The Source for Cyber Insurance News, Insights and Data
“The make-up of who buys cyber insurance has also shifted, wrote Marsh. Increased technology adoption and the associated heightened cyber risk has led to a significant increase in insurance buying by power and utilities and manufacturing companies. Purchasing by more traditional buyers, such as retailers and financial institutions, has declined mainly due to capacity reductions … Read more
“‘There are a lot of companies that have gone through renewals and ended up either becoming uninsurable or implementing some new controls just to get to the point of being insurable,’ (Nick Santillo, vice president of digital infrastructure and security at American Water) told a gathering of water company executives in Washington, D.C. for … Read more
“(Adam Lantrip of brokerage CAC Specialty) now budgets four to six months for its clients to clear all the hurdles needed to renew their plans. ‘It’s getting almost to a point where the deals never get put to bed,’ Mr. Lantrip said.” [paywall]
“’Even if UK SMBs do become more concerned about their business being targeted by cybercriminals, they are unlikely to be willing to pay even higher premiums to protect themselves,’ said Ben Carey-Evans, senior insurance analyst at GlobalData. Even if SMBs are becoming more concerned about cyber attacks, they’re unlikely to be willing to pay even … Read more
“Globally, commercial insurance rates increased by 9% on average in the quarter, he said. In North America, commercial rates increased 8% overall, with retail property insurance rates rising 14%. Lexington, AIG’s excess and surplus lines business, saw rates rise 13% and financial lines increased 12%, including an 85% rate increase for cyber liability…” Source: AIG … Read more