DUAL UK Expands Cyber Insurance Capacity Amid Rising Demand

Severity: Low (Score: 36.9)

Sources: Insurancebusinessmag

Summary

DUAL UK has enhanced its cyber and technology underwriting capabilities by revising its strategic partnership with Liberty Specialty Markets, allowing it to underwrite larger and more complex risks. The MGA can now offer increased primary limits for organizations with revenues up to £1 billion and enhanced excess limits for risks with revenues up to £5 billion. This expansion aims to cater to a broader range of sectors and business sizes, particularly in the mid-market and large corporate segments. The global cyber insurance market is estimated at around US$16 billion to US$17 billion in premiums for 2023-2024, with expectations of continued double-digit growth. The move comes as ransomware remains a significant threat, impacting sectors like healthcare and manufacturing. DUAL has also partnered with KYND to strengthen its cyber risk management offerings. The company aims to balance the demand for higher limits with scrutiny of risk controls and vendor dependencies. Overall, DUAL's strategy positions it as a more substantial capacity provider in the evolving cyber insurance landscape. Key Points: • DUAL UK has increased its underwriting limits for cyber insurance significantly. • The global cyber insurance market is projected to grow to tens of billions by the decade's end. • Ransomware continues to be a dominant threat, affecting various critical sectors.

Key Entities

• Ransomware (attack_type)
• Healthcare (industry)
• Manufacturing (industry)
• Utilities (industry)