Reinsurance News

Brokers hold key to cyber growth: CyberCube

23rd June 2020 - Author: Matt Sheehan

Brokers have a critical role to play in addressing adequate coverage and a range of other factors holding back growth in the cyber insurance market, according to a new report from cyber analytics provider CyberCube.

The report highlighted several challenges the market faces in growing adoption of cyber insurance, including the speed with which cyber insurance wordings evolve, and the perception of cyber as a small ticket item, and the disconnect between risk management and information security functions.

But CyberCube believes that several broking firms have proven that these challenges present opportunities for brokers to add a new layer of value-added service.

“Cyber risk presents a unique opportunity for brokers to further entrench themselves as trusted advisors, helping corporations navigate the complexities of this risk and successfully insure it,” said John Anderson, CyberCube’s Client Services Manager.

“Marrying their understanding of insurable cyber risk with their business relationships and expertise in policy wording, brokers can seize this opportunity to grow the cyber market, while carving out an indispensable role for themselves.”

CyberCube noted that brokers can help clients understand how more technical categories of cyber exposure map to insurable losses, and what steps a company can take to mitigate or transfer exposure for these risks.

Brokers can also leverage their relationships with insurance carriers to deliver new, fit-for-purpose solutions to address both existing and emerging cyber risks.

Additionally, brokers with expertise in cyber can feed underwriters’ appetites for growth by helping underwriting partners become comfortable with cyber risk.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Haven Life partners with Benefitfocus to provide new insurance solution

Customer-centric life insurance agency Haven Life has partnered with tech platform Benefitfocus in order to provide individuals with Salary Protection,...