Solvay braces itself against cyber attacks by creating its own insurance company

Belgium’s Solvay and Germany’s BASF, along with five other major European companies, have created their own insurance company to protect against growing cyber risks.

Fragrance will be launched after the New Year. This is the new Brussels-based insurance group that will offer additional cyber insurance services to businesses. The brand received its approval this week.

Subscription is only open to members, says the company’s website. “During the first two years of operation, Miris will allocate up to €25 million of capacity to each member. Miris will operate in co-insurance with the insurance market using market formulation and pricing. The underwriting minimum will be €10 million.

Leaders arm themselves

Miris was founded earlier this year by some seven European industry leaders. In addition to Solvay, there is the German chemical giant BASF, the aerospace specialist Airbus, the tire manufacturer Michelin, the public service company Veolia, the distribution giant Sonepar and the DIY group Adeo.

+28%

of cyber attacks

According to security firm Check Point Research, the number of cyber attacks increased by 28% in the third quarter of 2022 compared to the previous year.

No details were released regarding the investment that this participation represents for the Solvay group or even its weight in the company. However, we know that the chemical group will preside adviser in the person of Sonia Cambier.

“Miris’ goal is to respond to a growing and significant cyber risk for businesses,” explains Sonia Cambier in an email response. She mentions the need to fill “a gap in the insurance market to give members the necessary cover capacity. But also to help each other avoid risk”.

According to the security company Check Point Researchin the third quarter alone, the number of cyber attacks increased by 28% compared to the previous year.

This increase in the number of attacks is reflected for insurance companies by a sharp increase in compensation claims.

The price of premiums has therefore risen sharply, as have refusals to cover certain risks. Large manufacturing companies are therefore finding it increasingly difficult to obtain cyber insurance, it says.

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