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“The cost of cyber liability insurance has surged in recent years. The premium for Minneapolis Public Schools’ policy rose from $42,000 last year to more than $63,000 this year, and…
Read More “Ransomware Attack on Minneapolis Schools Highlights Increase in Cyber Insurance Costs ” »
Marsh notes global cyber pricing rose 28% in Q42022, slowing compared to 53% the prior quarter. But rates and volatility remain high enough to keep providing tailwinds for captive structures,…
Read More “Marsh Bullish on Cyber Captives Despite Moderating Cyber Insurance Prices” »
“While UK government scheme Cyber Essentials works to protect SMEs from cyber risks, it can provide a false sense of security that firms are completely protected,” reports Insurance Times. Very…
Read More “UK Gov Offers Cyber Insurance — “Appalling” or “Good Step?”” »
“(T)he cyber rates continued to accelerate at 28%, although that is a deceleration in rate increase in the last quarter we saw 53%,” said Martin South of Marsh & McLennan…
Read More “Cyber Re Rates Still Growing, But Not as Fast: Marsh & McLennan ” »
We told you about Beazley’s CAT bond and then its listing on the Bermuda exchange. This development in ILS is generating some optimism among those who fear devastating, system-wide damages…
Read More “Beazley’s New $45m “Cyber Cat Bond” May Be Sign of Things to Come: Information Week ” »
“’Based on a very healthy budget, we were able to check every box and keep our premiums to an increase of only 46% as opposed to the 103%,’ (ChristianaCare CISO…
Premiums are growing less dramatically as the market adjusts to the increase in ransomware attacks and claims. This includes demands by carriers for clients to demonstrate strong security controls and…
Read More “Cyber Insurance Market Stabilizing, Reports Wall Street Journal ” »
“Additional federal coordination is needed to enhance K-12 cybersecurity,” says the report from the United States Government Accountability Office (GAO). But it looks as if many school districts are failing…
Read More “K-12 Schools Having Trouble Getting & Maintaining Cyber Insurance: GAO” »
Interesting note: Prices for non-cyber financial and professional lines decreased during the same quarter. “Cyber insurance pricing increased 48% in the third quarter, compared to 79% in the prior quarter….
“’We’ve been seeing the cost of cyber insurance increase for years now, but this year it went to a whole new level,’ said Michael Zurlo, president of the New York…
Read More “Local Governments Struggle with Hikes in Cyber Insurance Premiums ” »