As the issue of cyber risk continues to grow and gain national attention, insurers, MGAs and brokers increasingly seek to provide their clients with relevant and best-of-market cyber risk solutions. These providers turn to Innovation Insurance Group for help establishing relationships in the cyber insurance arena and ensuring access to the most current and competitive cyber products. In some cases, IIG may create new or revise existing cyber policies.
Corporate executives and risk managers look to Innovation Insurance Group for an independent perspective on cyber risk. Working closely with your Risk Manager and CIO or CTO, Innovation Insurance Group assesses your company’s cyber exposure and helps develop a comprehensive cyber insurance strategy for your organization.
As an independent consultant, IIG offers an objective approach to cyber insurance. We will evaluate your current insurance policies and compare to what’s available in the market, recommending improvements or changes if appropriate. We can work closely with your broker, or we can negotiate directly with underwriters on your behalf.
2016 Update: According to PricewaterhouseCoopers, “Insurance 2020 & Beyond: Reaping the dividends of cyber resilience” (2015), p. 10 the global cyber premium market will reach $5 billion by 2018 and at least $7.5 billion by 2020. On a related note, as of January 1, 2016, state regulators introduced a new sub-line of insurance, identified as “Cyber Liability,” under the broader “Other Liability” line. Because of this, we can expert a more accurate analysis of the size of the “standalone” cyber insurance market. (BTW, this change also makes standalone cyber policies fall under the requirements of TRIA.)