London – 6 July 2020 – Canopius today announces the launch of a set of cyber property products for medium to large corporations across all sectors. In light of the ever-evolving cyber threat, the Canopius Cyber Property Damage Product Range (“PDPR”) will be sold on a consultative basis and in close collaboration with brokers.
As well as replacing cyber cover excluded from property policies following regulatory action to address the issue of ‘silent cyber’, it also protects clients against risks associated with the continued reliance on technology, expanding 5G coverage and an increase in automation, connected buildings and the use of IoT.
Canopius has created this product suite based on an established rating model that combines historical data from the property market with cyber expertise. This has created a consistent pricing strategy across the cyber property damage book. The new product range is designed with flexibility in mind, and Canopius’ underwriters will be able to work with clients to provide solutions appropriate to their exposure.
Camilla Walker, Cyber Underwriter at Canopius says: “The products available from Canopius provide bespoke coverage for clients, that provide clarity and tackle the complexities created by the removal of this coverage from their traditional property insurance policies. The range of products means Canopius can continue to address clients’ exposures as they evolve, whether that be due to a business change or the application of further, or different, cyber exclusions within other insurance products”.
Studies suggest there could be as many as 43 billion connected devices by 2023[1], many of which will be low complexity devices used to monitor and control buildings and their environments. Such devices are creating a new vector for digital criminals looking to terrorise or defraud businesses and individuals.
Matt Northedge, global head of cyber at Canopius, said: “Regulatory intolerance for ‘silent cyber’ plus hardening property rates has created a cyber property coverage gap. These products endeavour to define this silence help clients to carve some of that back. It also mitigates against a multitude of potential risks stemming from the increased reliance on technology and automation across organisations’ computer networks.“The new Canopius PDPR provides up to a $25m line and offers brokers a streamlined application process and access to seven underwriters in London available to service property damage enquiries.
[1] McKinsey, 2019 https://www.mckinsey.com/industries/private-equity-and-principal-investors/our-insights/growing-opportunities-in-the-internet-of-things
