A.M.BestTV: Cyber Coverage Continues to Evolve

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FOR IMMEDIATE RELEASE

OLDWICK - JUNE 22, 2015 11:03 AM (EDT)
This ^A.M.BestTV episode explores a recent Best's Review webinar that focused on cyber and data breach risks and how these are changing and expanding. Click on http://www.ambest.com/v.asp?v=cyber615 to view the video program.

At this recent webinar a panel of insurance and cyber coverage experts spoke about the broader range of coverage solutions.

Christie Lucas, vice president and product manager at the Erie Insurance Group, addressed one of the challenges the cyber risk industry is facing. "The small-to-mid-size markets, mostly those with less than 10 employees, are not buying cyber policies. Most are purchasing embedded coverages into their current basic package policy, in addition to their property and liability, as such, our agents are finding it challenging to sell cyber risk coverage," said Lucas.

In addition, as the needs of the larger markets are totally different from the smaller markets, there are not any one size fits all solutions.

"The cyber and data breach risks for the larger markets are totally different from the smaller-to-mid-sized markets," said Matt Cullina, chief executive officer at IDT911. "In addition, because the cyber risk market is relatively new and there is not a lot of in-house expertise, companies are doing a lot of research to ascertain exactly what coverage suits their particular needs."

All agreed that educating their agents, so that they understand the product and can offer it properly to clients, is a big issue.

View the entire webinar at http://www.bestreview.com/webinars/cyberrev15 .

Other people who appear in this episode include:

• Dan Trueman, unit head, underwriting casualty at Novae.

Recent episodes of ^A.M.BestTV include:

• Insurers Look to Close the Global Coverage Gap: Highlights from the International Insurance Society's Global Insurance Forum in New York, NY, where insurance executives said they can expand coverage through innovation and private-public partnerships: http://www.ambest.com/v.asp?v=iis615.


• Ace-Fireman's Fund Deal Targets High End Personal Lines: Personal lines insurers have turned their focus to high net worth and ultra-high net worth insureds by offering specialized personal lines coverages across borders: http://www.ambest.com/v.asp?v=aceff615.


• Don't Lose Perspective in Reinsuring "Acts of God," Says Author: A new book on the reinsurance industry, titled, "Making a Market for Acts of God," states that the expanding role of alternative capital runs the danger of turning reinsurance coverage into a commodity that undermines traditional safeguards that have relied on a deeper understanding of localized risks: http://www.ambest.com/v.asp?v=acts615.


• Property/Casualty Insurers Sharpen Focus on High Net Worth Clients: The Chubb Corporation and other insurers are educating producers on the best ways to protect the unique risks of affluent insurance customers: http://www.ambest.com/v.asp?v=highnet615.

^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv .

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.