One long-term impact of the novel coronavirus pandemic may be an uptick in the sale of commercial cyber insurance policies, industry experts predicted during a recent Canadian Underwriter webinar.
In addition, the pandemic may provide an opportunity for brokers to promote the sale of standalone cyber policies. One webinar panellist noted standalone policies generally provide commercial clients with better protection against emerging cyber-threats such as ransomware and financial phishing scams than add-ons to commercial packages, which are focused more narrowly on risks such as data breach.
Tim Zeilman, global owner of products, cyber, for HSB (part of Munich Re), predicted “the expansion of purchasing of cyber insurance” in the wake of the pandemic.
“If there is one thing people have realized over the last couple of months, that has been how completely reliant they are on their IT systems,” Zeilman observed during Part Two of Canadian Underwriter’s COVID-19: Business Interruption webinar series. “Some people are…undoubtedly using and relying on their IT systems, particularly their remote IT systems, more than they ever have.
“I think in the past, when…
