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June 3, 2022

JA Assure and Chubb partner to offer cyber insurance to SMEs

Singapore-based insurtech firm JA Assure and industry major Chubb have announced the launch of a cyber insurance platform, called Haxsafe.

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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.

The new offering, which is aimed at SMEs, is currently available in Hong Kong SAR, Singapore and Malaysia. 

The Haxsafe platform is equipped with ‘instant’ quote and policy issuance capabilities. 

The cyber insurance cover offered on Haxsafe is underwritten by Chubb and is designed to provide pre-loss risk mitigation and incident response services.

The mitigation services provide access to a password management tool and spam tests. 

In an event of a cyberattack, customers will be able to access the Chubb Incident Response Platform, which is designed to help contain the threat and limit damages. 

Chubb head of property & casualty Asia Pacific Grant Cairns said: “Our data shows that SMEs, like large organisations, are vulnerable to cyber attacks, despite the popular belief that SMEs are too small to be of interest to threat actors. 

“I am pleased that we are now able to bring Chubb’s cyber risk management solution closer to SMEs, underscoring our commitment to better serve the small commercial segment.”

JA Assure CEO Japhire Gopi said: “Haxsafe will be a gamechanger for SMEs as it simplifies the insurance buying process for small business owners who simply do not have the time and resources to go through lengthy insurance purchase processes. We are in the business of innovation and I am excited to make insurance more accessible to those who need it.”

Last month, Hippo-backed First Connect Insurance Services joined forces with Blink by Chubb to offer cyber insurance protection. 

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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