Cyber mutual MIRIS gets green light to commence operations from Jan 1

Cyber insurance mutual MIRIS (Mutual Insurance and Reinsurance for Information Systems) has obtained the licence to commence commercial operations from January 1, 2023.

Created by industry veterans Danny Van Welkenhuyzen, Mark Pollard and Philippe Obert, in collaboration with European corporations, MIRIS was first conceived in June 2021.

The start-ups aim is to provide additional cyber insurance capacity for its members, integrating and enhancing the capacity given by the insurance market.

MIRIS CEO Van Welkenhuyzen, said: “Innovation of this level of importance in the insurance industry is unusual. The National Bank of Belgium, as regulator, needs to verify all aspects rigorously – the suitability of the members, of the governance structure, the feasibility and solvency margins of the business plan. We have worked closely with them for many months to satisfy the stringent requirements appropriate to the project. They have been a fantastic partner and we are delighted to have obtained the license.”

Pollard, chief operating officer, added: “Cyber risk is probably the fastest evolving risk the insurance market has ever needed to consider. In an industry where data and past experience shape the market response, this rapid evolution creates uncertainty, and consequently market volatility which challenges the risk transfer objectives of the policy holders.

"MIRIS aims to provide additional capacity, and in the longer term to help to stabilise the market for its members. That depends on the members being exceptionally well protected against the risks. MIRIS will have a role in promoting and validating excellence in cyber risk protection, as well as providing risk transfer capacity.”