Cyber Insurance Premiums

Cyber Insurance Prices Jump Again in Q3, But Growth Rate Moderates: Marsh Market Index 

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Interesting note: Prices for non-cyber financial and professional lines decreased during the same quarter. “Cyber insurance pricing increased 48% in the third quarter, compared to 79% in the prior quarter. The cyber insurance market experienced increased competition; more insurers increased capacity for insureds with strong cybersecurity controls. Increased competition is due to many factors, including: … Read more

Local Governments Struggle with Hikes in Cyber Insurance Premiums 

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“’We’ve been seeing the cost of cyber insurance increase for years now, but this year it went to a whole new level,’ said Michael Zurlo, president of the New York State Association of Counties and the Clinton County administrator. It’s a kind of insurance local governments can’t be without, Zurlo said…This year, Clinton County paid … Read more

Growth of Cyber Insurance Rates Slows — But Premiums Still Going Up 

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“According to a report released by Marsh LLC last week, average cyber liability rates increased 54% in July compared with 133% in December 2021. Cyber rate increases are slowing but rates are still rising significantly, said Neil Kessler, Dallas-based president and chief operating officer of CRC Insurance Services Inc. According to CRC’s analysis, 82% of … Read more

Shop Early for Cyber Insurance and Don’t Forget Response Exercises: Wall Street Journal 

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[paywall] “Around 18 months ago, underwriters asked companies whether they required multifactor authentication when administrators accessed their system, said Tom Reagan, cyber practice leader in Marsh McLennan’s financial and professional products specialty practice. Today there’s an expectation that multifactor authentication is used throughout the organization, not just by administrators, he said. Insurers also expect organizations … Read more

Cyber Insurance Market Stabilizing As Growth in Premiums Moderates: Marsh 

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“But after two years of premium increases, it appears rates are starting to moderate, contributing to the sense of cautious optimism about the future of cyber coverage. Attritional losses seem to be under better control, with the cyber market’s premium growth now exceeding incurred losses. As companies continue to focus on and improve their cyber … Read more

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