European businesses are more aware of their exposures and are looking to insurers for help
Demand for cyber insurance in Europe has increased significantly according to Paul Bantick underwriter for technology, media and business at Beazley.
Speaking to StrategicRISK, he said: “In the last six months, we have seen a real shift in the demand for cyber insurance and the industry has really become the main service provider in helping clients manage breaches.
He added: “Today, the lion share of business growth for Beazley has been in the US. But in the last 12 months, we have seen some rapid growth in Europe. A lot of the large companies in the telecommunication space, large financial institutes, and retailers are looking at events in the US and then looking at events in Europe, and are realising that they need to protect themselves.
“The concern [around cyber] is heightening, people are asking [for insurance] quotes and are starting to learn what the issues are, and looking at what cover is available … I think we quoted in excess of 1,500 accounts in France in the last year.”
He added: “There’s the pending EU directive coming up in April, and there are a number of high-profile breaches in Europe at the moment. It is all building up and I think the demand is going to be there. The question is, are the brokers ready for it?”