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CCLB Event Challenges Students to Propose Regulations for Growing Cyber Insurance Market

by Becky Cacioppo Monday, January 22, 2018

The Fall 2017 Co-Curricular Learning Board (CCLB) Insurance Regulation event included a presentation by Wisconsin’s Insurance Commissioner and an interactive activity. Close to 100 attendees, including students from the actuarial science and risk management and insurance degree programs and CCLB representatives, gathered for an evening of collaboration and learning. Representatives came from each of the five CCLB member organizations: American Family Insurance, CUNA Mutual Group, Swiss Re, Humana, and Milliman.

To kick off the evening, Mr. Nickel spoke about cyber insurance Ted Nickel, Wisconsin Insurance Commissionerregulation and some of the challenges that this new coverage is posing for his team. Cyber breaches are growing more common and posing more of a threat to businesses than ever before, and as a result, many commercial insurers now offer cyber coverage. As the Wisconsin Insurance Commissioner and the president of the National Association of Insurance Commissioners (NAIC), Mr. Nickel oversees all new insurance regulations across the country. The task of tackling cyber regulation is daunting because of the complexity, the diversity of needed coverages, and the extremely variable loss amounts resulting from a cyber breach.

After Mr. Nickel spoke about his role and some of the challenges involved with cyber regulation, he opened the floor up to students for an engaging Q&A session during which many students took the opportunity to ask the Commissioner about the government’s role in cyber regulation, the future of cyber coverage, and the ever-changing landscape of insurance regulation.

Armed with a better understanding of cyber insurance and regulation, each table of students was challenged to come up with their own proposal for cyber regulation, which were reviewed by Mr. Nickel, faculty advisors, and the CCLB representatives. The evening concluded with a presentation of the most innovative and insightful student proposals.

This once-in-a-college-career opportunity to hear from Mr. Nickel and connect with industry professionals was an invaluable one that I know I will reflect on for a long time to come!