Underwritten by QBE Insurance Group and AXA XL, CyCore Asia provides a primary insurance capacity of up to $15 million (S$20.59 million). This initiative aligns with findings from WTW’s Emerging and Interconnected Risk Survey, which identified cyber and technology risks as dominant concerns for businesses in Asia, both in the short and long term.
CyCore Asia offers comprehensive cyber coverage based on proprietary policy wording crafted with industry expertise. A notable feature is its restore function, enabling businesses to maintain coverage throughout the policy period, even after filing a claim, subject to insurer approval.
Additionally, the facility includes a risk bursary capped at $15,000, granting insured businesses access to specialized cyber risk management services from S-RM, a consultancy specialising in cyber security.
Initially targeting industries in Hong Kong and Singapore, WTW plans to expand CyCore Asia into other Asian markets later this year.
The launch of CyCore Asia responds to the increasing complexity and scale of cyber threats, exacerbated by advancements in artificial intelligence. According to WTW, cyber risks are not only immediate challenges but also the greatest driver of change over the next decade.
“As cyber threats continue to evolve, ongoing collaboration between IT security teams and the cyber insurance industry in Asia is imperative to ensure businesses can navigate the complex cyber risk landscape with greater confidence,” said Conor Keating, WTW’s Cyber Growth Leader for Asia.
Keating highlighted that CyCore Asia offers unique benefits unavailable in the open market, including pre-loss services and risk assessments through partnerships with leading cyber security consultants.
This announcement follows WTW’s December 2024 enhancement of its RiskAgility Financial Modeller (RiskAgility FM). The financial modelling and reporting software, widely used by life and health insurers, was augmented with AI-powered large language models to accelerate actuarial modelling processes.
WTW’s continued innovation underscores its commitment to providing tailored risk management solutions to address the evolving challenges of modern businesses.
