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September 27, 2018

Munich Re unveils cyber reinsurance solution for SMEs

Munich RE America has launched a cyber reinsurance solution, which will enable regional property/casualty insurers to protect SME policyholders.

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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 cyber reinsurance solution can be used by insurance carriers and reinsurance brokers in all US states.

The tool offers up to $15m in reinsurance capacity. Furthermore, it will offer access to a risk management portal and a post-breach services panel. These are aimed at primary insurers who do not have adequate cyber protection resources.

Munich Re also said that insurance carriers participating in the solution will retain a portion of the risk.

Cyber security

The solution will include proprietary cyber product as well as ISO-based cyber policy.

Munich Re vice president and head of cyber for the US reinsurance division Annamaria Landaverde said: “Cyber events are a growing threat to businesses of every size. 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.”

In this regard, Munich Re cited a May 2016 IBISWorld report, which found 72% of cyberattacks in the US occurring in SMEs.

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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