WTW, AXIS boost global cyber facilities with broader coverage options
CRI Reinsurance
CRI Re - Leading independent specialist for (re)insurance broking firms operating in London and international markets.
The WTW has discovered more capacity and new coverage options for the CyXS, the cyber broking facility, which was first introduced in January 2023. Some of the sources of capacity are Canopius and AXIS Capital, the principal underwriter. According to WTW, the facility's new features, which are "made to meet the dynamic needs of clients and keep ahead of market trends as cyber risks escalate," were effective from April 1, 2024. WTW has primarily expanded the CyXS facility's capacity in response to customer feedback. Physical damage brought on by cyberattacks is covered under expanded coverage, which is becoming more and more important as cyber exclusions proliferate.
The facility's enhancements, according to WTW, include:
In response to client feedback, the maximum capacity has been increased by 50% from $50 million.
From seven to fourteen, the number of participating Lloyd's insurers has doubled.
It can be combined with traditional cyber coverage or purchased separately.
Expanded reinstatement options to give customers flexibility and a guarantee of capacity replenishment in advance of negotiations.
Glyn Thoms, head of GB Finex, Cyber, and TMT, WTW said that “our 2024 Global Directors’ and Officers’ Survey underscores that cyber risk remains a top concern for directors globally.”