AXIS launches new cyber insurance cover for marine shipping market

AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, and law firm Kennedys Law have collaborated to launch a new marine cyber insurance product.

The new solution will provide insurance cover for the marine shipping market to protect against cyber exposures on board vessels and onshore in shipping company offices.

The product will be underwritten and managed by AXIS's global cyber and technology team in London. It will be available for all new and renewing AXIS cyber marine insurance policies.

Dan Trueman, AXIS Insurance global head of cyber and technology, said: “The marine shipping insurance market dates back to the very origins of the insurance industry, and it’s under threat from one of the newest perils: cyber risk. Through AXIS and Kennedys, policyholders will have access to an extensive network of experts to address the modern needs of shipping as cyber threats take center stage.”

Jonathan Evans, partner at Kennedys, said: “We are delighted that AXIS has chosen Kennedys to provide marine cyber incident response services, legal advice and ancillary services. AXIS policyholders anywhere in the world at any time can access a dedicated helpline to navigate their way through a cyber incident, whether that be on land or at sea, which is often a very daunting and challenging experience that requires immediate specialist advice and guidance from our global panel of experts.”