The Source for Cyber Insurance News, Insights and Data
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
“’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
The Indiana-based company reports a number of successful deployments, including one which allowed a non-profit to hold onto its cyber coverage after suffering two breaches before it retained SecondSight. “SecondSight’s platform autonomously discovers, classifies and analyses an organisation’s entire landscape of digital assets, the unique risk profile for each digital asset across thousands of different … Read more
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
“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