Munich Reinsurance America, Inc. (Munich Re) has launched a cyber reinsurance product for regional property/casualty insurance carriers seeking to provide this coverage and associated services to their small and medium-size enterprise (SME) clients.
According to Annamaria Landaverde, vice president and head of cyber for the US Reinsurance Division, Munich Re. A May 2016 IBISWorld industry report noted that 72 percent of U.S. cyberattacks occurred in SMEs.
“A cyber event can have a crippling effect on small to medium-size businesses, which often don’t have the resources or insurance protection needed to recover following such an occurrence. Munich Re offers regional primary carriers a flexible, turnkey cyber solution to help protect their small to medium-size commercial customers,” Landaverde said.
Cyber insurance may provide coverage for a loss resulting from a variety of events, such as a denial-of-service attack, unauthorized access, introduction of malicious code, privacy breach, extortion threat, regulatory proceedings, and/or third-party claims and more.
Munich Re’s cyber product provides reinsurance capacity for limits up to $15 million, technical…
