What the Hack!
Cyber Solutions from Munich Re for reinsurance clients
We go far beyond traditional (re)insurance
The coverage of cyber risks as a strategic future business model remains a main business focus at Munich Re. In order to do justice to the high expectations regarding the market growth of cyber covers, Munich Re has built up considerable resources in underwriting and claims. We employ established cyber experts whose expertise can also be made available to the market. Additionally, each business unit has dedicated cyber underwriters and a cyber expert pool for every relevant market. Co-operation and service offerings from Munich Re in underwriting include i.a.:
- Legal advice and wording analysis
- Workshops, training and client seminars
- Technical risk assessment support
- White-label concept design for cyber products
- Support for pricing and accumulation control
- Advice on “silent cyber” in traditional lines of insurance
- Threat intelligence sharing and cyber-claims information exchange
- IT service provider database and third-party services
- Innovative cyber products and co-creation in the cyber network
Cyber claims services
Cyber insurance is no small matter. The cyber covers available on the market differ greatly in terms of policy wording and their emphasis on either property or liability aspects. Accumulation potential and the handling of cyber claims remain mostly uncharted territory. In addition to financial coverage, policyholders mostly expect dependable support when a loss event occurs. Quick and direct access to professional service providers is therefore essential.
The increasing demand for cyber insurance is causing providers to distinguish themselves mainly via professional claims settlement. Munich Re offers holistic solutions in this regard that go well beyond pure insurance coverage. We offer insurers a comprehensive network covering every aspect of cyber claims. Our one-stop solutions offer a clear cost advantage and take up significantly fewer of our customers’ resources.
For the target customer segment “small and medium-sized businesses”, we offer our cedants comprehensive services around the cyber insurance product. Because that is where, in the worst case of a successful cyber attack, the existence of the entire company is at stake. Cyber policies incorporate more than just insurance cover because one can protect oneself from an attack with minimal effort and expense, because every minute counts after an attack, and because the rights of a third party can be affected. Besides traditional reinsurance with high reinsurance capacity, in cyber insurance Munich Re offers several additional services.
Depending on their own infrastructure, expertise, and respective risk appetite, the Munich Re cyber services are available to our cedants – upon request during the entire product development process. Together with our cedants we contribute to protecting small and medium-sized companies from existence-threatening incidents – comprehensively and in line with their individual risk situation. This is how we differ from our competition.