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BASF, Solvay sign up with cyber mutual insurer Miris

Posted On: Dec. 22, 2022 9:07 AM CST


(Reuters) — Chemical groups BASF and Solvay are among 12 European companies to join cyber mutual insurer Miris, which said Wednesday it had received an operating license from Belgian regulators and would start offering insurance on Jan. 1.

The mutual insurer, a structure in which the company is owned by its customer members, is looking to meet increasing demand for cyber cover due to rising attacks, Chief Operating Officer Mark Pollard said.

The new insurer is also talking to some 40 others about joining, he added.

Germany's BASF  is a member of Miris, a spokesperson said by email Thursday.

Belgium's Solvay is one of the insurer's founding members, a Solvay spokesperson said by email late Wednesday.

Miris will provide additional cover for companies whose cyber insurance options are scarce and expensive due to mounting losses, Mr. Pollard said.

“The amount of capacity big insurers are offering has been reducing, premiums are increasing — it's like turning a tap off.”

Global cyberattacks increased by 28% in the third quarter compared with the same period in 2021, according to software firm Check Point.

Mr. Pollard declined to confirm trade press reports that Miris' other initial members include Airbus and Michelin.

The companies did not respond to requests for comment.