17 May 2023Analysis

AXA XL expands cyber underwriting team

AXA XL Insurance has expanded its cyber underwriting capabilities in Europe and Australia. The company has added 10 cyber underwriting experts to the team across the regions.

They include: Sylvie Verdier, Switzerland, Niccolò Magnani, Italy, Diego Rodríguez Vázquez, Iberia, Maria Silvia Demattei, Iberia, Magnus Flyrin, Nordics, Rabia Ok, Nordics, Giovanni Belhadj, Nordics, Grace Coleman, Australia, Nicholas “Nick” Maxwell, Australia and Alberto Piccenna, Australia.

The company said that these underwriters will collaborate with brokers in their respective markets to help AXA XL’s clients manage their cyber-related risks.

Ana Dores, chief underwriting officer, International Financial Lines – APAC & Europe at AXA XL, said: “The European cybersecurity market is estimated at more than €130 billion and is growing at a rate of 17% a year, while Australia saw an increase of nearly 13% in cybercrimes reported to the Australian Cyber Security Centre last year. These are clear signs that businesses, in Europe and Australia, appreciate the risks associated with cyber security, and understand the need and urgency to protect their operations and minimize their exposure.”

She added: “The demand for cyber insurance solutions in Europe, Asia and Australia is growing, and our clients are increasingly turning to us to develop tailored solutions to help them prevent, mitigate and transfer the risks associated with technology. We want AXA XL to play a key role in the development of cyber solutions and believe that now is the time to invest in growing our team.”