Reinsurance broker Lockton Re has successfully executed what the firm believes is the first industry-loss warranty (ILW) that combines property catastrophe and cyber risk triggers within a single limit structure for a protection buying client.
The innovative structure utilises a trigger from PERILS AG, working with with CyberAcuView as the index provider for cyber risk, while Verisk’s PCS provided the industry index for the covered property catastrophe exposure.
Lockton Re explained that this demonstrates how the industry-loss warranty (ILW) market can continued to evolve beyond traditional property-only use-cases, while further underscoring the increasing maturity of the cyber ILW and industry-loss index trigger sector.
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