LSM partners with Baobab on e-crime offering

By Michael Jones

March 10 - (The Insurer) - Liberty Specialty Markets (LSM) has partnered with digital underwriter Baobab Insurance on an e-crime insurance product.

The product is available from March 2025 and is tailored to fraud offenses such as CEO fraud and deepfakes.

Baobab will take on the operational tasks involved in the product, while LSM will provide capacity for an insured sum of up to 5 million euros.

LSM said generative AI has changed the quality and intensity of digital fraud attacks.

It said the number of attacks involving hackers posing as supposed bosses increased by 17% in 2023 and that the traditional insurance market did not have an adequate product offering to address this threat landscape.