Insurance industry has yet to 'crack' cyber offering – Aviva’s Bayles

The insurance industry has not yet cracked the perfect cyber insurance offering, Aviva chief distribution officer Phil Bayles has said.

He said the reason it was taking time for cyber insurance to take off in the market was because of its complex nature.

“But I think it is such a clear and present danger to all companies, shapes and sizes. We have to step up the mark on it, because the demand is there,” Bayles added.

“I don’t think anyone has cracked it yet in terms of the offering. But because of the level of the market demand, something will emerge in the market that hits enough of the right notes.”

Bayles said the three key areas of cyber cover were prevention, how to quantify liabilities and how to clear up the problem afterwards.

He added: “We are at a point where the need for cyber no longer really needs to be made. Cyber will be a big product for everyone next year.

“It’s a question of whether the offering at the moment are meeting the underlying need adequately and what more we can do to make the cyber offerings that are out there compelling. People are only going to buy it if they think they solve the problem.”