The Source for Cyber Insurance News, Insights and Data
It addresses the problem of uninformed insurance pros trying to sell or price cybersecurity insurance, as discussed here. “We launched that product just over a year ago now, and it has been embraced in a way we would never have imagined, and I think the [cyber] broking space is really exciting right now,” he said. … Read more
“Howden’s research finds that global cyber insurance pricing has increased by an average of 32% year-on-year in June 2021 on the back of a 50% rise since data tracking began. Insurers are also demanding more from businesses’ cyber resilience and are only willing to deploy capacity if they are satisfied by the strength of companies’ … Read more
American International Group Inc (AIG.N) boosts cyber premium rates almost 40% globally and is now reducing coverage limits. “We continue to carefully reduce cyber limits and are obtaining tighter terms and conditions to address increasing cyber loss trends, the rising threat associated with ransomware and the systemic nature of cyber risk generally,” CEO Peter Zaffino … Read more
A July 2021 survey by the Chartered Insurance Institute (CII) highlights a lack of training among insurance personnel involved with cybersecurity policies. “Almost six out of 10 insurance professionals polled said they had not received any training about cyber risk even though they were involved with pricing or underwriting policies related to cyber risks:” says … Read more
Most consumers don’t know personal cyber insurance is available, according to the team behind “The Digital-Life Insurance.” The solution includes an AI chatbot to create a digital fingerprint of customers and help them reduce their cyber risk. The team claims its personal cyber insurance product is “relevant, affordable and easy to purchase.” CIN will follow … Read more