The Swedish Club, a prominent marine insurer, has unveiled a pioneering step in maritime insurance by announcing comprehensive Cyber Insurance coverage for all its Club members starting January 1, 2024. This strategic move positions The Swedish Club among the first marine insurers to extend such protective coverage, aligning firmly with the cyber security guidelines set by the International Maritime Organization (IMO).
The newly introduced Cyber Insurance coverage aims to offer robust reassurance and support to its members in the event of a cyber attack, thereby addressing the escalating threat of cyber breaches in the maritime industry. Thomas Nordberg, Managing Director of The Swedish Club, emphasized the club’s commitment to providing comprehensive support, stating, “Offering this cyber insurance is a natural progression in our commitment to them.”
This initiative arrives in tandem with the IMO’s cyber security guidelines, designed to equip managers and crew with the necessary capabilities to effectively counter cyber attacks on computer-based systems aboard ships. The coverage will be extended at preferential rates to vessels insured for H&M and/or P&I through the Club, with three distinct packages available, catering to varying levels of coverage requirements.
Partnered with robust loss prevention efforts, this initiative comes at a crucial juncture in addressing the emergent cyber threat landscape. “Our member shipowners can showcase a Cyber Insurance policy from The Swedish Club when demonstrating cyber risk mitigation and resilience to port states and coast guards worldwide,” Nordberg highlighted, emphasizing the substantial value this coverage offers to members.
The Club has collaborated with leading industry experts to craft these tailored insurance packages, ensuring they meet the diverse needs of its members. The coverage spectrum includes the Basic package encompassing maritime cyber-emergency response, physical damage, and loss of hire, with the Basic Plus version offering expanded coverage limits. For those seeking the highest tier of protection, a comprehensive insurance package is available, all competitively priced.
Thorbjörn Emanuelsson, Director of Underwriting, underscored the gravity of cyber threats, stating, “These new products will be instrumental in safeguarding members from the financial repercussions of cyber attacks.”
