The Source for Cyber Insurance News, Insights and Data
We’re fans of research from RPS/Risk Placement Services, the brokerage and MGA. Early this year, the firm predicted a correction in cyber pricing driven by factors such as increased fraud perpetrated by AI. But in its 2024 Q3 Cyber Market Update, RPS concedes the “market hardening” and price increases have not yet occurred. “Since the … Read more
As cybercrime costs in Canada soar to a staggering 3.82 billion U.S. dollars in 2023, with projections to hit nearly 4.78 billion by 2028, it seems the nation might soon be singing “O-My-Canada” instead of its proud anthem. This alarming financial trajectory, detailed in a March 2024 report by Statista, highlights the urgent need for … Read more
CyberCube has partnered with CatX, a digital marketplace that connects (re)insurers and brokers with alternative capital, to enhance CatX’s capabilities in cyber risk analytics. The collaboration aims to improve CatX’s capacity to model and price cyber risks more effectively, thereby supporting brokers and (re)insurers in expanding their capacity bases. The partnership will see the integration … Read more
After several years of exponential growth in the cybersecurity insurance market, a surprising shift occurred last year in cyber liability insurance premiums, according to a report from Fitch. “U.S. statutory direct written premiums for cyber coverage in standalone and package policies declined for the first time on record in 2023 by a modest 2%. This … Read more
CRC Group, a North American wholesale specialty insurance distributor, has integrated INSUREtrust into its Wholesale Brokerage Division. This move creates a new cyber practice group to expand CRC Group’s cyber insurance capabilities and broaden INSUREtrust’s network. INSUREtrust, known for its specialized cyber insurance brokerage, risk management tools, and products, brings valuable experience and exclusive offerings … Read more