It combines professional indemnity, crime, and cyber liability into one policy
By Kenneth Araullo
Aug 09, 2023 Share
Global insurance group Howden has unveiled its latest blended insurance product that brings together professional indemnity, crime, and cyber liability into one policy and under one limit.
This latest proposition brings potential cost savings and improved efficiencies for financial institutions and was developed with a panel of other specialist insurers, including the Lloyd’s market. It was developed as an answer to the rise of sophisticated cyber claims such as ransomware and phishing.
With this blended offering, claims responsiveness and communications with the insurer are simplified, given that a single cyber event can trigger multiple insurance products including professional indemnity, crime, and cyber liability. Howden Financial Lines FIDO managing director Ed Brennan said that the new proposition should help the insurance group’s clients in addressing complex requirements as cyber events continue to scale.
“This product was developed to provide seamless and efficient solutions to address financial services clients’ increasingly complex cyber requirements in the midst of rising cyber events. This product will help clients navigate this difficult environment, and I look forward to working with them to maximise efficiencies and improve their insurance protection,” Brennan said.
Howden Specialty CEO Sarah Hughes also commented on this new blended product, saying: “The launch of this blended product reflects Howden’s broader strategy to harness its collective specialty expertise across the group for the benefit of clients, developing advanced products that provide joined up protection, ensuring that our solutions remain relevant to clients now and in the future.”
What are your thoughts on this story? Please feel free to share your comments below.
Related Stories
- Howden bolsters aviation division
- Global cyber premiums could surpass US$50bn by 2030 – Howden
Fetching comments… Please enable JavaScript to view the comments powered by Disqus.
LATEST NEWS
INSURANCE NEWS
QBE enjoys profit surge in half-year results
CYBER
Howden announces new triple-line product
PROPERTY
Insurance facing 'most disrupted personal lines environment' Kemper CEO has seen
PROFESSIONAL RISKS
How to protect a publicly listed company from costly D&O litigation
