3D printed models of people working on computers and padlock are seen in front of a displayed CYBER ATTACK words and binary code in this picture illustration taken, February 1, 2022.
REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsLONDON, Oct 18 (Reuters) - A major cyber attack on a financial services payments system could lead to global losses of $3.5 trillion, with much of it not covered by insurance, commercial insurance market Lloyd's of London (SOLYD.UL) said on Wednesday.
Cyber insurance saw over $9 billion in gross written premiums in 2022 and is forecast to grow to $13 billion to $25 billion by 2025, Lloyd's said.
Over 20% of the world's cyber premium is placed in the Lloyd's market, Lloyd's said.
Major cyber insurers Beazley (BEZG.L) and Hiscox (HSX.L) are among more than 50 insurance companies in the Lloyd's market.
Persons:
Dado Ruvic, Lloyd's, ”, Bruce Carnegie, Brown, Beazley, Carolyn Cohn, Jonathan Oatis
Organizations:
REUTERS, Lloyd's, Cambridge Centre, Risk Studies, China, Thomson
Locations:
London, United, Japan