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Fear of Cyberattacks Drives Demand for Coverage

Insurers see cyber coverage as their next blockbuster.

By Oliver Suess, Bloomberg | Updated on May 10, 2017

For companies and organizations, an attack by hackers can mean financial losses, corporate embarrassment and legal action. For insurers jumping into the brave new world of cybercrime insurance, it’s free marketing for what could be a $10 billion opportunity.

High-profile computer breaches like the hack of the Democratic National Committee and the Twitter swastika hack are reinforcing the need for protection against cyberthreats, and companies such as Allianz and Beazley are eager to step in. Insurers see coverage against hackers as one of their most promising market and estimate that premiums will triple over the next four years.

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