BIBA works with CFC to launch cyber insurance guide for brokers
16th May 2018
The British Insurance Brokers’ Association (BIBA) in collaboration with CFC, the specialist insurance provider behind BIBA’s cyber insurance scheme, has launched a new guide to help brokers understand cyber risks and the insurance solutions available to mitigate these risks.
Mike Hallam, BIBA’s Head of Technical Services said: “As our reliance on technology grows so does the potential for cyber related incidents. It is important for brokers and their customers to understand and be able to manage these new risks which is why we were delighted to be able to work with sector leaders, CFC to create this new guide. Brokers will also appreciate the advice in the guide on how to address common objections from clients as to why they need cyber cover.”
Taking on board that cyber insurance is for many one of the most misunderstood covers, the guide aims to cut through the jargon and bring simplicity to what has long been considered a complex line of business. Within it, brokers can learn about the evolution of cyber risk, read examples of cyber claims and appreciate how cyber policies work which will be invaluable in helping to identify client’s risks.
James Burns, Cyber Product Leader at CFC added: “Cyber insurance policies tend to be modular in nature, consisting of a variety of different coverage areas so it’s no wonder that this has led to confusion around what they cover and how they work. We wanted to provide straightforward and clear information about what cyber is all about and how brokers can articulate it to their clients.”
In its 2018 Manifesto, Engaging BIBA made a commitment to work with industry partners to make it easier for brokers and their customers to understand key differences in the cover available in cyber insurance policies and to share good practice to help cyber risks be managed.
Mike Hallam concluded: “The BIBA Cyber Insurance Focus Group, made up of cross-industry expertise, is addressing the challenges of this relatively new insurance market. This is a first concrete step to demystify this peril for brokers whop place more than 90% of all commercial insurance in the UK. The guide will be hitting BIBA member desks very shortly.”
Click here to view the Cyber guide
Notes to editors
- For further information please contact:
BIBA press office:
Pam Quinn, Head of Communications
020 7397 0223
Leighann Forsyth, Deputy Head of Communications
020 7397 0224
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- About the British Insurance Brokers’ Association
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes just under 2,000 regulated firms, employing more than 100,000 staff. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 72% of all general insurance with a premium totaling £62.7bn and 93% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
BIBA helps more than 550,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.
BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.
CFC is a specialist insurance provider with a track record of pioneering emerging risks and disrupting inefficient insurance markets. Our plain language policies are purpose-built for today’s risks, and we build market-leading technology to streamline the insurance buying process and deliver relevant, up-to-date products easily and efficiently. CFC is backed by Lloyd’s and offers a broad range of commercial insurance products to more than 60,000 businesses in over 75 countries.
For more information please visit www.cfcunderwriting.com.