Munich Reinsurance America (Munich Re) is now offering a cyber reinsurance solution for regional property/casualty insurance carriers who wish to provide the coverage and related services to their small and medium-size enterprise (SME) clients.
Image: Munich Re launches cyber insurance for SMEs. Photo: Courtesy of Markus Spiske/Unsplash.
The cyber reinsurance solution helps protect small and mid-sized businesses; offers turnkey approach for regional insurance carriers.
Munich Re said cyber insurance may offer coverage for a loss resulting from several events like a denial-of-service attack, unauthorized access, introduction of malicious code, privacy breach, extortion threat, regulatory proceedings, and/or third-party claims and more.
The company’s cyber solution offers reinsurance capacity for limits up to $15m, technical expertise, and tools like a risk management portal and a post-breach services panel to primary insurance carriers that could not have the experience or resources required to provide cyber protection to their clients.
Insurance carriers taking part in Munich Re’s cyber solution will retain a part of the risk.
The solution can include ISO’s stand-alone commercial cyber policy or the information security protection cyber policy as well as a primary carrier’s proprietary cyber product.
Munich Re vice president and US reinsurance division cyber head Annamaria Landaverde said: “Cyber events are a growing threat to businesses of every size. 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.”
ISO commercial lines president Maroun Mourad said: “We are pleased that Munich Re has recognized ISO’s cyber insurance program as part of its turnkey solution, as our program can provide primary carriers with an array of coverage options to help address the growing and diverse cyber market.
“That’s important because cyber risk is constantly changing and presenting significant challenges for those looking to insure the wide range of small and midsize businesses in need of coverage.”
Munich Re offers reinsurance coverages, specialty reinsurance, and risk management solutions to commercial and personal lines insurance carriers, agents and brokers, program administrators, and managing general agents.