American International Group Inc (AIG.N) boosts cyber premium rates almost 40% globally and is now reducing coverage limits.
“We continue to carefully reduce cyber limits and are obtaining tighter terms and conditions to address increasing cyber loss trends, the rising threat associated with ransomware and the systemic nature of cyber risk generally,” CEO Peter Zaffino said on a conference call with analysts, according to a transcript produced by Refinitiv.
Source: AIG is reducing cyber insurance limits as cost of coverage soars | Reuters