Nationwide Names Jen Kyung to Lead P&C Business Performance; Cyber Risks Shape Insurance Market

Nationwide has appointed Jen Kyung to lead its new Property and Casualty Business Performance Office, tasked with optimizing the company's P&C capabilities, standards, and performance. Kyung brings over 25 years of experience in underwriting strategy, business transformation, and P&C operations gained at firms including USAA and Zurich Insurance.

The cyber insurance landscape remains critical as cyber attacks increase, with two-thirds of businesses reporting more incidents despite a drop in risk ranking. Key threats include ransomware and business email compromise, exacerbated by increased use of cloud and hybrid work environments. Employee training is essential to reduce phishing attacks, which account for 90% of ransomware breaches according to CISA. 2024 saw significant disruptions from non-malicious failures, such as the CrowdStrike outage affecting global industries and highlighting inconsistencies in cyber coverage for such events.

Artificial intelligence presents both opportunities for enhanced threat detection and challenges due to its potential misuse in cybercrime and liability issues. The US cyber insurance market remains robust with abundant capacity and increasing policy uptake. Insurers emphasize rigorous risk management including strong passwords, software updates, employee training, and multi-factor authentication.

MSIG USA, a newer market entrant backed by a 350-year-old parent company, emphasizes a partnership approach focusing on underwriting expertise and claims handling innovations to address evolving cyber risks. The company leverages its global reach across 40+ countries to provide comprehensive cyber insurance strategies. Industry collaboration will be essential to navigate cyber risks, clarify coverage, and enhance risk mitigation as the threat landscape evolves.