Dr. Robert Hartwig, III

Dr. Robert Hartwig, President of the insurance Information Institute (III), sees cyber insurance as a bog opportunity for insurers. Ina recent III poll of senior executives in the insurance industry, 80% view cyber as a major growth opportunity for property-casualty insurers and reinsurers

Dr. Hartwig mentions that number of insurers have rolled out policies in the U.S. and other countries. He notes a huge demand for the cover, not only from Fortune 1,000 companies, but from small and medium sized companies. Products covering cyber breaches are being rolled out through brokers as well as independent agents. Reinsurers are also backing the risk so that it can be insured. As a result, Dr. Hartwig believes cyber insurance will become more ubiquitous over time.

Dr. Hartwig points out that the U.S. Federal Government are looking for insurers to be among the leaders in helping to mitigate the possibility of damages from a cyber-attack. So insurers are being asked to go beyond transferring the risk to help policyholders assess their vulnerability, plug the gaps, and provide insurance for events that might occur.

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