QBE European Operations plc

QBE European Operations plc Annual report 2011 10
Specialist
in every business line and consistently across
all disciplines
QBE EO is always looking for solutions to business risks
which means working closely with all parties to understand
their business and creating the right product for them.
QBE EO’s teams are specialists in every business line,
which means giving equal importance to the generation
of new business as to supporting the retention of key
existing business.
QBE EO’s underwriters are readily accessible with skills
and in-depth product knowledge of specialist sectors
enabling an answer straightaway. The sheer number of
underwriters means that there are specialists for individual
sub-classes of product and, if an answer is not readily
available, then QBE EO will look for creative solutions.
So whether it is cover for a sports venue or a catering
company or anything in between, QBE EO can provide
a competitive and effective outcome.
Case study: Cyber Response
Businesses are increasingly exposed to cyber and data security risks. Cyber crime and the
frequency of data breaches, together with the associated costs of recovering from such events are
rising, while at the same time, there is tighter regulation of any business that holds personal data.
Between 2008 and 2010, 90% of large
businesses reported at least one breach
of security. Cyber crime is now estimated
to cost the world economy US$114 billion
a year.
QBE believe that insurers should play an
important role in delivering relevant and
responsive products to protect companies in
the event of cyber attacks and data breaches.
This was the driving factor behind the creation
of “Cyber Response”, which unlike many cyber
and data security products offers first-party
cover to help the insured deal with the cost
of responding to a cyber and/or data security
event rather than simply covering third-party
losses. The product was the result of 18 months’
research and development. Supported by a
vigorous underwriting and risk management
process, the product offers an attractive
insurance solution whilst also managing
QBE’s exposure.
and reputation damage, data breach notification
requirements, cyber extortion monies, IT system
rectification, regulatory investigation demands
and compensatory damages arising from
liabilities associated with an event.
The policy not only indemnifies but offers
immediate support in the event of a loss,
delivered through QBE’s network of cyber and
data security specialists via red24. The service
offers a 24/7 telephone response line connected
to a crisis management service, able to send in
IT forensics, PR and other specialist teams as
necessary to ensure the situation is quickly and
effectively addressed.
Cyber Response is available for UK businesses
with income under £100 million and is distributed
through all of QBE’s UK offices, supported by
the Cyber and Data Security Risk underwriting
and claims teams in London.
Cyber Response is a bespoke product able to
be tailored to the insured’s particular coverage
requirements. Features can include: first-party
cover for business interruption losses, brand