Intangic MGA has launched with backing from Axa XL, offering parametric cyber insurance for large public corporations headquartered in the UK.
The policy, CyFi, covers losses up to $15m (£12.5m) from material cyber breaches.
The London-based managing general agent detailed the insurance has two parametric triggers: the level of malicious activity targeting a company, and a subsequent loss in value. When both have been met the claim is paid, with the MGA putting the timeframe at “days, not months”.
StrengthenAccording to the MGA, the triggers ensure that all parties have a transparent dashboard for the real-time monitoring of risk
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