Munich Re America has launched a cyber reinsurance solution, which will enable regional property/casualty insurers to protect SME policyholders.
The cyber reinsurance solution can be used by insurance carriers and reinsurance brokers in all US states.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The tool offers up to $15m in reinsurance capacity. Furthermore, it will offer access to a risk management portal and a post-breach services panel. These are aimed at primary insurers who do not have adequate cyber protection resources.
Munich Re also said that insurance carriers participating in the solution will retain a portion of the risk.
Cyber security
The solution will include proprietary cyber product as well as ISO-based cyber policy.
Munich Re vice president and head of cyber for the US reinsurance division 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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“Munich Re offers regional primary carriers a flexible, turnkey cyber solution to help protect their small to medium-size commercial customers.”
In this regard, Munich Re cited a May 2016 IBISWorld report, which found 72% of cyberattacks in the US occurring in SMEs.
