Beazley launches ‘Beazley Quantum’ to enhance cyber offering

Specialty insurer Beazley has expanded its cyber capabilities with the addition of ‘Beazley Quantum’, a new cyber consortium that provides comprehensive cover for large corporates with up to $100 million limit.

According to the announcement, the consortium will offer protection to substantial corporate entities with a turnover in excess of $1 billion.

Paul Bantick, Chief Underwriting Officer, Beazley, commented: “As a leader in the cyber space, we have steadfastly taken strategic steps to build a thriving and sustainable cyber insurance market.

“With the launch of Beazley Quantum, we are directly addressing the needs of large corporates and delivering much needed additional capacity to these businesses that are in the front-line of the cyber threat.”

In an era of accelerating cyber risk, the expected global cost of cybercrime could reach $23.84 trillion by 2027, according to Beazley’s most recent Cyber Risk Update.

The insurer predicts the cyber insurance market will grow from $15 billion in 2024 to $40 billion by 2030, with increasing demand due to rising cyber threats and costs being the main drivers for this.

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