Cyber insurance rates fail to match catastrophe risk-Chubb CEO

FILE PHOTO: Evan Greenberg, Chairman and Chief Executive Officer (CEO) of Chubb Ltd speaks at an S&P Global Ratings conference in New York City, New York, U.S., June 7, 2018. REUTERS/Suzanne Barlyn/File Photo

(Reuters) - Rising prices of insurance against cyber attacks fail to take account of the potential catastrophic effects of a widespread attack, Chubb Ltd. Chief Executive Evan Greenberg said on Wednesday.

"The pricing environment is pretty good," Greenberg said on a conference call. "But ... that is not addressing by itself the fundamental issue.... Like pandemic, cyber has a catastrophe profile to it."