London well-placed to be global cyber insurance hub after pandemic
Source: Middle East Insurance Review | Jan 2021
As London and the rest of the UK emerge from the COVID-19 pandemic, cyber insurance has been identified as one of the next significant markets of growth for the capital city.
A recent report from the City of London Corporation in association with Accenture highlighted London’s globally unique position as both a hub for commercial insurance as well as the centre of a thriving and comprehensive ecosystem of cyber security service providers.
“No other city has London’s concentration of (re)insurers and brokers, co-located with some of the world’s leading cyber security service providers spanning across InsurTech startups, large cyber technology vendors and specialist cyber law practice,” said the report.
London is therefore considered to be well-placed to meet the growing demand for cyber insurance and remain the pre-eminent global hub. The city is expected to serve globally as a hub for writing cyber insurance and offering associated protection services as well as play a pivotal role in the cyber protection of UK PLC in the post-COVID-19 landscape.
“The pandemic has driven a marked acceleration in businesses adopting digital and cloud technologies, as they look to support their remote workforces through this time and adapt to a more virtual environment. Consequently, the importance of proper cyber security for both business and individuals is ever-increasing, and cyber insurance plays a role in helping meet this challenge,” said the City of London Corporation chair of policy Catherine McGuinness in the report. M