Miris Insurance obtains approval from regulator

European mutual insurer Miris Insurance has recently received an operating license from Belgian regulators, allowing it to begin offering cyber insurance.

The Brussels-based mutual insurer is a non-profit mutual association formed in collaboration with 12 European corporations such as BASF, Airbus, Sonepar, Adeo, Veolia Environnement, Michelin and Solvay. Miris claims that it is having discussions with ~40 more companies that are interested in joining the group.

Only members of the Miris group are able to obtain insurance, and those interested will need to go through a screening process both for their financial strength and their cyber risk management capability. During the first two years, the new insurer will allocate up to €25 million of capacity to each member.

“Cyber risk is probably the fastest-evolving risk the insurance market has ever needed to consider. MIRIS will have a role in promoting and validating excellence in cyber risk protection, as well as providing risk transfer capacity.” – Mark Pollard, chief operating officer, Miris.