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The merged entity recruits Paul Western as underwriting chief.
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The reinsurer predicts annual cyber market premium expansion of between 25 percent to 30 percent.
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The carrier will either affirmatively cover or explicitly exclude cyber across virtually all commercial P&C policies by January. -
The report names data theft from an email provider – at a potential cost of some $19bn – as the most likely loss scenario.
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Level of perceived risk drops across all classes of business in the absence of attacks to rival the scope of 2018’s NotPetya and WannaCry.
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The reinsurance broker said cyber incidents so far in 2019 already exceed the full-year totals in 2015 and 2016.
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Industry commentators said firms are failing to check third-party vendors’ and contractors’ liability cover.
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If the cover is exhausted, the Capital One data breach would mark a new record claim for the cyber market.
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The new hire joins after a 16-year legal career as the broker continues intangible asset push.
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Broader wordings are creating systemic exposure and pushing up loss ratios.
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The insurer led the pack with a 16 percent share of the cyber market last year, according to a new report.
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Coverage options are now becoming more standard after years of expansions for new risks, Chubb’s cyber product leader said.
