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Beazley is reportedly preparing a $100 million cyber cat bond, while Axis Capital allegedly planning a $75 million cyber bond. Credit: Skórzewiak/Adobe Stock(Bloomberg) — Cyber catastrophe bonds may be about to move out of the shadows of private deal-making and into the public debt markets.
So-called “cat bonds,” which farm out hard-to-insure risks to capital market investors in exchange for double-digit returns, have typically been built around natural disasters such as hurricanes. But as the potential fallout of business-halting cyberattacks becomes too big to insure, issuers are seizing the moment.
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Philanthropic insurance news from Barts Charity and YourFMO.
The insurance carrier argued that some of the damage submitted in the claim was pre-existing and not caused by a storm.
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