Spain: AIG, Zurich, Beazley, XL and Chubb cover technology risk
The Spanish cyber insurance market has a sufficient supply and reaches an annual turnover of 200 million euros in premiums.
Several insurance companies, including AIG, AXA XL, Beazley, Chubb, and QBE, are leading the technological insurance market in Spain, derived from artificial intelligence. The Spanish insurance market for cyber risks reached around 200 million euros in premiums last year. Despite a progressive increase in insurance companies capable of covering this risk, some exceptional cases of large companies with high-risk profiles may require seeking coverage in international markets, such as London.
The use of artificial intelligence in cyberattacks has made them more damaging, but the claims rate for cyber insurance remains at acceptable levels, allowing for profitability for insurers. In Spain, only 30% of companies have cyber risk insurance, similar to France and Germany.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
