A report from the Federation of European Risk Management Associations and insurance industry partners promotes the potential for Europe to become a leader in developing risk solutions that the private insurance market cannot cover unilaterally.

The report is entitled: “Cyber insurance dialogue – How Europe can lead the way to cyber resilience.”

It was created in partnership with Allianz Global Corporate & Specialty, AXA XL, HDI Global, Howden, Lloyd’s Insurance Company (Europe), Marsh, and Munich Re.

Philippe Cotelle, vice president of FERMA, and chair of the digital committee, said: “This report is the result of a ground-breaking pan-European dialogue across all core cyber insurance stakeholders. Our collective aim is to support the development of a bedrock of cyber resilience at the organisational level which is ably supported and enhanced by a robust, relevant, and affordable cyber insurance market and which serves to bolster the overall competitiveness of the European market.”

Shay Simkin, global head of cyber at Howden, added: “Cyber insurance has never been more critical, as even the best-prepared companies cannot eliminate the risk of a cyber-attack. Ransomware, wars and rate increases encapsulate a period of incredible change in the cyber insurance market. Strong cyber controls are increasingly important as insurers deploy capacity when they are satisfied by companies’ risk management protocols.”

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