Formal requirements
Style: The assignment is expected to be written and organised in a professional manner (e.g., structuring and heading, table of contents, page numbering). This includes to fully follow standards on academic writing and referencing using Harvard style.
Sources: You are expected to make full use of all academic sources such as peer reviewed academic journal articles. Other sources can include books, periodicals or company publications and websites.
Marking: The assignment will be marked on the basis of a) quality of the analysis provided, b) presentation of your assignment and c) adherence of academic standards and/or referencing.
Word limit: 2,000 words (excluding references and appendices)
Deadline: 02 May 2020
THE ASSIGNMENT
Part 1: (30 Points)
The advances in technology have changed the way business is being done. This has brought the threat of cyber attacks (such as Denial of Service attacks, hacks or ransomware) or IT system failure and errors (such as the breakdown of online payment system or loss of sensible customer data) as a risk into the business landscape.
Prepare an analysis if cyber risk is insurable by applying the criteria of an ideally insurable risk.
In particular
a) Explain the criteria of an ideally insurable risk (10 marks)
and
b) Discuss if cyber risk is insurable by applying the criteria. (20 marks)
Part 2: (30 Points)
a) Describe the underwriting cycle of insurance and the theories that aim to explain the existence of these cycles. (15 marks)
b) Explain and discuss what contributes and reinforces underwriting cycles and ways in which insurance companies can manage the implications of the underwriting cycle. (15 marks)
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