Industry loss warranties (ILWs) are not new to the market. In fact, they are common within the mature property reinsurance and retro markets. They provide the ability to hedge risk without sharing data that a carrier may not want to disclose, and they allow for protection in situations where aggregations of exposure are difficult to quantify.
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15 March 2018 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.