Having recently dealt with my first cyber loss case, I read the article on cyber insurance with great interest (“Cyber Insurance: The Actuarial Conundrum,” AR, July-August 2015). I find it interesting that cyber loss is usually listed as cyber liability but is covered mainly by property excess policies. We have chosen to include these losses with liability coverages and not property coverages as we collect data. Is there a consensus on this?
Ellen Pierce, FCAS
Author Annmarie Geddes Baribeau responds:
Since cyber insurance is evolving, there are several different products that springboard from different lines. From buyers to agents, the market is confusing on a lot of levels and policy standardization is just beginning to take place. If you are interested in learning more, check out the most recent Betterley Report on cyber insurance, which explores extensively each product type and what it covers.