Global insurance group Howden has unveiled its latest blended insurance product that brings together professional indemnity, crime, and cyber liability into one policy and under one limit.
This latest proposition brings potential cost savings and improved efficiencies for financial institutions and was developed with a panel of other specialist insurers, including the Lloyd’s market. It was developed as an answer to the rise of sophisticated cyber claims such as ransomware and phishing.
With this blended offering, claims responsiveness and communication with the insurer are simplified, given that a single cyber event can trigger multiple insurance products including professional indemnity, crime, and cyber liability. Howden Financial Lines FIDO managing director Ed Brennan said that the new proposition should help the insurance group’s clients in addressing complex requirements as cyber events continue to scale.
“This product was developed to provide seamless and efficient solutions to address financial services clients’ increasingly complex cyber requirements in the midst of rising cyber events. This product will help clients navigate this difficult environment, and I look forward to working with them to maximise efficiencies and improve their insurance protection,” Brennan said.
Howden Specialty CEO Sarah Hughes also commented on this new blended product, saying: “The launch of this blended product reflects Howden’s broader strategy to harness its collective specialty expertise across the group for the benefit of clients, developing advanced products that provide joined up protection, ensuring that our solutions remain relevant to clients now and in the future.”
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