The Source for Cyber Insurance News, Insights and Data
“The affordability of cyber insurance was flagged as a concern by US-based News Corp when it reported a cyber attack earlier this month. The group said: ‘The company cannot be certain that its current level of insurance or the breadth of its terms and conditions will continue to be available on economically reasonable terms.’” Source: … Read more
“‘Hard market’ insinuates that we’re in a cyclical market right now, but the product is only just in its adolescence,’ (Lindsey Nelson, cyber development leader at CFC Underwriting) said. ‘It’s evolving at the moment, and we’re learning as we go along to catch up with that. So, the risk has changed. The risk today is … Read more
2022’s increase will be on top of 50% hike in ’21, report says. “But conditions will likely improve for buyers, Risk Strategies CEO John Mina said in the report. ‘Sustained rate increases have attracted new entrants and over time underwriting capacity will expand and rate increases stabilize,’ he said.” Read the useful report here. Source: … Read more
Keep an eye on the role of Managing General Agents/MGAs (brokers with underwriting authority from carriers), says @CyberDanBurke. “Greater adoption of MGA capacity and the willingness of traditional cyber insurance carriers to write insurance above these MGAs in a cyber insurance tower will be an area to watch throughout 2022.” Includes commentary from Woodruff expert … Read more
Good summary, linked at bottom, from @ElanaAshanti based on detailed research from Adrian Mak @AdvisorSmith. We view the data as indicative/directional due to cohort of companies* analyzed (see below). Top 5 industries by cost of cyber insurance* for a small business, according to Advisor Smith analysis: Payment Processing $2,449 Financial Services (other) $2,429 Investment Services … Read more