Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Munich Re is working to strengthen its cyber insurance policies as fears of cyber-attacks mount after the Russian invasion of Ukraine.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Speaking to Reuters, Munich Re chief underwriter Juergen Reinhart said that the reinsurer is looking to update its cyber policies by adding clearer war exclusion clauses.

Most cyber insurance policies offered to firms cover the losses incurred due to business interruption and repair hacked systems after a cyber-attack, but these policies do not include war.

These grey areas created due to policy wordings leave insurers exposed to claims for cyber war.

Reinhart noted that the Russia-Ukraine conflict is not a “classic cyber war”, but it was best to be prepared.

The firm is planning to add new clauses to its direct cyber insurance offerings, Reinhart said, adding that the reinsurer has also asked its cyber insurance clients to do the same.

Last month, the German reinsurer joined peers in halting new business in Russia and Belarus and pausing the renewal of existing ones.

In the case of the Covid-19 pandemic, unclear wordings in the business interruption policies triggered several legal battles across the world over whether the pandemic was covered by insurance or not.

Reinhart said: “We have learnt this lesson as an industry in respect of the pandemic – how painful it is if you have unclear wordings. Our intention is to have very, very clear wordings…and avoid surprises.”

UK insurance buyers’ association Airmic chief executive Julia Graham said: “There has been a lot of uncertainty among Airmic members around war exclusions, especially for their cyber policies. The lack of standardised policy wordings on cyber in the market has certainly not helped things.”