American International Group (AIG) is "affirmatively covering" physical and non-physical cyber exposures across nearly all of its commercial property and casualty insurance policies starting in January 2020, according to a prepared statement. It was previously reported that AIG would add cyber coverage to its commercial casualty insurance in the first quarter of next year.
AIG began providing standalone cybersecurity insurance coverage in 1999. Since that time, AIG has launched CyberEdge Plus, a standalone policy that covers physical damage, bodily injury and business interruptions associated with cyber risks. It also added affirmative cyber coverage to its existing property and casualty insurance lines.
Specialty Cyber Insurance Offerings Now Available
Several specialty cyber insurance offerings recently were released, including:
- Chubb Pro ERM: Designed for professional services firms, Pro ERM offers cyber protection and other coverages.
- CyberPolicy Genesis: Bundles cyber insurance with cybersecurity awareness training, dark web monitoring, password management and secure document storage for small businesses.
- Hartford Steam Boiler Farm Cyber Insurance: Protects data collected across a farm and provides farmers with coverage for the costs of restoring data and systems and loss of income following a cyberattack.
The demand for cyber insurance is increasing among global organizations, and this trend appears likely to continue in the foreseeable future.
Total direct written cyber premiums among U.S. property and casualty insurers rose 8 percent to $2 billion last year, credit rating agency Fitch Ratings indicated. Furthermore, standalone cyber insurance premiums grew 12 percent year over year in 2018.