(Jersey City, N.J. – Insurance News 360) – More than 40 states and U.S. territories have implemented the cyber insurance program offered by ISO. The program includes a variety of coverage options to assist insurers in protecting customers in the growing and diverse cyber market.
Verisk estimates that commercial cyber liability premiums will reach $6.2 billion in coverage by 2020, with 20-30 percent take up rates each year.
“Cyber risk is changing at a rapid pace, leaving many insurers without the tools they need to serve the growing market,” said Maroun Mourad, president of commercial lines at ISO. “Our rating plan features unprecedented levels of detail in primary and excess pricing information, and our flexible coverage solutions can help insurers protect businesses from cyber risk in a timely, insightful, and operationally efficient manner.”
The program uses 17 variables to calculate advisory loss costs, and was created using data from more than 32,000 cases. ISO offers options for organizations of all sizes including small and medium-sized businesses, large commercial enterprises, government and nonprofit organizations, and financial services and media companies.
“Cyber insurance needs can vary significantly by both the industry and the size of the business,” said Prashant Pai, vice president of cyber offerings at Verisk. “The program we’ve introduced provides insurers with versatile tools to help meet the wide range of companies in the marketplace.”
To learn more about ISO’s new cyber program, visit the ISO Cyber Risk Solutions website at www.verisk.com/cyber.