New Zealand-headquartered insurance business Delta Insurance Group has signed an agreement with London-based specialty Lloyd’s-of-London reinsurance brokers Prospect Insurance Brokers to market and distribute Delta’s Personal Cyber Insurance product outside of Asia-Pacific.
Delta Group chairman and managing director Ian Pollard said the agreement meant the company’s personal cyver (PerCy) insurance offering would soon be available in the UK and Europe through Prospect and will possibly be released into the United States in the future.
Pollard said PerCy, which offered protection for individuals against cyber-risks such as ransomware and data loss, was also available in Singapore and the wider Asian market through Delta’s Singapore office, after launching in the New Zealand market earlier this year.
He said the agreement with Prospect marked another step forward in Delta’s alliance with the specialist UK brokerage. “We’ve been
working closely with Prospect for some years and a number of our niche insurance products, such as our Unmanned Aerial Vehicles/Drones insurance, have arisen from our association with the company, while Prospect has also played a significant role more recently in helping us develop PerCy.”
Founded in 2010, Prospect Insurance Brokers is an independent insurance and reinsurance Lloyd’s of London broker specialising in binding authority, reinsurance and alternative risk transfer business placed into Lloyd’s, European and international company markets. Prospect’s recent work has included innovative developments in the cyber, cryptocurrency, gig economy, drones and parametric structures areas. The company was acquired by private London-based brokerage, Costero Brokers, in August 2020.
Prospect managing director Jamie Webb said the agreement cemented a strong collaborative relationship between the two businesses. “Delta and Prospect have a very similar view of the insurance world and a shared desire to make great products for the times. We look forward to PerCy catching on in our markets so that people can actively reduce their exposure to the recent, dramatic increase in cyber-crime.”
Pollard said the agreement and expansion of the alliance with Prospect was an exciting development for Delta. “This gives us a considerable step up in our global reach with that UK-Europe market opening up, and we are also very hopeful of expansion into North America through Prospect’s parent company Costero.”
Delta’s personal cyber insurance was very much a product for the times and has attracted considerable interest both here and in Asia since its NZ release, says Pollard. “There was already a significant growth in risk to people in their homes from cyber-criminals and that has soared since COVID-19 arrived. According to cyber security company InPhySec, globally, around 64% workers are now remote, a 148% increase with the pandemic, and there’s been an almost 100% increase in the personal use of managed devices.”
He said the research also showed a 161% increase in traffic to high-risk apps and sites and a 600% increase in traffic to porn sites under COVID-19, while cloud-based delivery of malware, rather than web-based delivery, now counted for 63% of incidents.
Pollard said PerCy provided a one-stop solution, accessed through an integrated customer portal provided by NZ-based Insurtech company Sentro, that also enables clients to access a unique personal risk-assessment and monitoring tool supported by DynaRisk, and general insurance policy administration.
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