HDI-Gerling executive board member discusses his company’s new cyber product
Q: German industry has in the past been rather restrained when it comes to buying cyber risk policies. But you are nevertheless bringing an insurance solution onto the market. Why?
A: Our clients have great interest in a cyber insurance.
The usual sum insured is manageable with E25m. You are apparently not aiming at the big companies.
A: We are at present observing growing interest among medium-sized companies. But there is no fixed upper limit. If the risk is interesting and we are convinced about it, we are prepared to cover more.
Q: Critics claim that it is difficult for companies with a particularly high need for cover to build consortia: the conditions for the policies are too different.
A: There are examples where companies in a consortium have agreed to the demands of the clients - that is more complicated but certainly possible.
Q: Are you offering the cover also to companies in the financial sector?
A: The bigger and more complex a risk is, our questions will be more intensive. But we are not excluding any sector from the start. The individual risk management is more important than the sector.
Q: Together with your cover, you combine own and third party losses. Are the turnover or profit losses also covered in the case of stolen company secrets?
A: With the insurance of financial consequences of industrial espionage, there are difficulties in portraying the loss. But we could imagine that we might in individual cases repay fictitious licence fees.
No comments yet