AXA XL is broadening its cyber insurance offerings for small and midsize enterprises (SMEs) in the Americas with the appointment of Michelle Aliperti (pictured above) as head of SME.
Based in New York, Aliperti will report to Michelle Chia, chief underwriting officer for cyber, design, and select professional at AXA XL.
Aliperti brings nearly 30 years of underwriting experience to the role and joins the company from CNA, where she was responsible for managing its errors and omissions (E&O), cyber, and media portfolios.
In her new position, she will lead efforts to expand AXA XL’s SME cyber insurance capabilities and continue development of its commercial E&O offerings for design and service professionals.
Chia said Aliperti’s experience and prior initiatives, including the development of an underwriter center to address the needs of small businesses, align with AXA XL’s objectives.
The appointment also supports AXA XL’s ongoing build-out of its cyber insurance infrastructure. The firm recently established dedicated middle market and wholesale cyber underwriting teams, aimed at meeting the growing demand for cyber insurance coverage and adapting to shifting customer purchasing behaviors and broker distribution models.
Notably, in 2024, SMEs faced escalating cyber threats, with ransomware and third-party vendor breaches emerging as significant contributors to financial losses.
Data from Resilience indicated that ransomware incidents accounted for 61% of all cyber insurance claims with incurred losses, comprising 43% from direct attacks and 18% from vendor-related breaches.
Notably, third-party risks led to incurred losses for the first time, representing 23% of such claims in 2024, up from none in 2023.
Despite the threats, a report by the Cyber Readiness Institute highlighted that only 17% of SMEs rated their cybersecurity capabilities as "effective" or "somewhat effective," while 55% considered them "ineffective" or "somewhat ineffective."
“We're intent on meeting clients through nontraditional distribution channels while leveraging technology and other innovation to provide better solutions and response times that align with clients' expectations in today's fast-paced world,” Chia said.
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