Howden crafts new blended insurance coverage amid rising cyber attacks
Amid the growing complexity of the cyber landscape, global re/insurance broker Howden has launched a new blended insurance product that consolidates professional indemnity, crime and cyber liability coverage within a single policy and under one limit.
Howden said it aims to bring a different approach to insurance for financial institutions, offering potential cost savings and improved efficiencies.
The product has been developed with a panel of leading specialist insurers, including the Lloyd’s market in response to a rise in sophisticated cyber claims, such as ransomware and phishing. A cyber event can trigger multiple insurance products, including PI, crime and cyber liability, which can cause delays in accessing the support and funds needed at the crucial time, particularly when dealing with multiple insurers. By combining the coverages into a fully blended product with a single set of policies and one limit, the product significantly improves claims responsiveness and simplifies communication with the insurer, Howden explained.
Ed Brennan, managing director for financial institutions and D&O (FIDO), financial lines, Howden, said: “This product was developed to provide seamless and efficient solutions to address financial services clients’ increasingly complex cyber requirements in the midst of rising cyber events. This product will help clients navigate this difficult environment, and I look forward to working with them to maximise efficiencies and improve their insurance protection.”
Sarah Hughes, CEO, Howden Specialty, added: “The launch of this blended product reflects Howden’s broader strategy to harness its collective specialty expertise across the group for the benefit of clients, developing advanced products that provide joined up protection, ensuring that our solutions remain relevant to clients now and in the future.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
