The Source for Cyber Insurance News, Insights and Data
“Lastly, it is worth addressing that aside from larger companies and a few smaller businesses that recognize the importance of having cyber liability insurance, most operations are still declining this critical coverage. Today, an estimated 10% of cannabis companies are purchasing cyber insurance. While the cyber market in general has become more competitive, only a … Read more
The report estimates 2022 GDPW (gross direct premiums written) for cyber insurance was almost $13.5 billion and closer to $14 billion when captive insurers are included. According to the report from the UK’s Insuramore Insurance Insight, the top cyber insurers by GDPW are Munich Re; Chubb; Beazley; Fairfax Financial Holdings and AXA. “Looking ahead, the … Read more
We all knew the general trend reported by AM Best. Headline: “The U.S. cyber insurance market continued strong growth in 2022, with direct premium increasing by 50% to $7.2 billion and improving loss ratios given greater attention to underwriting discipline…” But the report, aside from adding details, notes some other important trends. “More than 70% … Read more
Stand-alone policies reflect growing acceptance of cyber as a unique and critical category requiring more complex underwriting by carriers and increased attention from policy holders. “Standalone coverage is 70% of cyber insurance premiums, due to heightened policyholder demand for protection and insurer efforts to reduce ambiguity in coverage terms or silent cyber risk.” Meantime, according … 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