Willis Expands CyMax Cyber Insurance Facility for SMEs in EMEA

Willis has expanded its CyMax Facility, a primary and excess cyber insurance solution for SMEs and mid-market businesses across EMEA. The new facility, now panel-based, includes insurers AXA XL, Beazley, HDI Global, and Markel, allowing for higher limits and more flexible coverage options. The expansion aims to address the rising cyber threats, including ransomware and data breaches, while simplifying the application process with a one-page form and a brief eligibility questionnaire. Businesses with annual turnover up to €500 million or CHF 500 million can now qualify, including those with partially implemented security measures. The facility covers various risks, including business interruption and social engineering fraud, and aligns with GDPR, NIS2, and DORA regulatory frameworks. This move comes as UK cyber insurance claims surged from £59 million in 2023 to £197 million in 2024, highlighting the growing need for such coverage.

Key Points: • Willis expanded its CyMax Facility to include multiple insurers for SMEs in EMEA. • The facility now accepts businesses with turnover up to €500 million, including those with partial security measures. • Cyber insurance claims in the UK increased by 234% from 2023 to 2024, indicating rising cyber threats.