39 POLICY Special edition 2023 Cyber Insurance - Expectations, Reality, Future, and the Technological View home networks, coverage for private individuals, coverage for hacking of business pages on social networks, etc. In addition, one can expect the development of cyber insurance through insurtech startups in new areas of coverage that were not required until today, such as protection of the crypto worlds, an area that takes place entirely online, from protection of digital currencies through NFT, In all of these and technology companies can be leaders and pioneers in the change that will lead to the growth of the world of cyber insurance. The future of the cyber insurance from the technological point of view - As I mentioned, the cyber insurance field is not growing as expected, but technology will assist to increase the sales volume. Technology companies will work to assist insurance companies to sell the product in larger volumes and will allow entry of new insurance companies that will sell the product. In terms of distribution channels, there will be a significant increase in collaborations between B2C startups and insurance brokers, since the cyber insurance product in the end, to a significant extent, is a push product. The involvement of technology will enable brokers to sale cyber insurance which is expected to be an increasingly retail product. In addition, the direct distribution channel of those Insurtech startups who will become MGA’s or an insurance company themselves and will sell cyber insurance products directly, initially to certain niches and later as competition to the traditional distribution channels From the perspective of products, the technology can develop new cyber insurance products that are not sold today, which will increase the premium share of the product as well as create tools as risk management mechanisms for the customers and insurers. In summary, there is no disruption here, but a continuous and qualitative improvement of the insurance process and over a period All these and more will bring the world of cyber insurance within the next five years to growth in very large percentages and will justify the expectations in this new insurance field. Insurers have the reputation and the capital, and technology companies have the software and great talent that is harder to get for insurance companies. Continued from page 26 Continued from page 28 The Recovery of Ukraine: New Insurance and Reinsurance Risks and how they will Affect Israeli Carriers and Exporters footprint, including offices in all major international insurance hubs, as well as Israel itself. Understanding the intricate challenges presented by the ongoing conflict in Ukraine, Kennedys has also created a dedicated Ukraine Desk consisting of experienced, Ukrainian- (and Russian)-speaking lawyers who are also qualified to provide advice on Ukrainian law. The firm’s ability to advise on Ukrainian, Israeli and English law allows us to offer a one-stop solution. This holistic approach enables us to help clients take a strategic view on the complex cross-jurisdictional and conflicts of laws issues that are likely to arise in the context of the Ukraine reconstruction efforts. Spilka One of the Ukraine Desk’s most recent initiatives is the launch of Spilka – a dedicated global community, led out of our London headquarters, committed to helping with Ukraine’s post-war recovery and the strengthening of the Rule of Law in that country. The core objective is to develop a comprehensive, multi-jurisdictional network of lawyers with legal knowledge and expertise that can provide immediate help as soon as the conflict ceases and Ukraine is free to embark on its journey to economic recovery. As a member of Spilka, Ukrainian lawyers and lawyers from many other countries have access to a number of resources including training, education, and mentorship opportunities. The community also serves as a platform for networking, promoting collaboration and the establishment of professional relationships. Spilka also serves as a conduit for law firms and organizations seeking to recruit Ukrainian lawyers and establish legal partnerships with Ukraine. In celebration of this launch, Kennedys invites you to a special event at their office on 14th June 2023. This event, organized ahead of the International Ukraine Recovery Conference in London, is an opportunity to discuss the postwar recovery and development of Ukraine and to celebrate the launch of Spilka. Don’t miss this chance to be a part of this pivotal conversation and contribute to the recovery efforts for Ukraine. Registration for attendance at the event on 14th June in person or on-line can be made through our LinkedIn profile “Spilka – Uniting Legal Minds” - https://www. linkedin.com/groups/12783163/
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