Cyber-risk insurance has potential to create new market for insurance sector: Experts

Experts at a recent conference have said that cyber-risk insurance has the potential to create a new market and revenue stream for the insurance and reinsurance sector, reported The Royal Gazette.

"A lot of underwriters would like to see it take off as a single peril, creating a whole new market and revenue stream," said Aon Risk Solutions chief executive Peter Muller. A massive loss and a large damage claim from cyber attacks "will definitely change underwriting attitude to what is either in or out of policies — and change the market," said Mr. Muller.

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