Cybercrime was a serious problem even before the COVID-19 pandemic started – but it has worsened as the pandemic has persisted and companies have expanded their digital footprints. As a result, insurance companies have stepped up to deliver outstanding coverage protecting companies from this contemporary threat. The 2022 Insurance Business UK (IBUK) 5-Star Cyber report recognises 18 insurance companies that have led this effort.
Insurance Business chose the best cyber insurers in the UK this year by enlisting some of the industry’s top experts. For 15 weeks, the IBUK research team conducted one-on-one interviews with specialist brokers and surveyed more within the magazine’s network to gain a keen understanding of what insurance professionals think of current market offerings.
As part of the selection process, brokers were quizzed on what features they thought were most important in a cyber insurance policy and then asked how the insurers they dealt with rated those attributes. Afterwards, insurers were measured on the strength of their relationships with brokers, their ability to handle claims, underwriting expertise and, most importantly, the strength of their individual products.
“It is important to understand that many customers are at different stages of their IT security improvement plan, and we have worked with existing customers to explain these changes in a timely manner and provide our own evidence from claims we have received as to why they are so important to protecting against malicious threat actors,” said David Warr, portfolio manager, cyber & TMT, at QBE.
For the full list of five-star cyber insurers, check out the 2022 IBUKW 5-Star Cyber report here.