Global advisory, broking and solutions firm WTW has made strategic enhancements to its global cyber facility.
WTW and its CyXS facility, a solution for excess cyber insurance coverage, has introduced new features to meet client needs.
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Upgrades include:
- Increased capacity: the maximum capacity has been raised by 50%, from 50 million to 75 million USD/EUR/GBP in response to client feedback;
- Expanded insurer participation: the number of participating Lloyd’s insurers has doubled, increasing from 7 to 14;
- Cyber physical damage cover: available as a standalone option or blended with traditional cyber coverage, and
- Enhanced CyXS restore options: further expanded reinstatement options to provide clients with flexibility and the assurance of pre-negotiated capacity replenishment.
The moves were made due to client feedback, showing WTW’s commitment to providing support for clients.
In addition, the facility now includes coverage for cyber-induced physical damage, an increasingly relevant occasion.
Glyn Thoms, head of GB Finex, Cyber and TMT at WTW, said: “Our 2024 Global Directors’ and Officers’ Survey underscores that cyber risk remains a top concern for directors globally. The enhancements to the CyXS facility are a direct response to this concern, ensuring that we continue to lead with solutions that are not only comprehensive but also adaptable to the varied needs of our clients across different industries and regions.”
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By GlobalDataAndy Maher, head of cyber and technology, London, AXIS Capital stated: “We are very pleased to continue as a leader of the WTW CyXS facility, which harnesses some of the key values that Lloyd’s markets bring to the cyber insurance space, ensuring the class keeps pace with and anticipates our mutual customers’ needs.”
Michael Shen, head of cyber and technology, London market, Canopius added: “Our ongoing partnership with WTW enters its second year as a leader on the enhanced CyXS facility. We are proud to be part of this excess cyber insurance solution, as it expands to address a challenging cyber risk landscape and the evolving needs of clients.”
WTW announced a collaboration with Riskonnect in April 2024 to pilot an innovative analytical delivery tool that links claims and exposure data via its WTW Risk IQ API.
This collaboration is aimed at enhancing risk management for clients with real-time insights.
The partnership allows clients from both WTW and Riskonnect to better evaluate their claims data, aiming to identify inefficiencies, reduce errors and eliminate manual data uploading processes.
