The Source for Cyber Insurance News, Insights and Data
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
Law firm Lowenstein Sandler warns: “If these subrogation actions ‘stick,’ policyholders should expect that once a cyber claim is paid by an insurer, that will not be the end of their involvement with responding to the breach. Rather, policyholders will be obligated under the terms of their policies to make their records, investigation results, and … Read more
“‘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 … Read more
2022’s increase will be on top of 50% hike in ’21, report says. “But conditions will likely improve for buyers, Risk Strategies CEO John Mina said in the report. ‘Sustained rate increases have attracted new entrants and over time underwriting capacity will expand and rate increases stabilize,’ he said.” Read the useful report here. Source: … Read more