Munich Reinsurance America, Inc. (Munich Re) has launched a cyber reinsurance product for regional property/casualty insurance carriers seeking to provide this coverage and associated services to their small and medium-size enterprise (SME) clients.
According to Annamaria Landaverde, vice president and head of cyber for the US Reinsurance Division, Munich Re. A May 2016 IBISWorld industry report noted that 72 percent of U.S. cyberattacks occurred in SMEs.
“A cyber event can have a crippling effect on small to medium-size businesses, which often don’t have the resources or insurance protection needed to recover following such an occurrence. Munich Re offers regional primary carriers a flexible, turnkey cyber solution to help protect their small to medium-size commercial customers,” Landaverde said.
Cyber insurance may provide coverage for a loss resulting from a variety of events, such as a denial-of-service attack, unauthorized access, introduction of malicious code, privacy breach, extortion threat, regulatory proceedings, and/or third-party claims and more.
Munich Re’s cyber product provides reinsurance capacity for limits up to $15 million, technical expertise, and tools such as a risk management portal and a post-breach services panel to primary insurance carriers that may not have the experience or resources necessary to provide cyber protection to their clients. Insurance carriers participating in Munich Re’s cyber product will retain a portion of the risk. Munich Re’s turnkey product can include ISO’s stand-alone commercial cyber policy or the information security protection cyber policy as well as a primary carrier’s proprietary cyber product.
Munich Re’s cyber reinsurance product is available in all 50 states to primary property/casualty insurance carriers and reinsurance brokers for their SME policyholders.
Munich Reinsurance America, Inc. provides reinsurance coverages, specialty reinsurance, and risk management solutions to commercial and personal lines insurance carriers, agents and brokers, program administrators, and managing general agents. It ‘s admitted and non-admitted insurance company affiliates also offer specialty insurance products.
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