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“(Adam Lantrip of brokerage CAC Specialty) now budgets four to six months for its clients to clear all the hurdles needed to renew their plans. ‘It’s getting almost to a…
Read More “As Cyber Premiums Go Up, So Does Underwriting Time: Wall Street Journal ” »
“’Even if UK SMBs do become more concerned about their business being targeted by cybercriminals, they are unlikely to be willing to pay even higher premiums to protect themselves,’ said…
“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,…
Read More “AIG Net Income Up YoY; Cyber Insurance Rates Almost Double” »
“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…
“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…
Read More “Increases In Global Insurance Rates Moderate During Q1 – But Not For Cyber” »
“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…
Read More “Fitch Updates Estimates on Growth of US Cyber Insurance Market ” »
“’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…
“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…
“‘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…
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…