NAME: Paul Needle
NEW JOB TITLE: Princeton, New Jersey-based senior vice president, cyber treaty underwriter, Munich Re U.S.
PREVIOUS POSITION: Princeton, New Jersey-based senior vice president, cyber treaty underwriter, Munich Re U.S.
INDUSTRY OUTLOOK: Specific to cyber liability, I think the outlook is positive. Its been a unique period for cyber insurance, and the product is adapting. The hardening market and increased underwriting scrutiny, coupled with improvements in cybersecurity standards as a result of insurers efforts, will likely produce flattening loss trends. The uptake of cyber insurance will increase and hopefully reduce adverse selection. We are also seeing active involvement from the U.S. federal government in the effort to significantly mitigate ransomware. Insurance providers with a strong commitment to prudent underwriting and who have deep cyber expertise will be well-positioned for profitable growth. Systemic risk, systematic risk and accumulation risk are being closely monitored, especially in the reinsurance market, which will lead to an even higher level of confidence in overall pricing.
GOALS FOR NEW POSITION: Im excited about collaborating with my Munich Re U.S. colleagues and clients as we continue to develop innovative solutions for the sustainable management of evolving cyber risk. Im focused on leveraging my experience both professionally and academically as part of an award-winning team thats committed to increasing cyber expertise across the cyber liability supply chain. I believe in fostering an atmosphere that is highly collaborative and allows for the facilitation of cross-functional communication. At the end of the day, Im really looking forward to building relationships with my new colleagues, especially after working remotely for so many months.
CHALLENGES FACING THE INDUSTRY: The dynamic nature of cyber risk is an ongoing challenge. Ransomware is a major concern, and its being addressed with pricing, terms, conditions and greater underwriting scrutiny. Systemic risk and rate adequacy are also key issues for cyber insurance professionals. Risk is becoming increasingly defined as we investigate critical relationships between and within organizations and technologies, and address the possible impact of cascading failures within supply chains. The industry continues to evolve as this interconnectivity is further explored and understood. At Munich Re, were committed to helping our clients navigate these complex and evolving threats not only through our cyber underwriting expertise and holistic risk transfer solutions, but also by providing access to pre- and post-incident services and through our support for increased cybersecurity awareness and standards.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: My first job was with Aon Affinity, where I served as a managing general underwriter for financial E&O firms.
ADVICE: Always be curious. No effort is wasted as long as you learn from the experience. Embrace technical expertise. Leverage multiple resources to advance your knowledge, whether its books, podcasts, social media, a designation or a masters degree.
OUTSIDE THE INDUSTRY, A DREAM JOB: Professional golfer
COLLEGE MAJOR: I have a B.S. degree in marketing, an MBA in finance and an M.S. in IT auditing and cybersecurity.
LOOKING FORWARD TO: Im really excited to have a birds-eye view of cyber insurance in my new role at Munich Re, and Im truly looking forward to adding value for our clients. I love being part of a global team of more than 130 dedicated cyber experts who are focused on providing customized, non-traditional solutions to some of our industrys most significant challenges.
FAVOURITE MEAL: Seafood Fra Diavolo. Pizza is pretty high on the list, as well.
BOOK: Honestly, there is so much compelling material on cybersecurity and cyber liability available right now that its hard to read anything else, but I really enjoyed Lone Survivor by Marcus Luttrell.
HOBBIES: Spending time with my kids, golf, snowboarding, 3D printing and following Philly sports.
TV SHOW: Ted Lasso
ON A SATURDAY AFTERNOON: Anything with my wife and three kids, and where allowable, our dog, Miss Pickles. Its always an adventure.
