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Cyber-insurance shock: Zurich refuses to foot NotPetya ransomware clean-up bill – and claims it's 'an act of war'

c1ue

My view is this is more an attempt at setting a precedent than "getting" Mondelez.

The cyber insurance sector has had an overall 60% loss ratio (% of premiums paid out to claims) for many years - NotPetya *might* significantly shift this for the industry overall, but definitely would shift this for Zurich in particular. Individual insurance orgs in cyber insurance have loss ratios ranging from 0% to 150%+.

The litigation does, however, guarantee to shift the actual balance sheet hit out at least a year or two, possibly more. Tactically this is probably worthwhile (from Zurich's perspective) in its own right...

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