What:
Intangic MGA has been launched with backing from AXA XL to offer cyber insurance cover for large public corporations headquartered in the UK.
Why:
Companies struggling to manage the financial impact of cyber attacks have, on average, a 250% higher probability of suffering material losses compared to peers who have better cyber attack management.
How:
- Intangic MGA has worked with AXA XL for its cyber policy, CyFi™, which is underwritten by AXA XL Insurance Company UK Ltd.
- CyFi™ was designed to address the problem of cyber threats as early as possible and lower the probability of losses from attacks.
- CyFi™ provides smart parametric cyber cover that strengthens rather than replaces existing cyber indemnity policies.
- The policy has two parametric triggers: the level of malicious activity targeting a company, and a subsequent loss in value.
- The triggers ensure that all parties have a dashboard for the real-time monitoring of risk activity – a first for an underwriter in the cyber insurance market.
- There is no claims adjustment.
- When both triggers have been met, the claim is paid in days to get the business running again.
- Intangic offers public corporations a cover of up to $15 million (£ 12.5 million) in the UK market to cover losses from material cyber breaches.
- Plans are underway to extend this offering to the US market.