Lloyd’s ‘best-placed’ to mature cyber class: Patrick Tiernan

Lloyd’s of London is best-placed to mature the cyber insurance class, Lloyd’s chief of markets, Patrick Tiernan, said today.

“The Lloyd’s cyber market share, expertise and unique syndication model means our whole market is not only focused on, but also best placed, to mature the class of cyber insurance and ensure a more resilient tomorrow.”

Lloyd’s first Cyber Summit takes place today. It will see senior business leaders, policy makers, cyber risk specialists and thought leaders discuss creative solutions for this emerging and interconnected threat. 

Currently, the Lloyd’s market underwrites around one-fifth of the world’s cyber premium, and involves over 40 syndicates.

“There is a compelling need to gather the experts and trusted actors from across government, industry, capital providers, security agencies and the insurance market to address the current and future threats of Cyber,” Tiernan said.

He added: “The responsibility can’t just fall to the industry alone; it’s important that as a collective we collaborate, educate, and intelligently create awareness of the risks associated with cyber.”

CyberInsurer.com is attending the summit and will provide updates as the event progresses.