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Captive Insurance for Cyberexposures Increasing

Cyberrisk
March 08, 2016

The growing use of captive insurance companies for cyberrisk coverage is the topic of a Risk & Insurance article appearing March 1, 2016.

In "Cyber Captives Increasing," author Janet Aschkenasy quotes representatives from captive managers Marsh, Aon Risk Solutions Services Group, and R&Q Quest Management Services Ltd., and adds an observation from a 2013 Risk & Insurance conversation with Towers Watson (now Willis Towers Watson). Interestingly, there are divergent points of view in terms of where the growth is occurring and how prevalent it is.

The article points out the various advantages inherent in using a captive for cybercoverage, including the following.

  • To manage pricing

  • To set specific coverages

  • To set limits not available from the traditional markets

  • To ensure greater control of claims

  • To access tax and financial advantages

Not surprisingly, these are all items that captives excel at and are the reasons why they exist in the first place.

For those who are interested in a basic understanding of how this market is evolving, we recommend you read the article.

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