Rob Schimek, President and CEO of the Americas for AIG Property Casualty, speaks with NU's Shawn Moynihan about the carrier's expansion into Bermuda's captive insurance market; the severity of Cyber risk; and AIG's consistently high rating among producers, among other subjects.
Q. Cyber risk continues to be one of the greatest exposures for businesses great and small, but even with major retailers like Target, Michaels and Hasbro suffering high-profile attacks it would seem it's still the cover that everyone needs but still not everyone buys. They're either still in denial over that risk or willing to take the chance by not being adequately covered. Is there a solution here? Do you see a tipping point at which business owners at both the international and local level finally are forced to share in the realization that we no longer live in a world where these exposures aren't a deadly threat to business?
A:More and more, businesses realize the potential severity of cyber risk, especially as the threats extend beyond data and reputation to possible effects on critical infrastructure in key industry segments such as oil and gas, energy, transportation and telematics. This is why we just launched our CyberEdge PC product, which covers property damage and bodily injury exposures resulting from a cyber attack and security failure. This is the first of its kind coverage in the market. It moves cyber coverage beyond data breach, which is the prevalent type of coverage in the market, to help companies manage physical risks from cyber threats.
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