Show Me The Cyberinsurance Claims
Just four years after cyberinsurance policies were first introduced to the specialty market, losses are already piling up and causing some insurers to rethink their strategies, according to a broker who spoke at a recent conference.
If a carrier has 1,000 cyber-policies, it has over 50 claims by now, reported Philip Norton, president of the professional liability division of Arthur J. Gallagher & Company in Itasca, Ill., during the American Conference Institutes Online Liability Conference. The average claim is about $1 million, he added, predicting higher future amounts, during a session entitled, "Show Me the Losses."
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