The Source for Cyber Insurance News, Insights and Data
“While not appearing in the top 10 causes of loss, the number of cyber claims has significantly increased over the past few years, driven by the rise of threats such as ransomware attacks, but also reflecting the growth of cyber insurance. AGCS (Allianz Global Corporate & Specialty) has been involved in more than 1,000 cyber … Read more
“The “vast majority” of cyber insurers plan to remain in the market over the next three years as the industry establishes an operations baseline to cope with very high claim volume, research from Panaseer released this week shows…There’s underlying confidence in how insurers evaluate customers’ security postures. Nine in 10 cyber insurance decision makers are … Read more
Standalone cyber policies now the majority… “Standalone policies are more often subject to claims, given that more-sophisticated clients with more data and financial resources typically purchase these policies. Despite the ongoing growth in cyber claims in 2021, cyber insurers’ underwriting performance still improved, as evidenced by an estimated combined ratio of 91.8 in 2021, although … Read more
According to the report, US FIO and CISA agree with this recommendation: “The Department of the Treasury’s Federal Insurance Office (FIO) and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) both have taken steps to understand the financial implications of growing cybersecurity risks. However, they have not assessed the extent to which … Read more
“…17.3%** of SMEs did not have cyber insurance in 2021 due to it being too expensive, while 29% cancelled their policy to cut costs. Smaller businesses were found to be most exposed to rising costs, as only 21% of micro businesses had cyber insurance, compared to 40.1% for small businesses and 54.3% of medium businesses***.” … Read more