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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
While young underwriters may think that cyber insurance is a recent coverage innovation, the line is actually more than two decades old. Here, Kurtis Suhs, a veteran of the cyber insurance industry who served as an investigator and criminal coordinator …
