The Source for Cyber Insurance News, Insights and Data
Marsh analyzed its claims data and responses to customer self assessments. The resulting report may surprise some folks… “Automated hardening techniques — by a wide margin — have the greatest ability of any control studied to decrease the likelihood of a successful cyberattack, making it a key control to prioritize in order to minimize losses. … Read more
For reference, our post on “Skinny Cyber Insurance” for smaller companies with limited cybersecurity resources that need to prove coverage to their supply chain partners. “’The coverage that these companies would get out of the gate will be a little bit more restricted than it would be if they had controls in place,’ (Marsh’s Susan) Young … Read more
Marsh notes global cyber pricing rose 28% in Q42022, slowing compared to 53% the prior quarter. But rates and volatility remain high enough to keep providing tailwinds for captive structures, concludes the firm. Most growth in Marsh captives comes from single-parent captives and cells, Marsh reports. “In fact, between 2020 and 2021, 40% of new … Read more
“(T)he cyber rates continued to accelerate at 28%, although that is a deceleration in rate increase in the last quarter we saw 53%,” said Martin South of Marsh & McLennan during an earnings call on Jan. 26th. Source: Marsh & McLennan Companies, Inc. (MMC) Q4 2022 Earnings Call Transcript
“But after two years of premium increases, it appears rates are starting to moderate, contributing to the sense of cautious optimism about the future of cyber coverage. Attritional losses seem to be under better control, with the cyber market’s premium growth now exceeding incurred losses. As companies continue to focus on and improve their cyber … Read more