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December 12, 2018updated 13 Dec 2018 4:59am

Sompo International enhance cyber insurance capabilities in US

Sompo International, a Bermudian specialty re/insurer, has created a dedicated US team focused on cyber offerings to expand its cyber insurance capabilities in the country.

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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 underwriting team will be focused exclusively on marketing and underwriting Sompo’s cyber product offerings.

It will complement the E&O and professional services products available through its professional liability insurance unit Sompo Pro.

The new practice will be managed by Jeff Kulikowski, senior vice president, cyber and E&O (errors and omissions) underwriting, and Richard DePiero, senior vice president, US cyber product leader.

Sompo Pro US executive vice president Dan Wadley said: “For many years, our experience in the cyber market has been a critical differentiator for Sompo International.

“With the introduction of our dedicated cyber solutions practice in the US, we have strengthened our ability to deliver comprehensive insurance products and services to clients in the world’s largest cyber market.”

DePiero stated: “Our expanded cyber capabilities will make it easier for companies to customize their coverage options and obtain the risk management advice, diagnostic tools and response assistance they need to protect their businesses against known and emerging cyber and network threats.”

Sompo International’s dedicated cyber team will provide a Premier Professional policy that provides companies of all sizes and industries access to a full range of professional liability and cyber coverage through a single flexible policy form.

The updated product offers coverage for General Data Protection Regulation (GDPR) violations, non-malicious systems failures, unintentional breaches of contract and IT vendor outages, among others.

Additionally, Sompo Premier Professional clients can avail an expanded set of risk management services to assess their exposure to cyber risk, beef up their network security and deal with data breaches and other network issues.

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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