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Only a few names carry the weight and significance of Steven Haase in the annals of cyber insurance history. It was an obsolete concept in the past compared to today. Market analysis conducted by Market.Us indicates that the global cyber insurance market is forecasted to reach a value of $90.6 billion by the year 2033, experiencing a compound annual growth rate (CAGR) of 22.3% from 2023. By the conclusion of 2024, the industry is anticipated to hit $14.8 billion, marking a distinguished increase from the projected $12.1 billion valuation in 2023.
His foray into the realm of insurance commenced in 1978 when he took on his professional journey with FM Global. Tasked with managing international HPR (Highly Protected Risk) insurance programs for Fortune 1000 behemoths like Coca-Cola, Ford Motor Co., and Chrysler Inc., Haase quickly established himself as a trusted authority in the intricacies of risk management. His tenure at FM Global laid the groundwork for his subsequent endeavors and provided invaluable insights into the complexities of insuring multinational corporations against a myriad of risks.
The 1980s heralded a new chapter in Haase’s career, as he emerged as one of the pioneering insurance professionals specializing in insurance and risk management for emerging technology companies. As a partner at Hamilton Dorset Alston, Haase played a pivotal role in the company’s exponential growth, catapulting it from a modest operation to a thriving enterprise boasting 125 employees and generating $12 million in revenue. His astute leadership and strategic acumen paved the way for the company’s successful sale, underscoring Haase’s knack for identifying untapped market opportunities and capitalizing on emerging trends.
However, it was on April 15, 1997, that Haase etched his name in the archives of insurance history by launching the first-ever cyber insurance policy – the Internet Security Liability Policy which included both first and third party coverages. This landmark event, unveiled at the Risk and Insurance Management Society’s annual convention, marked the beginning of a new era in risk management. Despite the modest turnout at the convention, Haase’s groundbreaking initiative laid the foundation for the burgeoning cyber insurance industry that would emerge in the decades to come.
Building on the success of his pioneering endeavor, Haase boarded on a mission to revolutionize the cyber insurance landscape. As an insurance broker at Hamilton Dorsey Alston Co., he directed the establishment of Network Risk Management Systems, a precursor to INSUREtrust.com. Under Haase’s stewardship, INSUREtrust emerged as a leading specialty wholesale broker and managing general agent, offering comprehensive cyber liability, technology errors and omissions, and miscellaneous professional liability coverage.
Haase’s strategic vision and entrepreneurial spirit drove INSUREtrust to unprecedented heights, culminating in its acquisition by Constellation Affiliated Partners in December 2020. The acquisition, valued at deep eight figures, underscored the invaluable contributions of Haase to the cyber insurance industry and solidified his status as a visionary leader in the field.
’ Beyond his corporate accomplishments, Haase remains a sought-after speaker and guest lecturer, sharing his insights and expertise at industry events and academic institutions. His contributions to the advancement of risk management and insurance extend far beyond the confines of boardrooms and lecture halls, shaping the industry’s future and inspiring generations of aspiring insurance professionals.
The challenges and complexities inherent in the cyber insurance landscape have only served to fuel Haase’s determination and drive. From legal disputes surrounding coverage claims to regulatory interventions aimed at fostering transparency and stability, Haase’s leadership continues to be instrumental in steering the evolving cyber risk industry.
Steven Haase’s transformative impact on the cyber insurance industry is a testament to his visionary leadership, entrepreneurial spirit, and unwavering commitment to excellence. From pioneering the first cyber insurance policy to guiding INSUREtrust.com to unprecedented success, Haase’s journey embodies the essence of innovation and resilience in the face of adversity. As the cyber insurance industry continues to evolve, Haase’s legacy will endure as a beacon of inspiration, guiding future generations of insurance professionals towards new horizons of growth and opportunity.
After the sale of INSUREtrust in 2020 Steve became the President of STP Insurance Services, LLC, Haase continues to spearhead innovative initiatives while serving as the President of
STP Insurance Services the U.S. sales subsidiary of MIC Global, Â STP Insurance Services leverages Haase’s expertise to pilot the next wave of evolved insurance, Micro Embedded Insurance.
Consider the factors contributing to the emergence of this substantial new market:
- The widespread availability of high-bandwidth internet services.
- The rapid proliferation of platform companies facilitating enterprise-wide connectivity, including electronic transactions between these platforms and their clientele or staff.
- The accessibility of affordable low-code software, along with advancements in data management, machine learning, and artificial intelligence technologies.
- The significant proportion of the workforce engaged in part-time employment arrangements.
- The staggering expansion of Internet of Things (IoT) devices, extensively monitored through internet connectivity.
His role as a trustee of the Educational Foundation for the Department of Risk Management and Insurance at Georgia State University underscores his commitment to nurturing the next generation of insurance professionals and fostering academic excellence in the field.
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