Marsh Launches New Global Excess Cyber Risk Facility
January 27 2016 - 4:00AM
Business Wire
Cyber ECHO Brings Greater Stability to a
Volatile Excess Cyber Insurance Market
Marsh, a global leader in insurance broking and risk management,
today announces the launch of Cyber ECHO, a new global excess cyber
risk facility that provides more reliable insurance coverage for
organisations around the world.
Following a series of high-profile cyber losses, underwriters
have become more selective and in some cases are reducing the
amount of capital they are willing to deploy on certain risks –
especially those involving health care and payment card data. This
is particularly acute in the excess cyber market, where rates have
more than doubled in the US over the last 12 months.
Cyber ECHO brings greater stability to the excess market with up
to $50 million in “follow form” coverage for clients of any
industry sector and risk profile around the world. Underwritten by
leading Lloyd’s of London syndicates, the facility is designed to
respond consistently to the terms and conditions outlined in the
primary cyber policy. Such follow form language helps to mitigate
coverage ambiguities that can sometimes lead to costly disputes
and/or delays in claims payments.
Cyber ECHO also includes a pre-priced option that allows
insureds to reinstate policy limits, should they experience a cyber
event during the policy period that has the potential to exhaust
their policy limits.
“While overall capacity in the cyber market remains abundant,
the excess market is highly volatile,” said Bob Parisi, Marsh’s US
Cyber Product Leader. “With Cyber ECHO, we are providing clients of
all industry sectors with an efficient and more predictable excess
coverage solution.”
Leslie Kurshan, Head of Product Development for the Financial
and Professional (FINPRO) Practice at Marsh UK, added:
“Inconsistent wordings and varying terms and conditions between
primary and excess insurance policies can contribute to significant
delays in claims being paid and may even result in the failure to
recover costs from insurers. Cyber ECHO helps to mitigate these
issues, and is designed to aid in swift recovery from a loss.”
About Marsh
Marsh is a global leader in insurance broking and risk
management. Marsh helps clients succeed by defining, designing, and
delivering innovative industry-specific solutions that help them
effectively manage risk. Marsh’s approximately 27,000 colleagues
work together to serve clients in more than 130 countries. Marsh is
a wholly owned subsidiary of Marsh & McLennan Companies
(NYSE:MMC), a global professional services firm offering clients
advice and solutions in the areas of risk, strategy, and people.
With 57,000 colleagues worldwide and annual revenue exceeding US$13
billion, Marsh & McLennan Companies is also the parent company
of Guy Carpenter, a leader in providing risk and reinsurance
intermediary services; Mercer, a leader in talent, health,
retirement, and investment consulting; and Oliver Wyman, a leader
in management consulting. Follow Marsh on Twitter @MarshGlobal, or
on LinkedIn, Facebook and YouTube.
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MarshEileen Mercer, +44 (0)7990 802
830eileen.mercer@marsh.com
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