General Insurance Article - New Cyber Insurance cover launched for Oil and Gas sector


Munich Re Syndicate Ltd introduced a unique insurance solution to cover cyber exposure for the independent oil and gas sector. This cover will encompass both traditional data breaches and any physical loss or expense associated with a potential cyber-attack. The product was built around the Munich Re Syndicate’s strong credentials and its renowned expertise in developing solutions for businesses in the oil and gas sector.

 The operational and financial complexity of this particular sector presents growing threats to cyber risk, due to increased connectivity, sensitivity of data, unmanned operations and complex royalty payment structures for onshore operators. The likely recurrence of cyber-attacks is expected to intensify as the link between technology and business continues to evolve. 

 “There is a heightened level of awareness around the risk of a cyber-attack on the oil and gas sector, particularly in the wake of recent events which have caused significant economic disruption,” said Dominick Hoare, Chief Underwriting Officer of Munich Re Syndicate Limited in London. “As automation and integration expose the oil and gas industry to new vulnerabilities, Munich Re is working to deliver a product that will compliment companies’ contingency measures to ensure that they are well prepared should a cyber incident occur.”

 Munich Re Syndicate’s offering will bring together a compelling combination of cyber and energy underwriting skills and will deliver a product that meets the growing demand within the industry. There is an unmet need from a capacity standpoint for coverage across the oil and gas sector, as more companies are increasingly exposed to cyber risk.

 The foundation cover is built upon expert risk assessment and competitive pricing with the provision of a full cyberattack buyback and a data breach cover. The product will be predominantly focused on the upstream sector, covering the automated aspect of a company’s operations.

 This product will complement the existing Munich Re Cyber Solution “Vector” partnership with Beazley, which focuses on very large corporate clients.
  

Back to Index


Similar News to this Story

Lockdowns cut thefts by 40 percent
Thefts fell by 40 percent during lockdown while the nation stayed at home and were better able to guard their belongings. Data from insurer Urban Jung
World Insurance Report 2021
Capgemini and Efma’s World Insurance Report 2021, published today, finds that insurers need to rethink their distribution models to offer uninterrupte
Financial scams to be included in the Online Safety Bill
The Secretary of State for Digital, Culture, Media and Sport has made comments confirming that provisions will be made for the prevention of online fr

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.