Hiscox offers cyber ILW capacity based on PCS trigger

ORIGINAL PUBLICATION HERE

Hiscox Re & ILS, the reinsurance and third-party capital management unit of global re/insurer Hiscox, has announced that it is to offer a new cyber industry-loss warranty (ILW) product, which will provide aggregate limits based on the use of a PCS industry loss trigger for global cyber underwriting losses.

The cyber ILW will be an aggregate coverage, responding to a build-up of cyber losses throughout the year, which the company notes will assist both insurance and reinsurance firms in their need to address the uncertainty around cyber tail risks.

As a result, Hiscox Re & ILS said that the cyber ILW can provide “an effective hedging mechanism for cyber underwriters.”

Where Is the InsurTech Capital of the World?

ORIGINAL PUBLICATION HERE

There was a time not so long ago when Hartford, Conn., was widely known as the “Insurance Capital of the World.”

These days, Hartford has work to do to reclaim that title.

But with insurance technology companies opting to start up in U.S. cities like Silicon Valley, New York and Chicago, and in places like London, Singapore and Shanghai outside the United States, can any one city lay claim to the title “InsurTech Capital of the World” today?