Global specialty re/insurer Brit Ltd. has announced the renewal and planned expansion of its leading cyber consortium – Brit Cyber Attack Plus (BCAP).
BCAP is a cyber product, designed to protect clients from the impact of physical damage arising from cyber-attacks.
The consortium was launched in 2014 to address the coverage gap that had emerged in traditional lines of insurance, whereby physical damage and business interruption emanating from a malicious cyber-attack were being excluded.
BCAP offers limits of up to $100 million and wrote in excess of $100 million in GWP in 2022, which makes it one of the largest cyber consortiums in the market by both premium and capacity. Brit noted that the product is projected to grow premium by up to 50% in 2023.
In 2022 the industry saw a growing number of cyber incidents impacting physical assets. At the same time, the increasingly volatile economic and geopolitical landscape is said to be driving increased demand for the protection of critical infrastructure as well as manufacturing and industrial operations.
Moreover, BCAP continues to offer a broad range of cyber coverage, including business interruption, data privacy, breach response, cyber extortion, reputational harm and cyber liability coverage.
Adam Taylor, Class Underwriter, Cyber, Privacy and Technology, said: “BCAP has always acted as a pioneer in the cyber market. Although the growing frequency and severity of cyber-attacks is well documented, we are seeing that physical assets are becoming ever more vulnerable to threat actors, especially given the trend towards digitalisation and growth of IoT in manufacturing, industrial processes and physical infrastructure.
“We have continued to innovate BCAP to ensure it can both insure against these risks while also offering a full suite of traditional cyber coverage, making it the most comprehensive and flexible product in the market. The growing demand we are seeing has enabled us to renew and expand the consortium and we’re delighted to have the continued commitment of our capacity partners, enabling us to continue to solve a critical need through a unique product.”
