Stand-alone policies reflect growing acceptance of cyber as a unique and critical category requiring more complex underwriting by carriers and increased attention from policy holders.
“Standalone coverage is 70% of cyber insurance premiums, due to heightened policyholder demand for protection and insurer efforts to reduce ambiguity in coverage terms or silent cyber risk.”
Meantime, according to Fitch, market share by major players is dropping as more cyber insurance providers enter and grow in the sector.
The ratings agency also predicts growth in cyber insurance rates will continue to moderate.
Read the report here.