Marsh Launches Enhanced Cyber Insurance Facility with $45 Million Boost in Capacity
Marsh, a prominent player in the insurance broking and risk advisory sector, has recently unveiled an enhanced version of its renowned Cyber Echo insurance facility. This new offering, called Cyber Echo Encore, provides clients with an impressive additional capacity of up to $45 million in cyber insurance coverage. As businesses globally grapple with escalating cyber threats, the need for flexible and comprehensive cyber risk management solutions becomes increasingly critical.
Overview of Cyber Echo Encore
The launch of Cyber Echo Encore aligns with the rising demand for robust cyber insurance solutions, as highlighted by industry insights from InsurTech Insights. By expanding its insurance capacity, Marsh aims to equip clients with enhanced coverage options to tackle the ever-evolving challenges in cybersecurity.
Key Features of Cyber Echo Encore
- Expanded Coverage: Clients can now access up to $45 million in additional cyber insurance capacity.
- Broader Underwriting: The facility is underwritten by London market insurers outside of Lloyd’s, enhancing the range of available coverage.
- Simplified Processes: Marsh has streamlined access and placement processes for clients.
- Retention of Coverage: The offering retains the ability to reinstate coverage within the underwriting year after a loss, ensuring ongoing protection.
Historical Context of Cyber Echo
Originally launched in 2016, the Cyber Echo facility has become the largest of its kind, offering total coverage of up to $125 million. To date, it has successfully facilitated nearly $50 billion in coverage for approximately 500 clients worldwide.
Expert Insights
Serena France-Hayhurst, the UK cyber placement leader at Marsh, emphasized the growing need for standalone cyber insurance. She stated, “As cyber threats continue to grow, companies are looking for standalone cyber insurance that enables them to manage their evolving and sometimes complex risk profiles more effectively. Marsh Cyber Echo is the most successful and widely utilized cyber insurance facility in the world, and we are committed to developing new solutions that help clients better manage their cyber risks.”
France-Hayhurst added, “Cyber Echo Encore is a natural evolution in the provision of cyber insurance and offers clients even greater optionality and flexibility to manage their cyber insurance programs.”
Conclusion
The introduction of Cyber Echo Encore by Marsh marks a significant advancement in the realm of cyber insurance, providing businesses with enhanced options to protect against the growing threat landscape. For more information on Marsh’s offerings, visit their official website at Marsh.
For those interested in learning more about insurance strategies and risk management, explore our related articles on Risk Management Tips and Cybersecurity Insurance Solutions.
