“‘Hard market’ insinuates that we’re in a cyclical market right now, but the product is only just in its adolescence,’ (Lindsey Nelson, cyber development leader at CFC Underwriting) said. ‘It’s evolving at the moment, and we’re learning as we go along to catch up with that. So, the risk has changed. The risk today is not what it was two years ago and that’s why the pricing looks so significantly different. And it’s not going to be the same two years from now. So, it’s not that insurers were under-pricing as has happened in property and liability lines. I think cyber insurance is having its coming of age moment.'”
Source: Cyber insurance – what’s going on in the market? | Insurance Business UK