The Source for Cyber Insurance News, Insights and Data
“Law firms have this treasure trove of information. Statistically, they’re about six times more likely to pay the first ransom demanded, rather than negotiate it…and I have to tell them, months in advance of their renewal, that their premium is going to shoot up. I had one law firm client whose premium went from about … 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
Market is up 74% YoY according to the report. “The top cyber insurance carriers in 2021 shifted to include Fairfax Financial Holdings and Tokio Marine U.S.” Source: Rapid Cyber Premium Growth by Fairfax, Tokio Marine Increased Share of Market
“’Some insurance carriers have actually pulled out of the whole business of cyber insurance for municipalities. They find the risk is just too much for them…(a) policy that would provide coverage for $2 million or $5 million has now been reduced considerably, while at the same time the cost of premiums has gone up dramatically, … Read more
“Coalition continues to expand its capacity relationships and cyber insurance business in a market that is highly dynamic. Coalition year-over-year revenue grew by more than 400% in 2021 as the company scaled to serve 140,000+ customers. Coalition’s run rate GWP (gross written premium) now exceeds $650 million, as the company achieves high growth at scale.” … Read more