Corvus Insurance, an AI-powered cyber specialty insurer, has announced its US “industry-leading” 2022 ultimate loss ratio of 36%.
According to the announcement, this figure has been independently verified and includes all lines and all risk capital partner results.
The insurer highlighted that its leading loss ratio is indicative of the strength of Corvus’s cyber underwriters and the team’s sharp focus on delivering strong underwriting results.
Additionally, while maintaining this figure Corvus grew cyber premiums by 80% in 2022 across its book.
Corvus delivers with a combination of strong underwriting talent, data analytics, and fast growing adoption from engaged policyholders.
The firm’s CEO Madhu Tadikonda said: “Corvus’s proprietary AI-based underwriting tools are significantly more advanced than that of our competition in matching price and risk. Corvus’s real-time cyber risk insights provide actionable remediations and quantify the value of policy controls. This increases insurability, plain and simple.”
Adding: “Our policyholders are uniquely engaging with us and our tailored solutions year-round to help make them safer amid a dynamic cyber threat landscape. We remain hyper-focused on tackling cyber risk with one of the largest specialised cyber underwriting teams in the industry, while continuing to maintain a best-in-industry loss ratio.”
The insurer has made improvements to its scan technology that have had a profound impact on cyber underwriter modelling. This allows it to get a clearer picture of a company’s exposure profile, and enable underwriters to quickly adapt as an insured’s cyber exposure shifts within a policy period.
Its data insights then foster a seamless renewal process, Corvus explained. It also maximises its data capabilities to help protect brokers and policyholders by producing optimised policy recommendations based on scans of 20,000 data points every time a policy is quoted.