Security News > 2022 > September > Unhappy about excluding nation-state attacks from cyberinsurance? Get ready to pay

Based in the UK, Lloyd's is a marketplace of insurance buyers and sellers, rather than a company, and has 77 cyber risk insurers under its wing for which it sets the rules.

Lloyd's chief of markets Patrick Tiernan was speaking to the Financial Times after a backlash against an August memo [PDF], penned by Lloyd's underwriting director Tony Chaudhry last month, saying the market will require all of its insurance groups to exclude any liability for losses resulting from state-backed cyberattacks from their insurance policies from March 31 2023.

Tiernan told the FT that not including these cyberwar exclusions would "Drive up insurers' capital requirements" - a cost they would in turn pass on to customers.

International insurance broker Howden found last year that across the globe, cyber insurance pricing had increased by an average of 32 percent in the year before its assessment.

More than one cyber insurance company has claimed losses by the companies it has insured should fall under war or "Hostile acts" exclusions.

Mondelez International Inc also sued its insurer, Zurich American Insurance Company, over an act of war exclusion for NotPetya attack.

News URL

https://go.theregister.com/feed/www.theregister.com/2022/09/06/lloyds_cyber_insurance_policy/