AM RE: bringing its unique skillset to the cyber space
AM RE’s new cyber offering, led by fresh recruit Mandy Barder, hits the US market at a time of unprecedented demand for cyber cover. In many cases, higher limits are being requested in response to recent claim activity. Meanwhile, rates are set to increase between 20 percent and 50 percent in 2021, and coverage restrictions are being applied.
“Insureds within the small and medium-sized enterprise (SME) market are becoming much more cognisant of cyber coverage and its role as a business essential,” says Barder.
“Of course, the recent requirement for remote working across multiple industries has further emphasised the need. As claims activity increases, it is an opportune time to restructure the product to better meet cyber needs as we head into a hardening market.”
AM RE’s relationship with many primary managing general agents (MGAs) and fronting carriers creates a strong opportunity to support the cyber SME products that are being sold in record numbers. The share of organisations that purchase cyber liability insurance globally is now 75 percent.
Cyber premium globally is at $7.5 billion, with $5 billion generated out of the US, and $2.2 billion from the SME market. The value of cyber premiums is estimated to reach $20 to 25 billion by 2025.
“Combined with significant rate increases and the enhanced awareness of insureds, there is huge growth potential within the reinsurance programmes we’re offering,” says Barder.
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