The Source for Cyber Insurance News, Insights and Data
Mark Sauter At-Bay reports the policy pricing cycle turns much faster for cyber coverage than many other kinds of risk. “Based on our data and exemplified in the chart above, there is a consistent cycle between ransomware frequency and policy pricing. Two to three quarters after a peak in ransomware frequency, we see a responding increase in … Read more
“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 … Read more
“Clients generally continued to increase their self-insured retentions (SIRs) early in 2022. As the market improved and pricing stabilized throughout the year, there began to be a decrease in SIRs as coverage became more available and affordable, a trend that has continued into 2023, according to the report.” Stricter policy language, pricing increases and more … Read more
The market confusion largely began when Lloyd’s of London asked carriers to exclude most state-backed cyber attacks. “A policyholder can now face as many as five or six different kinds of war exclusions in a single standard policy, said Colin Daly, executive vice president of broker CAC Specialty.” While this Bloomberg article reports some carriers … Read more
The practice says it was hit by a ransomware attack days after its coverage lapsed. “Gallagher had been working with Raleigh Radiology for months before the lapse to renew its existing policies, or to secure new ones, but failed to do so despite the submission of required paperwork, according to the complaint.” No word yet … Read more