Cyber Insurance

Company rebounded in 2021 after 2020 loss due in part to claims for COVID-related event cancellations. “Beazley…had a combined ratio – a key measure of an insurer’s profitability – of 93% compared to 109% a year earlier. A level below 100% indicates an underwriting profit…its annual gross written premiums jumped 30% to $4.62 billion, with … Read more

“FI CyberCrime Plus, which is focused on banks with balance sheet assets of $10 billion to $100 billion, anticipates limits of $25 million to $35 million, according to the broker.” Source: Aon product for banks combines cyber, crime, professional liability | Business Insurance

“(A) ransomware/breach prevention or recovery warranty can at least help companies ‘reduce their premiums,’ or even become eligible for coverage…” Source: Ransomware warranties offer user community another form of cyber insurance

“(T)he new year will continue to reveal the consequences of the 2021 acceleration of business digitization, with an explosion of incidents related to the software supply chain. This will drive demand and innovation in the cybersecurity market along with the need for refined coverages and a more thorough assessment of cyber risk for insurance purposes.” … Read more