Brit renews and expands flagship cyber consortium as demand rises
Global specialty re/insurer Brit has renewed and expanded its flagship cyber consortium with plans to grow premium by up to 50% in 2023. The product was designed to address the coverage gap in traditional lines of insurance.
The Brit Cyber Attack Plus (BCAP) consortium wrote in excess of $100 million in gross written premium in 2022, making it “one of the largest cyber consortiums in the market” by both premium and capacity.
The BCAP was designed to protect clients from the impact of physical damage arising from cyber attacks. It is projected to grow premium by up to 50% in 2023.
As businesses in the energy, industrial, manufacturing and utility industries found their property assets increasingly dependent on technology, BCAP was launched in 2014 to address the coverage gap that had emerged in traditional lines of insurance, whereby physical damage and subsequent business interruption emanating from a malicious cyber-attack were being excluded.
Brit noted that 2022 saw a growing number of cyber incidents impacting physical assets, while the increasingly volatile economic and geopolitical landscape is driving increased demand for the protection of critical infrastructure as well as manufacturing and industrial operations.
BCAP also offers a broad spectrum of cyber coverage including business interruption, data privacy, breach response, cyber extortion, reputational harm and cyber liability coverage.
Adam Taylor (pictured), class underwriter, cyber, privacy and technology, said: “BCAP has always acted as a pioneer in the cyber market. Although the growing frequency and severity of cyber-attacks is well documented, we are seeing that physical assets are becoming ever more vulnerable to threat actors, especially given the trend towards digitalisation and growth of IoT in manufacturing, industrial processes and physical infrastructure. We have continued to innovate BCAP to ensure it can both insure against these risks while also offering a full suite of traditional cyber coverage, making it the most comprehensive and flexible product in the market.
“The growing demand we are seeing has enabled us to renew and expand the consortium and we’re delighted to have the continued commitment of our capacity partners, enabling us to continue to solve a critical need through a unique product.”
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