Corporations may be compelled to buy specialized insurance to protect themselves against damages from computer viruses because reinsurers are excluding those losses from catastrophe coverage in property and casualty policies.
Reinsurers began putting exclusions for virus claims into their treaty reinsurance contract renewals in January, says Jill Dalton, North American property practice leader at Marsh & McLennan. More are expected to follow at the July 1 renewal period, meaning corporations will likely get the news soon.
"The direct (insurance) markets will follow through with exclusions for our clients," Dalton says.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
