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CHAPTER
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16
The rise of cyber liability 
insurance
Gary Hibberd, Alan Cook
A BRIEF HISTORY OF INSURANCE
Whilst “cyber threats” may be new, the need to protect businesses against threats 
and losses incurred in the event of a major calamity is almost as old as civilization 
itself. People throughout history have employed risk management techniques to re-
duce the likelihood of loss or reduce the impact should a threat crystallize and occur. 
As early as the second century Chinese merchants travelling across dangerous riv-
ers would distribute their goods across many ships to minimize their losses should 
they lose one or more in the troubled waters and it was the Romans and Greeks who 
introduced the concept of life and health insurance, where relatives of those lost 
in battle or at sea would benefit by receiving payments to cover funeral and future 
living expenses.
Insuring against losses has been with us for centuries, from the early Babylonians 
through to the Romans and the Greeks. More recently, in the seventeenth century 
Edward Lloyd’s coffee house in London embarked on a new journey as they swiftly 
became known as the place to obtain marine insurance. In a world ever more reliant 
upon shipping and produce from around the world, the need to protect businesses 
trading on these dangerous waterways made perfect sense to everyone involved. 
Lloyds of London was firmly established as a world player in maritime insurance 
when a young man by the name of Cuthbert Heath joined Lloyds in 1877. Cuthbert 
Heath, an underwriter in Lloyds was soon developing policies for non-marine-related 
insurance and reinsurance including fire insurance, burglary insurance including 
policies for the American market. This moved Lloyds out of the shipping lanes and 
opened up new and emerging markets and set the template which Lloyds still follows 
today, priding itself on covering new and complex risk areas.