MAASTRICHT, Netherlands — There is increasing demand for cyber coverage from European insurance buyers and the market, while lagging the United States, is developing fast, experts say.

“This is a very important subject on the risk manager's agenda at this point in time,” said Julia Graham, director of risk management and insurance at law firm DLA Piper L.L.P. in London and the newly elected president of the Federation of European Risk Management Associations.

“This issue is at the top of risk managers' minds in Europe,” said Tracie Grella, global head of professional liability and cyber risk at American International Group Inc. in New York.

“We have seen a lot of interest (in the coverage) from European clients and we have seen claims from European clients,” Ms. Grella said.

It is clear that the issue of cyber exposures is a tricky one for risk managers to “wrap their arms around,” she said, speaking during a session at the FERMA Risk Management Forum 2013 held last week in Maastricht, Netherlands.

Buyers in Europe are particularly interested in cyber-related business interruption coverage, Ms. Grella said.

In Europe, business interruption is the focus of many buyers' cyber risks concerns as opposed to litigation, in part because the risk of litigation is less than in the United States, where buyers are focused on that threat, said Kevin Kalinich, the global practice leader for cyber/network risk at Aon P.L.C. in Chicago.

European buyers are more focused on the risk posed to their organizations caused by business interruption arising from a security breach, he noted.

Forum attendees agreed that cyber risks have become a big concern for European risk managers.

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“Cyber is clearly a big theme for risk managers in Europe and we need to understand the risks,” said Stanislas Chapron, CEO of Marsh France, the Paris-based arm of Marsh Inc.

Brokers need to understand their clients' exposure and that there are property and liability risks associated with cyber breaches, he said.

Risk managers must work together with other important members of their organization, such as information technology directors, as well as their brokers to truly understand the risks they face, he said.

While the capacity available to underwrite cyber risks in Europe is less than that available in the United States, it is possible for companies to find coverage, Mr. Chapron said.

In the European Union, there are eight insurers that have underwritten cyber risks, said Aon's Mr. Kalinich, and total per-policy limits of $250 million are available. This compares with 38 insurers underwriting cyber risks in the United States and available limits of up to $350 million, he said.

“Cyber risk is a huge topic and also a huge area of opportunity for the insurance industry,” said Thomas Keist, head of Germany, Austria and Switzerland at Swiss Re Corporate Solutions, a unit of Swiss Re Ltd.

The insurance industry is grappling with how to model cyber risks and how to achieve sustainable pricing for policies, he said. Swiss Re Corporate Solutions is a following market on cyber policies, Mr. Keist said.

The huge pressure being felt on budgets by companies recovering from the recession likely will mean that spending on cyber insurance policies by European buyers will remain limited for the next couple of years, he said.

Axa Corporate Solutions, a unit of Paris-based Axa S.A., is rolling out a dedicated, multiline cyber policy in France, Germany and the United Kingdom that can incept from Jan. 1, 2014.

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The policy offers an extension for computer fraud that covers losses after misappropriation of property and embezzlement, despite whether there has been a breach of information or a breach of personal data, said Patrick de la Morinerie, deputy CEO of Axa Corporate Solutions.

Relatively few buyers in Europe have purchased cyber coverage, said Mr. de la Morinerie.

Part of the reason for this slow uptake is the difficulty that buyers face in mapping their cyber exposures, he said.

For this reason, Axa Corporate Solutions' product includes exposure analysis conducted by Cassidian Cyber Security, a unit of Leiden, Netherlands-based European Aeronautic Defence & Space Co. N.V.