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AIG are moving to clean up their P&C policies, excluding physical and non-physical cyber from 2020. They have recognized that P&C policies were not set up to address cyber and that cyber risk insurance needs clarity.
This has to be a good move for their clients. Defining what will, or not be covered and in which policies has to be a good thing. Especially in a market where the risk is little understood, where coverage traditionally has not been clear for clients and where it is expected that the cyber insurance market will grow to over $25bn a year by 2025.
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