Actuarial and risk analytics company ISO has announced that 42 US states and territories have implemented its cyber insurance program.
The Verisk company’s cyber insurance program features a selection of coverage options and extensive rating information to help insurers deal with the needs of the cyber market.
“Cyber risk is changing at a rapid pace, leaving many insurers without the tools they need to serve the growing market,” said ISO commercial risk president Maroun Mourad. “Our rating plan features unprecedented levels of detail in primary and excess pricing information, and our flexible coverage solutions can help insurers protect businesses from cyber risk in a timely, insightful, and operationally efficient manner.”
A release said that the ISO program features advisory loss costs using 17 different rating variables, which is three times more than the variables typically used by other analysts. ISO’s rating variables were developed using predictive analytics applied to more than 32,000 historical cases.
The ISO program also features coverage solutions for small and midsize businesses (SMEs).
“Cyber insurance needs can vary significantly by both the industry and the size of the business,” commented Verisk vice-president of cyber offerings Prashant Pai. “The program we’ve introduced provides insurers with versatile tools to help meet the wide range of companies in the marketplace.”
