Munich Re unveils new cyber reinsurance solution for SMEs
Munich Reinsurance America (Munich Re) has developed a new cyber reinsurance solution for regional property/casualty insurance carriers seeking to provide cyber coverage to their small and medium-size enterprise (SME) clients.
The new solution will provide reinsurance capacity for limits up to $15 million, as well as technical expertise, and tools such as a risk management portal and a post-breach services panel to primary insurance carriers.
Munich Re said it may also provide coverage for a loss resulting from a variety of events, such as a denial-of-service attack, unauthorized access, introduction of malicious code, privacy breach, extortion threat, regulatory proceedings, and/or third-party claims.
The solution is designed to include ISO’s stand-alone commercial cyber policy or the information security protection cyber policy as well as a primary carrier’s proprietary cyber product. The carriers participating in Munich Re’s cyber solution will retain a portion of the risk, according to the statement.
“A May 2016 IBISWorld industry report noted that 72 percent of US cyberattacks occurred in SMEs," said Annamaria Landaverde, vice president and head of cyber for the US Reinsurance Division, Munich Re. “A cyber event can have a crippling effect on small to medium-size businesses, which often don’t have the resources or insurance protection needed to recover following such an occurrence. Munich Re offers regional primary carriers a flexible, turnkey cyber solution to help protect their small to medium-size commercial customers.”
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