Canopius has launched a range of cyber property products for medium to large corporations. In addition to replacing cyber cover excluded from property policies, the new Canopius Cyber Property Damage Product Range is also designed to protect insureds against risks associated with the continued reliance on technology and automation, 5G and the IIoT.

Camilla Walker, cyber underwriter at Canopius said: “The products available from Canopius deliver bespoke coverage to clients that provide clarity and tackle the complexities created by the removal of cyber coverage from their traditional property insurance policies. The range of products means Canopius can continue to address clients’ exposures as they evolve, whether that be due to a business change or the application of further, or different, cyber exclusions within other insurance products."

A recent McKinsey study suggests there could be as many as 43 billion connected devices in use by 2023, many of which are expected to be used to monitor and control buildings and their environments.

Matt Northedge, global head of cyber at Canopius, said: “Regulatory intolerance for ‘ilent cyber plus hardening property rates has created a cyber property coverage gap. These products endeavour to define this silence to help clients carve some of that back. It also mitigates against a multitude of potential risks stemming from the increased reliance on technology and automation across organisations’ computer networks.”

The new Canopius PDPR provides up to a $25m in cover and will be sold on a consultative basis and with brokers, according to exposure.

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