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Cyber is very much the product of the moment – and possibly that of the future too. No surprise then that more and more providers are setting up their own solutions – and now XL Catlin has bolstered its own offering.
The insurance and reinsurance giant has today revealed it will be extending its casualty insurance offering in the UK to include cyber. Designed for mid- and large-sized companies that don’t need a stand-alone cyber offering, it will be an extension of its general liability policies.
“Companies around the world are increasingly vulnerable to targeted cyber-attacks,” said James Tuplin, head of cyber & technology, media and telecoms, international financial lines. “We regularly speak to companies that record thousands of attacks every year – sometimes every month.
“Yet many UK organisations – particularly smaller companies with limited resources – still have some way to go in terms of measuring and quantifying their cyber liabilities. And in our experience, this is preventing many of them from transferring the risk to the insurance market.”
The extension will be available across a wide range of sectors with a limit set at £5 million. Among the risks covered are those relating to data safety, data management, the impact of a network breach and the various costs associated with a cyber incident.
“We have introduced this endorsement specifically for clients that have not previously bought cyber insurance,” said Andrew Farmer, senior casualty underwriter, insurance. “Our expert underwriters have a well-defined and straightforward survey for clients to understand their cyber exposures, which helps first-time buyers access this coverage.”
XL Catlin also offers a stand-alone cyber and data protection policy.
