The Source for Cyber Insurance News, Insights and Data
“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
“Surveyed healthcare cybersecurity leaders reported leveraging multifactor authentication (MFA), identity and access management, and privileged access management (PAM) solutions in hopes of lessening the likelihood of a cyber insurance premium hike, a report from Imprivata conducted by WBR Insights found.” Source: Orgs Adopt Healthcare Cybersecurity Tech to Keep Cyber Insurance Premiums Down
Where do premiums end up? And with what controls and limits? “‘For all the work done by the cyber insurance marketplace to achieve rate, there still needs to be a correction to some extent,’ said Jacob Ingerslev, head of Cyber & Tech Underwriting at Tokio Marine HCC. ‘Despite all of the changes – all the price … Read more
“Law firms have this treasure trove of information. Statistically, they’re about six times more likely to pay the first ransom demanded, rather than negotiate it…and I have to tell them, months in advance of their renewal, that their premium is going to shoot up. I had one law firm client whose premium went from about … Read more
Standalone cyber policies now the majority… “Standalone policies are more often subject to claims, given that more-sophisticated clients with more data and financial resources typically purchase these policies. Despite the ongoing growth in cyber claims in 2021, cyber insurers’ underwriting performance still improved, as evidenced by an estimated combined ratio of 91.8 in 2021, although … Read more