With cyber attacks and insurance claims on the rise, leading cyber insurers AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance and Travelers have formed a company to pool their data and expertise and take collective efforts to enhance cyber risk mitigation efforts across the insurance industry.
The new entity, called CyberAcuView, will compile and analyze cyber-related data to enhance value and service to policyholders and help insurers sustain a competitive market for cyber insurance.
CyberAcuView’s activities will be conducted under strict antitrust review and guidance, according to the announcement.
Mark Camillo, most recently head of Cyber, EMEA at AIG, has been appointed CEO.
CyberAcuView is 100%-owned by the founding seven member carriers, which are among the top 11 in the market based on 2019 direct written premium, according to AM Best. The company will invite other direct writers of cyber insurance to be associate members, according to its website.
The founding members of CyberAcuView said they will address cyber risk mitigation by:
- providing industry best-practices to improve resilience to cyber risk;
- proactively engaging with regulators,…
