The Source for Cyber Insurance News, Insights and Data
“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
“The vendor-agnostic survey of 5600 IT professionals, conducted by Vanson Bourne, found that 98% of businesses hit by ransomware had cyber insurance that covered ransomware and that the policy paid out in the most significant attack. In addition, the survey reveals an increase in the payment of clean-up costs (77%) and a decrease in ransom … Read more
“Rising cyber insurance rates were driven largely by the continued increase in the frequency and severity of ransomware claims with many insurers seeking to tighten coverage terms and conditions, especially in relation to the conflict in Ukraine. Prices increased 110% in the U.S. (down from 130% in Q4 2021), and 102% in the UK (up … Read more
“Fitch estimates that standalone and packaged cyber statutory direct written premiums increased by 74% in 2021 to nearly $5 billion compared with 9% growth for the P/C industry overall, driven by heightened policyholder risk awareness and greater demand for coverage. Standalone cyber coverage, which represents approximately two-thirds of industry premiums, increased by 92% in 2021. … Read more
“’Some insurance carriers have actually pulled out of the whole business of cyber insurance for municipalities. They find the risk is just too much for them…(a) policy that would provide coverage for $2 million or $5 million has now been reduced considerably, while at the same time the cost of premiums has gone up dramatically, … Read more