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.