Hiscox unveils first ever cyber ILW for re/insurers
Specialist insurer Hiscox has launched a first ever cyber industry loss warranty (ILW) product to help address the uncertainty around cyber tail risk for re/insurers.
The new cover responds to an aggregation of cyber losses throughout the year. Hiscox said it can act as an effective hedging mechanism for cyber underwriters.
The size of the market loss will determined by the PCS Global Cyber Index.
ILWs allow an organisation to take out coverage based on the total insured industry loss, rather than the losses of a specific insurer. While ILWs are common within the property reinsurance and retro markets, Hiscox's is the first that responds specifically to cyber losses.
Mike Krefta, Hiscox Re & ILS CEO, said: “We have big ambitions in cyber and our new cyber ILW is another important step forward in developing that market. We believe innovations like this demonstrate our technical abilities and willingness to be a market leader in emerging risks.”
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