Insurer Beazley introduces catastrophe bond to ease cyber risk

Business insurer Beazley has launched a $45m catastrophe bond to protect against claims from cyber attacks on its clients over $300m. The move is designed to help safeguard Beazley’s balance sheet from increasing cyber insurance risks. Cyber insurance has grown as ransomware incidents have surged. Beazley believes the catastrophe bond will help ease this risk and allow for growth and scaling of cover.