Lloyd’s of London has called for clarity on cyber insurance policies from insurance and re-insurance providers.

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Lloyd’s of London has called for clarity on cyber insurance policies from insurance and re-insurance providers. To make it clear whether policies will pay-out or not in the event of a cyber-attack. Saying that it was in the interest of customers and brokers.

This follows on from a recommendation for insurers to be clear about what is covered in their policies, made by the PRA back in January 2019. To reduce the risk of the unintended exposure of cyber attacks and unclear insurance policies on the insurance market.

There needs to be clarity on the impact of claims across the insurance market, from both traditional cyber insurance policies and silent cyber. Cyber attacks create a range of unintended consequences, which have an impact across a range of insurance products.

It does beg the question, that if the regulator thinks that policies need to be clearer, were they not already clear enough? Allianz is looking at its cyber insurance strategy, updating all traditional insurance policies to provide clarity and certainty on cyber exposure and coverage for customers. (https://lnkd.in/eEVABab)

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