Tokio Marine Kiln (TMK) has launched its flagship cyber insurance product, known as Cyber Ctrl, for the Asian market.
The product covers a range of first party losses, including business interruption, and provides clients with crisis management support in the wake of a breach, according to a news release. Traditional liability covers to protect against breaches of third-party data are also included as standard.
The product is being marketed as a policy enhancement to owners of small- and medium-sized enterprises (SMEs), as well as middle market and personal lines clients, and is targeted at insurers across Asia. The enhancement will be reinsured by TMK through its office in Singapore.
“TMK has been writing cyber risks since 2003 and we are thrilled to be bringing together our experience and expertise to address an exposure our clients are worried about here in Asia,” Alex Dugand, regional managing director of TMK Asia, said. “The product will be underpinned in no small part by our market leading, locally based and empowered claims team. TMK has paid out more than US$100 million in cyber claims.
“Arrangements like this demonstrate our ability to meet the changing needs of clients in a bustling and growing market in which we see considerable opportunity.”
