As cyber risk increases and Europe heads towards a change in legislation surrounding data breaches, Intelligent Insurer asks why now is the right time for the industry to invest in this specialist market.
While the US has led the charge in cyber liability insurance for some time, Europe, and specifically the UK, is slowly realising the potential of this market, which according to a report by Timetric, the business information service research unit, currently represents only 0.01 percent of the UK’s non-life insurance market.
“Cyber is all the talk of the Lloyd’s insurance market right now and many of our key clients have launched or intend to introduce new products in the cyber liability market,” says Ingrid Hobbs, a partner at law firm Mayer Brown.
Mandip Sagoo, another partner at Mayer Brown adds: “We know that there are a number of insurers who are working quite hard to develop a product that is more Europe-bespoke.”
Cyber Insurance, Europe, Intelligent Insurer, Barbican, Mayer Brown