This is the insurer’s second product launch this month

Chris Colahan Berkshire Hathaway Specialty Insurance

Hot off the heels of its new accident and health insurance product launch, Berkshire Hathaway Specialty Insurance (BHSI) is set to release a new cyber insurance product in Australia, StrategicRISK can reveal.

The new cyber insurance product will be released to the market next week, with its key selling point being a partnership with IT security company Symantec.

BHSI Australasia regional president Chris Colahan (pictured) told StrategicRISK that the product would help to reduce clients’ cyber risks upfront.

“We’ll use [Symantec] for education with our customers about what their cyber risks are… for proactive risk management and for emergency response,” Colahan said.

“We’ve spent a lot of time talking to brokers and customers about what they want [in a cyber insurance product] and I’d say with our combined product and service offering we are bringing something that’s different and hopefully useful and meaningful to our customers.”

The product also includes legal and public relations support for companies that need to respond to a cyber breach.

“Cyber’s on most customers’ minds. It’s a relatively small part of the overall insurance market and it will be relatively small for a long time but it’s important to customers and that’s why we’re launching it,” he said.