Chubb Introduces Cyber Insurance for Professional Services Firms
Chubb, a property and casualty insurance company, has launched the Pro ERM cyber insurance offering for professional services firms.
Pro ERM includes the following coverages:
- Cyber, Privacy and Network Security Liability: Provides cyber protection, as well as loss mitigation and incident response services.
- Electronic, Social and Printed Media Liability: Addresses defamation, copyright infringement and trademark infringement across printed materials, websites and social media.
- First Party Cyber Coverage: Offers protection for business interruption and extra expenses, along with a cyber incident response fund, digital data recovery and network extortion support.
- Professional Liability: Protects against errors and omissions.
In addition, Pro ERM offers access to law firms and counsel with professional liability experience, Chubb indicated. It also provides full defense costs coverage for covered claims worldwide.
Cyber Insurance Market Is Growing
Chubb ranked first among cyber insurers in terms of direct policies written in 2018, according to credit rating agency AM Best. Meanwhile, Chubb’s Pro ERM could help the cyber insurer further extend its reach in a U.S. cyber insurance market that is projected to grow.
Total direct written cyber premiums among U.S. property and casualty insurers increased 8 percent to $2 billion last year, credit rating agency Fitch Ratings noted. Also, standalone cyber insurance premiums grew 12 percent in 2018 and could continue to rise due to the increasing demand for coverages that guard against cyberattacks.