September 9, 2024
A new report from Marsh McLennan and Zurich titled “Closing the cyber risk protection gap” is calling for a closer collaboration between the insurance industry and the public sector as cyber insurance coverage gaps remain. “Both the insurance industry and …
June 24, 2024
According to industry rating agency AM Best, there are enough positive factors to give the cyber insurance market a ‘stable’ outlook despite a stall in premium growth. Analysts at AM Best issued a segment outlook and report Monday, and said …
May 17, 2024
The U.S. cyber insurance market saw what Fitch Ratings called an unexpected 1% decline in direct written premiums in 2023 following a 160% increase from 2020 to 2022. According to Fitch Ratings’ U.S. Cyber Insurance Market Update, standalone cyber written …
July 6, 2023
The cyber insurance market potential is huge, with premiums likely to exceed $50 billion by 2030, according to a new report by global insurance broker Howden. With the potential to rival major P&C lines, future growth will be centered on …
May 31, 2023
As demand for cyber insurance continues to grow, insurers must remain vigilant in managing the changing risk associated with the line of coverage. According to today’s DBRS Morningstar’s commentary on the exploding line of coverage, while cyber insurance is a …
May 25, 2023
Insurance pricing is cyclical. When loss ratios are sustainably higher, over time prices rise in response, creating a hard market. The last hard market in cyber was in 2021 when an onslaught of ransomware and high-profile cyber attacks drove a …
May 23, 2023
Stricter policy language, pricing increases and more scrutiny at policy inception made for a tumultuous couple of years in the cyber insurance market. Despite this, 36% of Marsh’s clients reported buying cyber insurance in 2022, up from the 33% that …
May 19, 2023
Consistency within cyber insurance policies is something the industry has been grappling with for nearly a decade, according to speakers at the annual RIMS Riskworld conference, held this year in Atlanta, but the industry is beginning to see a light …
May 15, 2023
For the fifth straight quarter, pricing increases for cyber insurance continued to fall at the start of 2023. According to a new U.S. Cyber Purchasing Trends report from broker Marsh, prices were up 11% in first quarter 2023 compared to …
March 3, 2023
Jeremy Gittler, practice leader and head of Cyber Americas at AXA XL, thinks of the cyber insurance industry as a rollercoaster. He says that after several years of turbulence with the advent of more sophisticated ransomware, the market is slowly …