ISO's New Cyber Insurance Program Implemented in 42 States and U.S. Territories
March 19 2018 - 9:05AM
New Program Can Help Insurers Serve
Growing Cyber Market, Expected to Reach $6.2 Billion in Premiums by
2020
JERSEY CITY, N.J., March 19, 2018 - ISO announced
today that 42 states and U.S. territories have implemented ISO's
cyber insurance program, which features an array of coverage
options and extensive rating information to help insurers address
the growing and diverse cyber market. ISO is a Verisk (Nasdaq:VRSK)
business.
The cyber insurance market is expanding rapidly.
According to Verisk estimates, written premium for the commercial
cyber liability market will reach $6.2 billion by 2020, with annual
take-up rates growing 20 to 30 percent per year during the next
several years.
"Cyber risk is changing at a rapid pace, leaving
many insurers without the tools they need to serve the growing
market," said Maroun Mourad, president of commercial lines at ISO.
"Our rating plan features unprecedented levels of detail in primary
and excess pricing information, and our flexible coverage solutions
can help insurers protect businesses from cyber risk in a timely,
insightful, and operationally efficient manner."
The ISO program features advisory loss costs using
17 different rating variables-more than three times the number of
variables typically used today-and was developed using predictive
analytics applied to more than 32,000 historical cases. The ISO
program also features coverage solutions for small and midsize
businesses-often the most vulnerable to cyberattacks-as well as
coverages for large commercial enterprises, government and
nonprofit organizations, and financial services and media
companies.
"Cyber insurance needs can vary significantly by
both the industry and the size of the business," said Prashant Pai,
vice president of cyber offerings at Verisk. "The program we've
introduced provides insurers with versatile tools to help meet the
wide range of companies in the marketplace."
Verisk offers a wide range of
solutions to support cyber insurance programs, including
policy language, rules, and loss costs; cyber risk assessment
tools; and market forecasts.
To learn more about ISO's new cyber program, visit
the ISO Cyber Risk Solutions website
at www.verisk.com/cyber.
About ISO
Since 1971, ISO has been a leading source of information about
property/casualty insurance risk. For a broad spectrum of
commercial and personal lines of insurance, ISO provides
statistical, actuarial, underwriting, and claims information and
analytics; compliance and fraud identification tools; policy
language; information about specific locations; and technical
services. ISO serves insurers, reinsurers, agents and brokers,
insurance regulators, risk managers, and other participants in the
property/casualty insurance marketplace. ISO is a Verisk
(Nasdaq:VRSK) business. For more information, please
visit www.verisk.com/iso.
Contact:
Giuseppe Barone/Erin Bzymek
MWWPR (for ISO)
201-507-9500
gbarone@mww.com
ebzymek@mww.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Verisk Analytics Inc. via Globenewswire
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