UK in “ideal position” to provide the world’s cyber insurance
Andrew Horton, Chair of the London Market Group (LMG) hosted a round table earlier this week with John Glen MP, Economic Secretary to the Treasury and City Minister to promote London’s fast-growing cyber insurance market...
The Minister spoke with ten of the UK’s world-leading cyber insurance experts about the future trends that are likely to affect both the demand and supply of the product.
John Glen MP, City Minister said:
“We’re doing everything we can to protect our economy from the growing threat of cyber-attacks. However, as every business knows, there is no such thing as 100% security, which is why cyber insurance has become increasingly important. The global cyber insurance market is expected to double by 2020 and as a world-class centre for financial services, the UK is in an ideal position to provide that insurance.”
Andrew Horton, Chief Executive of Beazley and Chair of the LMG said:
“Cyber insurance is a key area of growth in London, with premium growing by 74% between 2013 and 2015. Pressure is however still growing on businesses to look even more closely at the risks they face from the increased number and variety of attacks. In addition, they also must be conscious of the introduction of new data protection laws which impose more transparency of reporting and higher penalties for failure. We were delighted to be able to share our international experiences, especially from the US which is the world’s largest cyber-insurance market, with the Minister and we look forward to working with the Government as the market develops further.”