There’s positive news for the health of the cyber insurance industry in a new report from The Council of Insurance Agents & Brokers (CIAB).
“Cyber insurance premiums rose by an average of just 3.6% in Q2 2023, perhaps the strongest sign of relief for this line seen yet,” says the CIAB’s Q2 2023 P/C Survey.
“Carriers’ increased willingness to underwrite cyber insurance was also suggested by underwriting capacity results. In Q2 2022, 14% of respondents reported an increase in capacity for cyber, compared to 68% reporting a decrease; in Q2 2023, 40% of respondents noted an increase in capacity, versus 18% noting a decrease.>
The survey also noted a sharp drop in the number of respondents who said cyber claims were increasing.