Recently selected as the US Industry Person of the Year by his peers at the 2017 Advisen Cyber Risk Awards, XL Catlin’s John Coletti is in an excellent position to observe the industry’s growth and success.
In a recent interview with Advisen, the chief underwriting officer for cyber and technology praised the achievements made by the cyber insurance industry and noted a few places where the market can do better.
One significant achievement, according to Coletti, is the fact cyber insurers show willingness to adapt coverage to evolving needs.
“It’s a new product and it’s responding to claims and events that are new as well,” he said, adding that the industry has also excelled at paying cyber claims whether they are the result of ransomware or denial-of-service events, nation-state attacks, or privacy violations.
“That’s really what the spirit of the policy is for,” Coletti said.
Coletti also spoke highly of the industry’s willingness to listen to clients and their needs, learning what “cyber” means to them and their businesses.
“Some clients might not think that a data breach product responds to their needs but they do want business interruption coverage or coverage for supply chain and procurement risks,” he said. “It’s not so much that the needs of the clients have changed, but the industry has gotten better at responding.”
One “pretty integral part” of determining how to meet those needs has been to “shine the light on cyber as an exposure” and offer risk management tools to clients.
“There is a whole plethora of tools that are now at a client’s disposal. We can help avoid breaches, help them respond better,” said Coletti. “You’re buying insurance, but also a service.”