Australian underwriter launches cyber excess protection policy

In the face of increasing severe cyber claims globally, cyber insurance specialist underwriting agency Emergence has released an excess of loss (XOL) policy.

This new product addresses market demand driven by contractual obligations and clients seeking higher policy limits due to their increased awareness of potential exposures according to Emergence head of underwriting and product development Jeff Gonlin.

Emergence has written XOL policies for some time on a bespoke basis and has used its experience to develop its latest offering. The underwriter can provide up to A$10m ($6.78m) capacity on a primary basis through its online portal but many companies seek higher limits.

“Many companies still have no cyber insurance whatsoever. Whether you do business overseas or run a purely domestic operation, all companies should protect their assets with appropriate limits of insurance. For cyber, that could necessitate XOL cover,” said Mr Gonlin.

Emergence claims to be a pioneer of cyber cover in Australia and provides protection for SMEs through to ASX-listed entities. It was a finalist in the Underwriting Agency of the Year category at the 2019 ANZIIF-Asia Insurance Review awards.

Source: Asia Insurance Review