Lexasure Monetary Group and OneDegree World have introduced the launch of a brand new cyber insurance coverage platform aimed toward bolstering cybersecurity defences for companies in South and South East Asia.
The platform, which gives a reinsurance-as-a-service (RAAS) resolution, integrates superior danger evaluation applied sciences to reinforce digital insurance coverage companies.
The partnership leverages the cyber danger evaluation capabilities and technological experience of the businesses to ship a completely digital buyer expertise.
This consists of streamlined processes from onboarding and danger profiling to underwriting and coverage issuance for eligible small to medium-sized enterprises (SMEs).
Lexasure claims that the platform’s built-in cyber danger publicity scanning software gives a safety posture rating, bettering the expertise danger evaluation course of.
This function goals to simplify the onboarding expertise and supply immediate coverage issuance for SMEs.
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In line with a Cisco report, 56% of SMEs within the Asia-Pacific area have confronted a cyber incident previously 12 months.
Nevertheless, cyber insurance coverage nonetheless represents lower than 1% of the whole insurance coverage market in Asia and Oceania, as per the Worldwide Affiliation of Insurance coverage Supervisors’ (IAIS) World Insurance coverage Market Report 2023.
Regardless of the intention of many SMEs to spice up their cyber insurance coverage investments, protection gaps stay a big subject.
Firms might need safety towards knowledge breaches however lack insurance policies protecting e mail compromise or ransomware assaults.
Lexasure CEO Ian Lim mentioned: “With elevated digitisation, Asian companies are more and more weak to cyberattacks and ransomware. These assaults could cause devastating monetary losses and irreversible model harm – highlighting the crucial want for cyber insurance coverage.”
OneDegree World CEO Michelle Ip mentioned: “As digital expertise continues to permeate each side of our lives, the digital area is dealing with an unprecedented escalation of cyber threats.
“Notably for small and mid-sized firms, they’re confronted with a crucial problem the place a good portion of cyber dangers stays uninsured or underinsured.”
Late final 12 months, OneDegree partnered with Dubai Insurance coverage to present digital asset insurance coverage within the United Arab Emirates.
