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Growing links between operational and information technology make cyber-led property damage an increasing risk.
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The majority of London underwriters said they expected rates across their cyber book would be up 30% for the year. -
The CEO also discussed Beazley’s approach to re-underwriting cyber risks.
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The deal follows an agreement the reinsurance broker reached in December to partner with auction platform Tremor Technologies.
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Maya Bundt says insurers can do more to advise insureds to treat cyber like they would ESG concerns.
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Cyber risk management platform CybSafe has raised £5.6mn ($7.9mn) in a Series A1 funding round.
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He reports to the carrier’s global chief underwriting officer for financial lines, Libby Benet.
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The executive responds to claims that cyber insurance “funds organised crime”.
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Covid-19 disputes could drag on for years, the executive warned at the Insider London event.
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Chubb and Crum & Forster are among the markets requiring further underwriting checks and introducing exclusions.
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The senior broker warns new endorsements by some carriers may make insureds question the purpose of cyber cover.
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The broker warns that some carriers are seeking to limit cover in response to the attack.
