Marsh, insurance brokerage business of Marsh McLennan, announced the launch of Cyber Unity, a new insurance facility for organizations across the European Union, as well as in Israel, Norway, Serbia, and Turkey, with revenues up to €500 million (US$581.2 million).
Cyber Unity is backed by a competing panel of six A-rated global cyber insurers and offers limits up to €5 million (US$5.8 million) in primary capacity, with access to additional capacity from the panel of insurers or through Marsh’s suite of cyber insurance facilities.
It also removes significant barriers mid-sized corporates face in securing cyber insurance and closing critical insurance coverage and cybersecurity gaps.
Cyber Unity features a highly streamlined placement process and is underpinned by Marsh’s comprehensive proprietary cyber policy wording, which encompasses a range of risks broader than the industry standard, as well as exclusive coverage extensions that offer clients greater optionality around coverage.
Additionally, Cyber Unity features robust cyber incident response services, granting access to an incident management platform to provide continuity when primary communication or operational systems are compromised during a cyber incident. Furthermore, Cyber Unity includes a pre-negotiated claims management process, along with comprehensive risk management and loss prevention services, enhancing organizations’ ability to prevent and handle potential cyber threats.
“Many organizations, particularly mid-sized enterprises, face significant challenges in obtaining adequate cyber insurance. As cyber risks continue to escalate in frequency and severity, these challenges become even more pronounced,” commented Gamze Konyar, head of Cyber, Europe, at Marsh, in a statement.
“By making cyber insurance more accessible, understandable, and affordable, Cyber Unity provides robust primary capacity for European organizations, while seamlessly uniting comprehensive coverage with essential risk prevention, claims and incident management services,” Konyar said.
Source: Marsh
Topics Cyber Commercial Lines Business Insurance Europe New Markets
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