cyber insurance market News

State of the Cyber Insurance Market— Top Trends, Insurers and Challenges: A.M. Best

The cyber insurance market continues to grow and underwriting performance in this line remains strong, according to a new industry report. Direct premiums written for both standalone and packaged cyber policies grew about 12 percent in 2018 from $1.8 billion …

Cyber Insurance Growth Slowed in Reaching $2 Billion in 2018, Says Fitch

The cyber insurance market remains a source of growth for U.S. property/casualty insurers; however, that growth is slowing, according to Fitch Ratings. The industry’s total direct written cyber premiums grew 8% in 2018 to $2 billion, down from 37% growth …

Corvus Opens Atlanta Office, Hires Fehrman as VP of Cyber Underwriting

Corvus Insurance has opened an office in Atlanta, its fifth office location, and hired Joel Fehrman, who will serve as vice president of Cyber Underwriting based in the new office. Fehrman joins Corvus with more than 10 years of experience …

How to Turn Today’s Confusion Into a Sustainable Cyber Insurance Market

There has been plenty of talk about how cyber continues to evolve in an ever-changing technology landscape, how cyber risks have become increasingly sophisticated and how the insurance industry needs to keep pace. Meanwhile, the question of how to transform …

To Insure Cyber or Not to Insure Cyber: Cautions and Caveats for Carriers

While there are some issues with the data, virtually every report shows the cyber insurance market growing. Aon Benfield had it growing 37 percent last year to $1.8 billion. It’s profitable and the loss ratio is in the 30s or …

U.S. Cyber Market Grew 32% in 2017 But Most Small-Medium Firms Opted Out: A.M. Best

The U.S. market for cyber insurance grew significantly in 2017, as direct premiums written rose nearly 32 percent year over year to $1.8 billion, and policies in force jumped 24 percent to 2.6 million, according to an A.M. Best special …

Agent and Carrier Strategies and the Future of Cyber Insurance

More than 20 years ago, Steven Haase wrote the first cyber insurance policy. Haase told Insurance Journal the story of how that first policy came about in the first part of this report, What Agent Who Wrote First Cyber Policy …

What Agent Who Wrote First Cyber Policy Thinks About Cyber Insurance Now

It was more than 20 years ago. The Internet as it is known today was in its infancy. Steven Haase was with an insurance agency in Atlanta focused on insuring technology companies. “Around 1995, I saw the commercialization of the …

Why 27% of U.S. Firms Have No Plans to Buy Cyber Insurance

A full 50 percent of U.S. firms do not have cyber risk insurance and 27 percent of U.S. executives say their firms have no plans to take out cyber insurance, even though 61 percent of them expect cyber breaches to …

RIMS 2017: Why Cyber Should Be Treated as Standalone Insurance

Treating cyber risk as a standalone insurance market holds the promise of unlocking the potential for meaningful coverage for both insurers and buyers, according to a new report by JLT Re and JLT Specialty Limited. According to the report released …