The Source for Cyber Insurance News, Insights and Data
“Cyber insurance carriers continued to explore (and pursue) standalone cyber placements in response to increasing pressure by reinsurers to place cyber separately,” Gallagher noted in its new 1st View report. We’ve noted the move to stand-alone cyber policies, including here Get the very first view of current market conditions within the reinsurance industry for the … Read more
Yes, says Veeam’s survey of 1,2000 IT pros from companies hit by ransomware last year. In 2022, “77% of ransoms were paid by insurance, but that is becoming harder and more expensive…In fact, 21% of organizations stated that ransomware was now specifically excluded from their policies. While those with cyber insurance saw changes in their … Read more
The list: Hiscox: Best for Startup Businesses Zurich North America: Best for Midsize Businesses Chubb: Best for Enterprises Travelers: Best Cyber Liability Coverage The Hartford: Best for High Policy Limits Worth noting are the customer ranking scores each company has on Trustpilot. While Hiscox has earned 3.7 out of 5 stars, the other carriers show … 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
More than a quarter of top UK insurers could struggle to get cyber insurance due their poor security controls, according to a survey from SecurityScorecard. “Insurers setting standards that they cannot meet themselves could damage the credibility of those insurers…,” the survey notes.