“David Molony, Head of Aon’s Cyber Solutions for EMEA, acknowledges the significant shift in market dynamics, stating, ‘Where businesses were constrained by availability in 2021 and into 2022, it is now vastly different. Instead, buyers should now be looking at mitigating their exposure — taking advantage of the market at the expense of sacrificing coverage to help save short-term premium dollars.’
North America’s cyber insurance market experiences growing capacity, declining loss frequency, and decelerating rate increases in 2023, while buyers should pay attention to changing war exclusions and other coverage considerations, such as privacy concerns and emerging exclusions related to biometric information, pixel tracking, and Video Privacy Protection Act (VPPA) exposures.”
The global cyber and errors & omissions (E&O) insurance market has transitioned into a buyer-friendly environment in early 2023, following a