Show Me The Cyberinsurance Claims
Just four years after cyberinsurance policies were first introduced to the specialty market, losses are already piling up and causing some insurers to rethink their strategies, according to a broker who spoke at a recent conference.
If a carrier has 1,000 cyber-policies, it has over 50 claims by now, reported Philip Norton, president of the professional liability division of Arthur J. Gallagher & Company in Itasca, Ill., during the American Conference Institutes Online Liability Conference. The average claim is about $1 million, he added, predicting higher future amounts, during a session entitled, "Show Me the Losses."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
