The Dax group wants to continue to grow in the insurance against breakdowns and attacks around computer systems, it is said from Munich.
The reinsurer Munich Re wants to push ahead with its cyber insurance business. The Dax group wants to continue to grow profitably in the insurance against breakdowns and attacks around computer systems, he announced on Tuesday in Munich.
So far, Munich Re has had a global market share of around ten percent in premium income in this area.
Attacks on computer systems have increased significantly since the beginning of the Corona crisis. Ransomware attacks have increased particularly significantly, it said. In these attacks, the attacker encrypts the computer systems of his victims and demands a ransom in order to decrypt them again. According to its own information, Munich Re was able to cope well with the increased claims thanks to a strict selection and diversification of the insured risks. A rising premium level is currently also helping to balance out the burdens.
Munich Re expects that in future more and more companies will want to insure themselves against the consequences of such attacks. It assumes an industry-wide premium volume of 20.2 billion dollars (around 17 billion euros) for the year 2025. The segment is considered to be an important growth market for the insurance industry.
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