Specialist cyber underwriting agency Emergence Insurance now offers the largest capacity in Australia with $20 million available under its Cyber Enterprise Solution and excess-of-loss policies.
Emergence has just renewed its binder at Lloyd’s, creating a facility that enables it to offer high levels of cover for corporates with revenues of more than $250 million.
Emergence CEO and founder Troy Filipcevic says the agency can now target larger entities because Lloyd’s syndicates have supported its underwriting discipline.
“The market recognises that cyber is all we do. With multiple syndicates providing security, we demonstrate sustainability for our Cyber Enterprise Solution policy,” he said.
“This solution is efficient for brokers because they don’t need to find follow markets or go to London for additional capacity. We have the underwriting expertise and capacity locally.”
Mr Filipcevic said Emergence was “delighted that Lloyd’s syndicates have shown confidence in our disciplined underwriting approach”.
Emergence can offer both primary and excess layers to corporates that need high-level coverage and larger cyber programs.
“Cyber risk can be covered, providing insureds implement adequate controls. Our target market is not necessarily entities with less risk, but those that understand the risk and invest in mitigation,” Mr Filipcevic said.
Trent Nihill, Emergence Head of Corporate, said the Enterprise solution was developed because of increased cyber exposure, a changing threat landscape for corporates, and moves by some insurers to limit ransomware coverage, impose sub-limits, and require self-insured co-insurance layers.
Emergence’s Enterprise policy’s optional reputational harm cover provides protection to the full policy limit with the business interruption (BI) trigger being a net profit loss from a cyber event causing an adverse media event.
“Traditionally, cyber policies have a BI trigger that ties coverage to a cyber event causing either an outage or degradation of the insured’s computer system,” Mr Nihill said.
“However, that misses the major exposure of net profit loss from a cyber event that doesn’t cause an outage but impacts on the insured’s reputation, for example, a privacy breach.”
Mr Nihill said the 2022 cyber attacks against Optus and Medibank Private caused reputational harm losses. “While most standard Australian cyber policies would not have covered their BI losses, our optional reputational harm cover would have provided indemnity.
“Reputational harm is a critical cover for insureds. We encourage brokers to ask underwriters about it when placing cyber policies.”
Emergence is the only Australian-based cyber underwriter with an inhouse, incident response and claims management team and it has the nation’s largest cyber team with more than 30 employees.
The Cyber Enterprise Solution policy complements Emergence’s Cyber Event Protection policy for SMEs which has been available and consistently upgraded since Emergence’s launch in 2015.
Emergence has just renewed the binders across its entire product range with 100% Lloyd’s security.
FOR MORE INFORMATION, PLEASE CONTACT:
Gerry Power, Head of Sales, Emergence Insurance Pty Ltd
M: 0438 708 776
Troy Filipcevic, CEO, Emergence Insurance Pty Ltd
M: 0475 033 055
Released by: Kate Tilley, Emergence Communications Consultant
P: 07 3831 7500
M: 0418 741606
About Emergence Insurance
Emergence, Australia’s only cyber specialist underwriter, is an award-winning underwriting agency, exclusively focused on providing flexible, innovative cyber insurance solutions to help protect all Australians, including businesses ranging from SMEs to ASX-listed companies, and individuals and families.
In 2022, Emergence was awarded Insurance Business’s Brokers’ Pick for the seventh time in eight years and won its fifth consecutive gold medal in the Cyber & IT category of the magazine’s brokers on underwriting agencies awards.