Astaara expands underwriting capacity, boosting cyber insurance limit to $25 million
Guernsey, 04 April 2023 – Astaara, the Guernsey-based integrated insurance services and risk management advisory business, has increased its underwriting capacity and insurance limit from US$12.5 million in 2020 to US$25 million with effect from 1st April.
Astaara’s cyber insurance covers ports and terminals, as well as ships, shipowners and ship managers. The insurance is led by A-rated cyber insurance industry leader Axis Specialty Europe SE, with Astaara backed by significant investment from the West of England P&I Club. The commercial weight behind Astaara is recognition of the trust and confidence in its cyber security offering.
Astaara’s unique, comprehensive solution spans risk management services, underwriting services, and a dedicated analytics capability. The integrated nature of the company’s offering, as well as its structured and pragmatic approach, means cyber risks can continue to be effectively identified, managed and mitigated, even in an increasingly hostile cyber environment.
Recent estimates show that over half of maritime sector cyber-attacks have been terror-related and would be excluded from traditional cyber insurance. Astaara does not exclude cyber-attacks that are deemed terrorism in its cover, and considers this as one driver of its growth and customer loyalty. This gives insureds certainty, which is often the missing factor in cyber offerings. The assessments undertaken by Astaara also help provide evidence of cyber sea worthiness and adherence to other applicable industry or regulatory standards.
Robert Dorey, Group CEO of Astaara, elaborated: “We are able to provide such broad and dependable cover because we work closely with our clients to ensure each has a high level of cyber security maturity. If prospective clients fall short of the required level, our team will support them in reaching it. Our cyber risk consultants from government, Royal Navy and technical backgrounds are also in regular contact with retained clients to ensure their cyber maturity continues to develop during the policy period on a quarterly basis.
“With proper risk assessment and due diligence in line with the five pillars of cyber security, claims are less frequent and less severe. Our customers trust our cover because of this high-quality risk selection and the overall quality of our underwriting.”
Tom Bowsher, CEO of West of England P&I Club, added: “To best manage and minimise systemic risk in shipping, each individual risk, such as cyber risk, must be properly underwritten. We support Astaara’s solution because it aligns the service that insureds need with genuine experience, expertise and commitment. The combination of over 75 years of underwriting experience in the leadership team and market-leading specialist marine cyber knowledge is a leading one.”
Robert Dorey concluded: “We are grateful for the backing of West and for the loyalty of the Club’s Members to its joint ventures. With the recent increase in our cyber insurance limit based on clients’ feedback, we have taken another step towards repaying that trust; we are pleased to be operating in the marine cyber insurance heavyweight category now.”
The recent news about Astaara’s expanded underwriting capacity and increased cyber insurance limit comes after it announced a significant investment from the West of England P&I Club in 2020.
