In 1997, Steven Haase, who served as an insurance broker and senior vice president at Hamilton Dorsey Alston Co, collaborated with AIG to establish the first internet security liability policy.
The policy was designed for information technology firms overseeing networks. However, the 21st century witnessed a digital transformation that compelled the cyber industry to adjust.
Simultaneously, the business of finding love online boomed, culminating in the widespread use of dating apps, which are now considered the standard approach to making romantic connections.
However, this transition has also sparked new challenges in the realm of cyber security.
Not your type?
Rather than swiping right on this market opportunity, many insurance brokers are reluctant to source cover for such platforms.
For instance, Abdul Anwar, creator of the university dating app Lboro Circle and a student at Loughborough University, told sister publication Insurance Times that he struggled to find insurance for his app, which launched as a beta program in February 2023.
Michael Brunero, head of technology, media and intellectual property (IP) at CFC, explained that insurance brokers might hesitate to provide…
