We’re sorry to paraphrase Yogi Berra about predictions, but he’s right.
According to the report, the first cyber policy was offered by AIG in 1997.
“’It’s going somewhere, what we struggle with is predicting exactly where that will be,’ (McGill & Partners partner Shannan) Fort said. ‘Just look at the last 10 years and new uses of technology, migration to the cloud [for example], that’s a very different environment than you know what we were talking about 15 to 20 years ago, so the underlying component of what this insurance is covering is continually evolving, and that means that what cyber looks like now is not what it’s going to look like in 10 years.’”
The cover is nevertheless here to stay, says firm’s partner
Source: Why predicting the future of cyber insurance is so difficult