London, 25 March 2025 – Canopius announces the expansion of its bespoke cyber insurance product tailored to the energy and utility sectors. Building on more than a decade of experience insuring critical infrastructure, the enhanced offering addresses the increasingly complex cyber risks faced by energy and utility companies, with new coverage and proactive support services.
The updated product has been designed to reflect the operational realities of today’s energy and utility markets, where disruptions to supply and compliance with regulatory frameworks present heightened exposures. The modular structure allows clients to access a range of tailored coverage extensions, including protection against failure to supply, spot market replacement costs, fines and penalties imposed by regulators, enforced shutdowns, and losses resulting from cyber-related property damage and business interruption. Coverage has also been broadened to include joint ventures.
In addition to these core insurance enhancements, the product includes a suite of proactive services. These provide clients with access to anonymised claims insights and control efficacy assessments, enabling them to make more informed cybersecurity investment decisions.
Policyholders may be eligible for a return premium of up to 5% when undertaking approved initiatives during the policy period to strengthen their cyber security posture. Additional support includes 24/7 incident response, pre-agreed surge capacity, vendor risk services at discounted rates, and optional access to credit lines in the event of ransomware payment requirements.
Commenting on the launch, Matthew Northedge, Global Head of Cyber & Technology, said: “As the energy and utility sectors face increasingly sophisticated cyber threats, the need for comprehensive and adaptive insurance solutions has never been more critical. Our expanded cyber energy insurance and cyber utility products set a new benchmark by leveraging our deep expertise in underwriting and claims management. We are excited to offer this enhanced coverage to support our clients in navigating the complex cyber risk landscape and ensuring the resilience of their critical infrastructure.”
The product is now available globally through Canopius underwriters, supported by the group’s strong cyber claims expertise and long-standing reputation for practical cyber solutions.
