The Source for Cyber Insurance News, Insights and Data
The report estimates 2022 GDPW (gross direct premiums written) for cyber insurance was almost $13.5 billion and closer to $14 billion when captive insurers are included. According to the report from the UK’s Insuramore Insurance Insight, the top cyber insurers by GDPW are Munich Re; Chubb; Beazley; Fairfax Financial Holdings and AXA. “Looking ahead, the … Read more
Chubb calls itself the “world’s largest publicly traded property and casualty insurance company” and it’s now making a significant move involving stand-alone cyber insurance. “Chubb has launched Cyber Central, an innovative quoting platform designed for agents and brokers who specialize in cyber risks. This cutting-edge platform simplifies and enhances the process of quoting and issuing … Read more
We all knew the general trend reported by AM Best. Headline: “The U.S. cyber insurance market continued strong growth in 2022, with direct premium increasing by 50% to $7.2 billion and improving loss ratios given greater attention to underwriting discipline…” But the report, aside from adding details, notes some other important trends. “More than 70% … Read more
“’You all heard the horror stories in ’22 about 150% increases in premium,’ said Bryan Hurd, Seattle-based vice president of Aon cyber solutions…’Now, the market has actually softened,’ he said, with some policyholders seeing renewals at the same rates. ‘If claims continue to grow, you can believe the underwriting is going to be even more … Read more
At-Bay reports the policy pricing cycle turns much faster for cyber coverage than many other kinds of risk. “Based on our data and exemplified in the chart above, there is a consistent cycle between ransomware frequency and policy pricing. Two to three quarters after a peak in ransomware frequency, we see a responding increase in … Read more