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Aon PLC is launching a silent cyber facility with an initial reinsurance capacity of $350 million, the broker said in statement Thursday.
The program aims to protect companies from cyber incidents that can affect multiple lines of business. For example, if an industrial control system is breached, property damage to production and other facilities can occur.
For an insurer that provides affirmative cyber coverage, Aon can arrange reinsurance for that cyber exposure to sit across multiple lines of business, the statement said.
The broker will use data and analytics from its cyber solutions and guidewire to help mitigate the risk of the silent exposure in an insurer’s portfolio, the statement said.
The capacity will be provided by “key reinsurers in Bermuda, London and Europe,” the statement said.
“Our process-led and forward-looking approach to assessing, quantifying and transferring silent cyber will lead to improved coverage, pricing and capacity through robust, modeled results and strong reinsurer partnerships,” Luke Foord-Kelcey, Aon global head of cyber innovation for reinsurance solutions business, said in the statement.
Rick Welsh, chief executive of U.K.-based data and analytics firm Sciemus Ltd., has said that insurers and reinsurers are not sufficiently equipped to underwrite and model cyber exposure and lack the required capacity to address the rising threat of an aggregation of losses from “silent” cyber attacks, Artemis.bm reported. Silent cyber risks are potentially catastrophic losses that may be claimed on policies that don’t actually state whether cyber-attack is covered or excluded.