Interesting note: Prices for non-cyber financial and professional lines decreased during the same quarter.
“Cyber insurance pricing increased 48% in the third quarter, compared to 79% in the prior quarter.
- The cyber insurance market experienced increased competition; more insurers increased capacity for insureds with strong cybersecurity controls.
- Increased competition is due to many factors, including: improved cybersecurity controls, the effect of retention level increases and rate adjustments in 2021, reduction in claims frequency over the past six months despite no change in severity, according to many insurers, and higher interest rates leading to insurers seeking top line growth.
- Discussions continued in the industry and in government regarding systemic exposures and the correlated nature of cyber risk.”
Source: US Pricing Q3 2022 | Global Insurance Market Index | Marsh