Regulator calls on providers to cover more ground on cyber in relation to risk management, risk appetite and strategy, and pledges to continue to keep cyber insurance underwriting risk under review.
Market “utterly perplexed” by report which accused some brokers of “scaremongering” to sell products and suggested some cover did not match the needs of companies.
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Consultancy Mactavish says cyber policies have “major flaws” and claims brokers and insurers use “scaremongering” tactics to make companies buy cover.
Document has 30 calls to action and 26 commitments.
Business interruption has been added along with cover for cybercrime.
The providers confirm they have not suffered a cyber breach in relation to this incident and Hiscox says that the information was originally stolen from a US law firm last year.
New solutions are provided in combination with cyber cover from Lloyd’s and are available for brokers to sell.
Report highlighted that UK cyber policyholders were two and half times more likely to file a claim than those in the US.
RSA and Aviva were the talk of the town amongst brokers in June as rumours swirled that Allianz was targeting a big UK acquisition. Swinton's sale also caught brokers attention along with hack day, which explored what brokers should do to stave off a…
It adds to its cyber proposition and is aimed at the broker channel.
The policy now covers losses from fraud, telephone hacking and ransom.
Regulator highlights 18% are cyber-related.
The product is available on Acturis and QBE’s FastFlow extranet.
Simply Business CEO previously slammed “poor” products when explaining why the firm does not sell the cover.
The Insurance Age team chat about the most popular stories of this week including potential deals and fines as well as "poor" cyber products.
New UK CEO David Summers on Simply Business’ strategy, being owned by Travelers and why the broker doesn’t sell cyber insurance.
The specialist MGA has teamed up with Beazley and the product will be available to its brokers.
Graeme Newman chats about cyber insurance, the benefits of being an MGA and the firm's strategy following its recent management buyout.
Cyber Decider warns that many popular cyber policies used by brokers do not cover common cyber security problems.
Product includes GDPR wording and covers reputational damage.
Mallaby discusses Marsh’s takeover of JLT, cyber issues in the market and insurance fraud.
Product covers up to £25m in capacity, assistance with cyber risk management and a 24-hour incident response service.
Research from Aviva shows 9% of brokers are expected to leave the industry in the next year but only 13% of brokers have planned for their retirement.