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19 June 2013
Lloyd’s insurer Beazley is targeting Australia for growth, with new regulations potentially opening the door for its cyber insurance product.
While visiting the company’s Australian operations, Global Chief Underwriter Neil Maidment told insuranceNEWS.com.au Beazley will look to roll out its data breach response product if the Federal Government brings in mandatory breach notification laws.
A discussion paper on the possible laws is out for consultation following several high-profile data breaches in recent years.
Beazley’s data breach response insurance is currently available in the UK and US. It provides not only cover but also help to stop and fix breaches, Mr Maidment says.
Most US states have compulsory data breach notification laws, which have been a “real driver” of demand for the product.
“As and when [regulation] is developed in Australia and Europe we will see demand accelerate,” Mr Maidment said.
He says Beazley sees “a terrific opportunity” in Australia because of its robust economy.
The specialty underwriter, already a strong player in the local accident and health and life markets, is eyeing a larger slice of other lines.
Mr Maidment says there is a trend in mature markets for business to stay local rather than go to London, especially when there are experienced underwriters on the ground.
Beazley began writing contingency cover for event cancellation in Australia earlier this year, and Mr Maidment does not rule out expanding to include locally underwritten political risk covers.
He says Beazley already has good access to Australian professional indemnity business through its relationships with brokers and managing general agents, but establishing a local underwriting presence is also “under review”.
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