The Source for Cyber Insurance News, Insights and Data
“Howden’s research finds that global cyber insurance pricing has increased by an average of 32% year-on-year in June 2021 on the back of a 50% rise since data tracking began. Insurers are also demanding more from businesses’ cyber resilience and are only willing to deploy capacity if they are satisfied by the strength of companies’ … Read more
American International Group Inc (AIG.N) boosts cyber premium rates almost 40% globally and is now reducing coverage limits. “We continue to carefully reduce cyber limits and are obtaining tighter terms and conditions to address increasing cyber loss trends, the rising threat associated with ransomware and the systemic nature of cyber risk generally,” CEO Peter Zaffino … Read more
Hiscox Ltd (LSE:HSX) lists increasing cyber insurance rates as part of its turn to profitability in the first half of 2021, according to its 2021 interim and Chairman’s statement. “Rate strengthening is particularly prominent in cyber, where we have seen an average rate increase of 20%, primarily in response to the increased frequency and severity … Read more
Chubb Ltd. CEO Evan Greenberg worries: “The pricing environment is pretty good…(But) that is not addressing by itself, the fundamental issue…. Like pandemic, cyber has a catastrophe profile to it.” Source: Cyber insurance rates fail to match catastrophe risk-Chubb CEO
There’s grim news in a new survey from cloud vendor Cloudian and Sapio Research: Cyber insurance only pays about 60% of costs from ransomware attacks — and paying ransoms often does not result in the return of most data. Most companies see their cyber insurance rates climb some 25% after a ransomware attack. Get the … Read more