The Source for Cyber Insurance News, Insights and Data
“David Molony, Head of Aon’s Cyber Solutions for EMEA, acknowledges the significant shift in market dynamics, stating, ‘Where businesses were constrained by availability in 2021 and into 2022, it is now vastly different. Instead, buyers should now be looking at mitigating their exposure — taking advantage of the market at the expense of sacrificing coverage … Read more
Fitch Ratings predicts 2023 will be another strong year for the industry. Though premium-rate increases continue to decelerate, demand remains high, building on trends over recent years. “Fitch estimates industry statutory direct written premiums for cyber coverage in standalone and package policies increased by over 50% in 2022 to $7.2 billion, following 73% premium growth … Read more
“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 the deductible jumped from $50,000 to $100,000. MPS isn’t the only metro-area school district feeling the pinch. St. Paul Public Schools officials saw their cyber … Read more
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, concludes the firm. Most growth in Marsh captives comes from single-parent captives and cells, Marsh reports. “In fact, between 2020 and 2021, 40% of new … Read more
“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 different from broader proposed US government involvement in cyber, the British program offers two levels: “Cyber Essentials – this enables organisations to assess themselves against … Read more