The large European broker reports cyber insurance pricing is down some 9% so far this year, but ransomware incidents are up almost 50% YoY.
So why the discrepancy? We think the lag between increases in ransomware attacks and growth in rates may be a significant part of the answer, as At-Bay noted earlier this year: “Based on our data and exemplified in the chart above, there is a consistent cycle between ransomware frequency and policy pricing. Two to three quarters after a peak in ransomware frequency, we see a responding increase in pricing.”
Read the Howden report here.