Africa Specialty Risks (ASR) has launched a new cyber insurance product for African businesses, starting in South Africa, Namibia, and Mauritius. The policy, available through ASR 24-7, offers coverage limits up to $5m for businesses with revenues up to $100m, aiming to address the lack of cyber insurance in Africa.

ASR’s cyber policy is supported by Lloyd’s AA-rated security and can be accessed digitally through ASR 24-7, allowing brokers to generate quotes and bind policies without manual underwriter involvement. The coverage includes support services like incident response, threat intelligence, and security reporting.

CEO Mikir Shah highlighted the urgent need for cyber insurance in Africa, stating that ASR’s Lloyd’s cyber insurance solution, backed by leading vendor partners, will help companies prepare for and respond to cyber incidents. The company plans to expand cyber coverage across the continent using the ASR 24-7 platform in the coming months.

In addition to the cyber insurance initiative, ASR recently introduced Syndicate 2454 in South Africa, focusing on specialty insurance classes in South Africa and neighboring countries. The company aims to enhance risk protection and increase access to cyber insurance in the African market through its digital quote-and-bind policy.

Read more at Yahoo Finance: Africa Specialty Risks enters cyber insurance with digital quote-and-bind policy