Volatility Ahead for Cyber Insurance: Insights From Scott Seaman on the Technological and Policy Challenges

In a recent article by Law360 Insurance Authority, Scott Seaman, a partner and co-chair of Hinshaw's Insurance Services Group in Chicago, discussed how the recent U.S. election results could impact the cyber insurance landscape.

Seaman said the insurance industry already has extensive experience with artificial intelligence (AI) use and regulation and can offer support in crafting a national-level stance on the issue.

Law360 Insurance Authority excerpt:

"There are technological considerations that may override the political viewpoints on this," [Seaman] said. "It's going to be a national discussion — involving the insurance industry, involving the IT industry, involving national security — because these are really large, complex issues."

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Seaman [also] noted that the industry is particularly concerned since a landmark 2023 New Jersey appeals court ruling held that a war exclusion in Merck & Co. Inc.'s policies did not bar $1.4 billion in coverage for losses stemming from a cyberattack that several governments linked to the Russian government.

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• "Trump Win Injects Uncertainty Into Volatile Cyber Market" was published by Law360 Insurance Authority on November 21, 2024.