The Source for Cyber Insurance News, Insights and Data
Marsh analyzed its claims data and responses to customer self assessments. The resulting report may surprise some folks… “Automated hardening techniques — by a wide margin — have the greatest ability of any control studied to decrease the likelihood of a successful cyberattack, making it a key control to prioritize in order to minimize losses. … Read more
As with the AI announced last week by Coalition, Cowbell’s solution appears focused on enhanced broker and customer service, versus direct cyber risk purposes. “MooGPT assists brokers and policyholders in getting on-demand guidance on risk assessment, such as Cowbell Factors and Cowbell Insights, non-binding premium indications, and provides information on the claims process. MooGPT assists … Read more
Interesting that the first announced application is for enhanced broker and customer service, versus direct cyber risk purposes. The InsurTech cyber insurance provider does note it’s working on AI-related cyber vulnerabilities. “’AI is already reshaping the cyber risk landscape,’ said Tiago Henriques, vice president of security research at Coalition. ‘While we are applying our AI … 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
[paywall may apply] AIG, Berkley One, Chubb, Cincinnati Insurance Cos., PURE Insurance and State Farm offer personal cyber insurance add-ons to homeowners/renters insurance. Stand-alone policies are also available from various carriers. “Costs can vary widely depending on the carrier, policy limits selected and what cyber events are covered by the policy. In many cases, as … Read more