At the moment, many commercial insurers offer stand-alone cyber coverage, separate from other property and casualty policies, but cyber coverage is not yet a standard addition to most other policies. As hackers increasingly take aim at enterprises’ technology systems, cyber coverage is a mounting concern for companies worldwide.
Insurers also struggle to estimate their potential exposure to cyber-related losses amid increasing cyber risks and interest in cyber insurance. Nevertheless, information from AIG’s review of existing policies will help them better understand the insurer’s overall exposure.
Currently, AIG is in the process of reviewing all types of coverage it offers to measure its exposure to cyber risk. The change is part of the insurance company’s effort to shift from issuing policies that do not specify whether cyber losses are covered.
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