CyCore Asia offers general cyber coverage through proprietary wording, which is said to be developed with industry expertise. Credit: T. Schneider/ Shutterstock.

Global broking and advisory firm Willis Towers Watson (WTW) has launched a new cyber insurance facility, CyCore Asia, targeting businesses in Singapore and Hong Kong.  

Underwritten by QBE Insurance Group and AXA XL, it aims to address the cyber security concerns with a primary insurance capacity of up to $15m (S$20.59m). 

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This comes in response to the findings from the WTW Emerging and Interconnected Risk survey, which highlights technology and cyber risks as top concerns for businesses in Asia.  

It is said that while these concerns affect businesses in the short to medium term, cyber risks are the “greatest driver” of change over the next decade. 

The company claimed that artificial intelligence (AI) is increasing the complexity and scale of cyber threats.  

CyCore Asia offers general cyber coverage through proprietary wording, which is said to be developed with industry expertise.  

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A risk bursary, capped at $15,000, is also available, allowing insured businesses to access cyber risk management services from S-RM, a specialist in cyber security consultancy. 

CyCore Asia’s restore function allows companies to secure coverage throughout the policy period, even after a claim, subject to the insurer’s acceptance and suitability review.  

Initially, CyCore Asia will be available to various industries in Hong Kong and Singapore, with plans to expand to other Asian markets later in the year. 

WTW cyber growth leader of Asia Conor Keating said: “As cyber threats continue to evolve, ongoing collaboration between IT security teams and the cyber insurance industry in Asia is imperative to ensure businesses can navigate the complex cyber risk landscape with greater confidence.  

“It is for this reason that we have decided to launch CyCore Asia, which offers businesses in Singapore and Hong Kong wider policy benefits that are not typically available on an open market basis. Under this new facility, clients are given the ability to engage with leading cyber security consultants who can support with pre-loss services and assessments, expanding the collaboration and engagement from the insurance market further.” 

In December 2024, WTW enhanced its RiskAgility Financial Modeller (RiskAgility FM) with AI capabilities.  

RiskAgility FM is a financial modelling and reporting software used by life and health insurers, now augmented with large language models to accelerate actuarial modelling.