The solution is offered as an extension to general liability policies. It covers the risks associated with data management, data safety, the impact of a network breach and the various costs that may derive from a cyber incident, using a combination of third party liability and first party losses coverages.
Two levels of protection are available, Extension Cyber I and Extension Cyber II, to better meet clients’ specific needs.
Anne-Sophie Brichard, Underwriting Manager, Liability – France, responsible for the middle market, explains: “Between 2014 and 2015, the number of cyber-related incidents in France increased by 51%. And interestingly the targets of attacks have changed over time as global corporations are no longer the main victims. Nearly 60% of reported cyber incidents target mid-sized companies.”
Ms. Brichard adds: “With Extension Cyber I & II, we want to offer our middle market clients a cyber coverage adapted to their needs and more accessible than a traditional cyber policy.”
Commenting on the launch of the solution, Bruno Laval, Regional Manager France & Southern Europe – Insurance, said: “In 2011, mid-sized businesses generated 1,038 billion euros in revenue in France, which represents 28% of the combined revenues for all French companies. Yet there are still few insurance products covering those companies’ cyber needs. We see this as an opportunity to support these clients.”
This extension complements XL Catlin’s existing Cyber & Data Protection policy, managed by our Global Professional team.
About XL Catlin’s Insurance Operations
The XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.