Brit expands flagship cyber consortium

Brit is planning to write $150m of premium in 2023 through its flagship cyber consortium, Brit Cyber Attack Plus (BCAP).

This represents a 50% increase on the approximately $100m of premium BACP wrote in 2022. The product offers limits of up to $100m.

BCAP was launched in 2014 to address the coverage gap that had emerged in traditional lines of insurance, whereby physical damage and subsequent business interruption emanating from a malicious cyber-attack were being excluded.

It also offers a “broad spectrum” of cyber coverage including business interruption, data privacy, breach response, cyber extortion, reputational harm and cyber liability coverage.

Adam Taylor, class underwriter for cyber, privacy and Ttechnology at Brit said: “BCAP has always acted as a pioneer in the cyber market. Although the growing frequency and severity of cyber-attacks is well documented, we are seeing that physical assets are becoming ever more vulnerable to threat actors, especially given the trend towards digitalisation and growth of IoT in manufacturing, industrial processes and physical infrastructure.”

Taylor added: “We have continued to innovate BCAP to ensure it can both insure against these risks while also offering a full suite of traditional cyber coverage, making it the most comprehensive and flexible product in the market. The growing demand we are seeing has enabled us to renew and expand the consortium and we’re delighted to have the continued commitment of our capacity partners, enabling us to continue to solve a critical need through a unique product.”