(Reuters) — Chemicals groups BASF and Solvay are among 12 European companies joining cyber insurer Miris, which said on Wednesday it had received an operating license from Belgian regulators and would start offering insurance on Jan. 1.
The mutual insurer, a structure where the company is owned by its customer members, wants to meet the increasing demand for cyber protection due to increasing attacks, Chief Operating Officer Mark Pollard said.
The new insurer is also talking to about 40 others about joining, he added.
Germany’s BASF is a member of Miris, a spokesman said by email on Thursday.
Belgium’s Solvay is one of the insurer’s founding members, a Solvay spokesperson said by email late Wednesday.
Miris will provide additional protection for companies whose cyber insurance options are scarce and expensive due to mounting losses, Mr. Pollard.
“The amount of capacity offered by major insurers has decreased, premiums are increasing ̵1; it’s like turning off the tap.”
Global cyber attacks increased by 28% in the third quarter compared to the same period in 2021, according to software company Check Point.
Mr. Pollard declined to confirm trade press reports that Miri’s other initial members include Airbus and Michelin.
The companies did not respond to requests for comment.