The Source for Cyber Insurance News, Insights and Data
“(I)ncreases in deductibles, retention, sublimits, and co-insurance on ransomware payments, are making cyber coverage look more like health insurance.” Useful report from @natlawreview with collection of key cyber insurance metrics from Marsh expert @mscheincicclcs… Source: Cyber Insurance to Protect Against Cyberattacks
“According to the Council of Insurance Agents & Brokers, cyber insurance premiums grew more than a quarter (25.5%) during that period. That’s well above the 17.4% increase witnessed by umbrella insurance and an average of 8.3% growth across all premiums.” Source: Rising Cyber Insurance Premiums Highlight Importance of Ransomware Prevention
“At a time when the need for cyber insurance has never been more clear, brokerages have spent much of 2021 decreasing coverage and increasing rates. But on Friday, tucked into a Reuters story, a big shoe appeared to drop: Lloyds of London, the carrier holding nearly a fifth of the cyber insurance market, discouraged its … Read more
And it turned out the bidder was not even admitted to do business in Texas… “‘They were only able to find one company that would insure us on cyber liability because I guess there are so many claims right now,’ (county Judge) Stroeher said. The Great American Fidelity Insurance gave a quote for $25, 180.’It’s … Read more
Most survey respondents said clients had been reimbursed for ransomware payments. One broker reported 30+ payouts in the first half of 2021. “Commercial insurance prices moderated across all account sizes with an average increase of 8.3%, but cyber saw a premium hike of 25.5%, according to The Council of Insurance Agents & Brokers’ second-quarter Commercial … Read more