“The make-up of who buys cyber insurance has also shifted, wrote Marsh. Increased technology adoption and the associated heightened cyber risk has led to a significant increase in insurance buying by power and utilities and manufacturing companies. Purchasing by more traditional buyers, such as retailers and financial institutions, has declined mainly due to capacity reductions and higher rates.
The firm also noted that average limits were down. The aviation sector — including airlines, airports, and aviation manufacturers — experienced the most significant limit reductions — a drop of 19%, from a £120m average in 2020 to £97m last year — while limits in communications, media, and technology (CMT) were down 15%, from a £97m average in 2020 to a £82m average in 2021.”
Source: Cyber insurance pricing rises amidst multiple factors – Marsh – Reinsurance News