Personal Cyber Insurance

Think Cyber Insurance is Confusing Now? Try Explaining to Consumers the Difference between ID Theft and Personal Cybersecurity Coverage

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Patricia Riederer, property product analyst with American Family Insurance, does a fine job of explaining it.  “’Personal cyber insurance typically covers costs to hire a professional to reinstall your computer’s operating system and restore backed-up data,’ she tells PropertyCasualty360.com. ‘ID theft insurance provides coverage when someone wrongfully obtains and uses your personal information to commit … Read more

Mutual Insurer for Cyber Set to Launch Jan. 1st with Participants such as BASF & Solvay 

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MIRIS, a “mutual insurer, a structure in which the company is owned by its customer members, is looking to meet increasing demand for cyber cover due to rising attacks…The new insurer is also talking to some 40 others about joining…” MIRIS is owned by its customer members (all European). MIRIS FAQs are here. Source: BASF, … Read more

Interesting Chubb Survey on Personal Cyber Insurance — But Could this Many People Really Have Such Policies? 

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“…39% of the survey respondents currently have a personal cyber insurance policy, and that percentage increases greatly with household income. In fact, 83% of high net worth report having a cyber policy. However, there is still work to be done. With 39% saying they are unfamiliar with personal cyber insurance, including 19% saying they are … Read more

Personal Cyber Insurance Claims Jumped Even More from 2021-2 than Commercial: Regional Insurer Acuity 

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It’s possible the stark difference might be due to different starting levels of commercial versus personal policies…but the stats do indicate the growth of personal cyber insurance. “From June 2021 to June 2022, Acuity Insurance saw cyber liability insurance claims on its commercial insurance policies increase by more than 50%. For personal policies, Acuity saw … Read more

SoFi Jumps Into Personal Cyber Insurance Sector 

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“Blink by Chubb offers a suite of Chubb-backed personal insurance products distributed through the company’s digital brokers and affinity partners, such as SoFi. Chubb is the world’s largest publicly traded property and casualty insurance company. Blink Cyber is a stand-alone insurance policy that addresses the needs of customers facing the increasingly growing risk of cyber-attacks. … Read more

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