(Bloomberg) — Insurers flush with capital are rushing to grab part of an expanding cybercoverage market that's been spurred on by high-profile hackings at JPMorgan Chase & Co. and Home Depot Inc.
Sales are set to double this year from about $1 billion in 2013, according to Bob Parisi, head of the network security and privacy practice at Marsh, the insurance brokerage arm of Marsh & McLennan Cos. The policies can protect companies against lost revenue, lawsuits or even damage to their reputation or brand.
"There is a lot of capital looking to find a home," said Rick Welsh, head of cyber coverage at Aegis London, which sells policies through LLoyd's of London, the world's oldest insurance market. "They now see cyber insurance as a once-in-a generation opportunity that is set for growth."
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