Product based on Chubb’s US offering
US insurer Chubb has started offering cyber security insurance through its Lloyd’s syndicate, Chubb 1882.
The new product is based on Chubb’s existing US offering. It combines third-party cyber liability and first-party cyber crime expense cover to form a global policy.
Chubb started selling the product through Chubb Insurance Company of Europe in 2011.
Syndicate progress
Chubb 1882’s active underwriter Kevin Docherty said: “Introducing a cyber security product is an important stage in the syndicate’s development.
“With this latest addition to our product range we are drawing on the expertise Chubb has developed in this sphere, and as demand for the product grows in the coming years, Chubb 1882 will be well positioned to meet the needs of clients and brokers alike.”
Legal drivers
Chubb said that in the US, use of cyber security insurance has grown rapidly year on year, mainly driven by a legal requirement in most states to notify clients of data breaches.
Chubb 1882’s professional indemnity class underwriter Chris Pavlou said: “With an evolving legal and regulatory environment in the US and Europe comes increased accountability, scrutiny and responsibility for safe-keeping of personal and confidential data.”
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