London, UK, (15 September, 2016): As the line between professional liability and cyber risk becomes increasingly blurred for US hospitals, specialist global insurer Hiscox has combined the expertise of its healthcare and cyber underwriters to launch Healthcare Threat Protect; one of the first insurance products to deal effectively with a hospital’s professional and general liability as well as their growing cyber exposures.
Where US hospitals have, up to now, been required to buy two separate products, Healthcare Threat Protect is an all-in-one, easy to understand policy with one integrated wording, combining the class leading underwriting expertise of Hiscox’s healthcare and cyber teams in Bermuda and London.
Commenting on the launch of the new product, Justin Keith, Vice President, Bermuda Healthcare, says: “For US hospitals, the increasing integration of technology in diagnosis and treatment means the distinction between cyber risk and professional/general liability has become less clear cut. Rather than expecting hospitals to buy separate insurance cover for each risk, we’ve combined our healthcare and cyber expertise to develop an all-in-one cyber risk and professional/general liability protection. Healthcare Threat Protect is a comprehensive product that, as cyber risks multiply in their number and complexity, solves a growing problem for US hospitals.”
Marcus Breese, Cyber and Professions Line Underwriter, adds: “When it comes to healthcare, cyber attacks not only impact patient data, but also have the ability to impact the treatment of patients. For example, a ransomware attack can lead to a hospital being unable to access patient records and possible network downtime, potentially interrupting patient care and causing costly interruption to the business. Examples like this raise multiple liability and loss issues for hospitals. Healthcare Threat Protect clarifies the ambiguity between cyber, professional and general liability cover in one, simple to understand policy.”
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Notes to editors
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2015 helped generate gross premiums written of £1,944.2 million and a profit before tax of £216.1 million. The Hiscox Group employs over 2,200 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.