We told you about Beazley’s CAT bond and then its listing on the Bermuda exchange.
This development in ILS is generating some optimism among those who fear devastating, system-wide damages from future cyber attacks.
“’This innovative way of viewing, financing, and insuring against cybercrime may signal a systemic shift in how corporates and insurers assess cyber threats; with increased funding for relevant solutions may come succeeding reductions in premiums for cybersecurity coverage,’ says John Espenschied, owner of insurance agency Insurance Brokers Group.”
Beazley launched a first-of-its-kind, $45 million cyber catastrophe bond, a move that suggests change could be coming to the cyber insurance market.
Source: What Does a New, $45M Cyber Catastrophe Bond Mean for the Cyber Insurance Industry?