Cyber Insurance Best Practices

Movement to More Effective Underwriting of Cyber (Re)Insurance: CyberCube Provides Risk Exposure Databases 

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CyberCube says it’s offering the first detailed Industry Exposure Databases (IED), which allow (re)insurers and brokers to quantify real-time cyber risks. “The first release of CyberCube’s Exposure Databases focuses on US standalone cyber insurance and represents the global insurance industry’s exposure and risk to US companies. These Exposure Databases can provide (re)insurers and brokers with … Read more

Re to the Rescue: BDT Capital Forms “Ferian Re” with Cyber Insurer Coalition 

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The cyber insurance industry needs reinsurance capital to keep growing. Coalition partnered with BDT Capital to form this  independent Bermuda-based Class 3B reinsurer. “Joshua Motta, founder and CEO of Coalition, added, ‘The rapid growth of the cyber insurance industry has outpaced the supply of reinsurance capital. We’re excited for Ferian Re to bring alternative capital … Read more

Local Governments Struggle with Hikes in Cyber Insurance Premiums 

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“’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 State Association of Counties and the Clinton County administrator. It’s a kind of insurance local governments can’t be without, Zurlo said…This year, Clinton County paid … Read more

Personal Cyber Insurance Claims Jumped Even More from 2021-2 than Commercial: Regional Insurer Acuity 

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It’s possible the stark difference might be due to different starting levels of commercial versus personal policies…but the stats do indicate the growth of personal cyber insurance. “From June 2021 to June 2022, Acuity Insurance saw cyber liability insurance claims on its commercial insurance policies increase by more than 50%. For personal policies, Acuity saw … Read more

Growth of Cyber Insurance Rates Slows — But Premiums Still Going Up 

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“According to a report released by Marsh LLC last week, average cyber liability rates increased 54% in July compared with 133% in December 2021. Cyber rate increases are slowing but rates are still rising significantly, said Neil Kessler, Dallas-based president and chief operating officer of CRC Insurance Services Inc. According to CRC’s analysis, 82% of … Read more

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