Munich Re rules out war risk from its cyber coverage

Munich Re plans to exclude war risk from its cyber contracts. This decision follows the Russian-Ukrainian conflict that could put companies and government institutions in the sights of hackers.

Most cyber contracts cover companies against business interruption and repair of hacked networks, but not against war.

However, wording ambiguities leave insurers and reinsurers open to cyber claims.

Based on the new standard clauses recently drafted by Lloyd's of London, Munich Re aims to bring more clarity to the wording of its coverages and exclusions.