Understanding Cyber Insurance: Interview with Michelle Chia of AXA XL

With cyber intrusions on the rise and costly ransomware incidents making headlines, more companies are seeking to manage risks by purchasing cyber insurance coverage.

According to the National Association of Insurance Commissioners, the U.S. cybersecurity insurance market grew 47.6% in 2022 to about $9.7 billion in direct written premiums. But many businesses are still thinking about whether to add cyber insurance coverage, or don’t know enough about this relatively new type of policy to decide.

To learn more, we spoke with Michelle Chia, chief underwriting officer for cyber in the Americas at AXA XL, the specialty risk division of global insurer AXA. This interview has been edited.