Commercial insurer HDI expands cyber cover programme as demand jumps
German commercial insurer HDI, a subsidiary of Talanx and sister company of Hannover Re is expanding its cyber insurance programme.
The new cyber policies now include, for example, financial compensation for business interruption caused by outages from cloud or IT service providers. At the same time, HDI is expanding its cyber insurance cover this year to 14 countries, including the US.
Further countries will follow. The move is driven by large demand in cyber insurance from existing and new clients in Germany and abroad.
“Demand for cyber insurance is growing strongly,” said Patrick Smolka, financial lines leader at HDI. “Last year we saw a demand increase of 300 percent. This year, interest is growing even faster. In the first half year, we have already received more requests than in the whole past year.”
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