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October 16, 2019updated 17 Oct 2019 8:06am

Great American Insurance rolls out cyber risk insurance for SMEs

Great American Insurance Group has released a new admitted cyber risk insurance coverage for small and medium-sized enterprises (SMEs).

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What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

Known as the Risk e-Business Cyber Loss & Liability Insurance Policy, the coverage comes with two insuring agreements and 13 exclusions.

Commenting on the launch of the new product, Great American Cyber Risk divisional senior vice president Betty Shepherd said that the new cyber insurance plan is easy for agents to explain, and easy for insureds to understand.

“Traditional cyber products can get complicated quickly,” Shepherd added. “Great American’s cyber product is designed for small and medium-sized businesses, and we’ve worked hard to keep it simple.”

The cyber liability insurance plan offers coverage of up to $5m to companies with up to $250m in annual revenue.

The insurer said that its risk e-business policy also provides incident consultation coverage round the clock, which allows the insured business to avoid and prepare for the cyber risks.

Risk e-Business Cyber Loss & Liability Insurance Policy is underwritten by Great American Spirit Insurance Company, an authorised insurer in all 50 states along with the D.C. Great American Insurance Company.

Great American Insurance offers property and casualty insurance, specialty commercial products for businesses. The company also offers a range of traditional fixed, fixed-indexed and variable-indexed annuities.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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