Britam unveils cyber risk cover

Britam General Insurance has unveiled a new cybersecurity cover seeking to protect companies from cyber-based threats.

The policy by the subsidiary of listed Britam Holdings, shields businesses against data breaches or malicious cyber-attacks and covers loss, damage, theft or corruption of to electronic data.

The cyber-risk cover also shields against cyber extortion and property damage caused by a network security breach, business interruption and extra expense due to system failures.

Britam Holdings Group Managing Director Benson Wairegi said that the cover was timely with the Kenyan economy having experienced losses worth Sh29 billion in 2018 as a result of cyber-attacks.

“Cyber Security threats will continue to become more advanced not just in the financial sector but in many other industries across the region,” said Wairegi.

The cover targets big firms, Small and Medium Enterprises (SMEs), hospitals, corporate firms and Parastatals.

Britam Holdings recorded a 71 per cent jump in net profit to Sh1.7 billion for the first six months of this financial year.

The Nairobi Securities Exchange-listed insurer attributed the rise from Sh981 million a similar period last year to improved claims management method and a 19 per cent growth of its international insurance business.

For the period under review, net insurance claims, increase in policyholder’s benefits and loss adjustment expenses fell by 12 per cent, from Sh7.5 billion to Sh6.6 billion.

The firm’s total income was nearly flat at Sh16.9 billion compared to Sh16.8 billion in the same period last year.