Direct premiums written in the U.S. cyber liability market increased by 75% in 2021, far outpacing the overall property/casualty insurance industry. However, according to an AM Best report, a 16% increase in claims and only a modest reduction in the loss ratio despite significant rate increases highlights the segment’s ongoing challenges. According to the new… Continue reading Hardened U.S. Cyber Insurance Market Here to Stay: AM Best
Tag: AM Best cyber report
Ransomware and Aggregation Issues Call for New Approaches to Cyber Risk: AM Best
With the cyber risk hazard environment—ransomware, business interruption and aggregation—worsening significantly, prospects for the U.S. cyber insurance market are grim, according to a new AM Best report. The Best’s Market Segment Report, “Ransomware and Aggregation Issues Call for New Approaches to Cyber Risk,” notes that cyber insurance, which began as a diversifying, secondary line and… Continue reading Ransomware and Aggregation Issues Call for New Approaches to Cyber Risk: AM Best