university for the last two years running. The University’s main campus has been named one of the Top 15 Most Beautiful in the World. NTU also has a campus in Novena, Singapore’s medical district.
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