Africa Specialty Risks (ASR), the developing-markets-focused re/insurance group, has marked its entry into cyber insurance with the launch of a digital quote-and-bind policy for African businesses.
ASR will leverage its distribution network across the continent to address a significant risk gap caused by the limited availability of cyber insurance.
ASR 24-7 offers quote-and-bind capabilities for authorised brokers without the need for manual underwriter input.
The new cyber policy also provides insureds access to cyber support, including incident response and pre-incident services such as threat intelligence and security reports, helping to strengthen overall cyber resilience.
The policy is initially available in South Africa, Namibia, and Mauritius, with further markets planned soon. It will eventually be offered across the entire continent, with all policies backed by Lloyd’s AA-rated security.
Mikir Shah, Chief Executive Officer at ASR, said, “There is a pressing need for cyber insurance across the African continent, which remains woefully under-served despite facing an active cyber threat landscape similar to that of developed markets.
“ASR is meeting this need by offering a Lloyd’s cyber insurance solution for African businesses. This new product is backed by a panel of leading vendor partners who can assist companies both in preparation for, and in response to, any cyber incident. We look forward to rolling out cyber coverage across the whole continent in the coming months via our ASR 24-7 platform.”
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