One of the messages that Warren Buffett and Berkshire Hathaway’s top insurance executive, Ajit Jain, sent to investors during the company’s recent annual shareholder meeting in Omaha was that cyber insurance, while currently profitable, still has too many unknowns and risks for Berkshire, a huge player in the insurance market, to be fully comfortable underwriting.
Tag: cyber insurance market
U.S. Cyber Insurance Maintains Strong Profits; Premium Growth Slows
The U.S. cyber insurance line generated strong direct underwriting profits for the second straight year in 2023, but written premium volume has stalled amid renewed pricing pressure, Fitch Ratings says.
Cyber Insurance Market Growing Dramatically, Triple-I Finds
Direct written premiums for cyber insurance worldwide could rise to $23 billion by 2025, with U.S. businesses paying about 56% of the total, according to the Insurance Information Institute’s (Triple-I) latest Issues Brief.
Buyers Driving Terms on Cyber Reinsurance Renewals
It was a buyers’ market for cyber reinsurance at Jan. 1, driven by improved results in the primary market and more options for transferring risk, according to recent broker reports.
Cyber Insurance Market Continues to Be Attractive as Ransomware Spikes: JP Morgan
Despite ransomware frequency picking up following a slowdown in 2022, analysts at JP Morgan still see the cyber insurance market as an “attractive area with strong profitability and good exposure growth potential in the coming years.”
Conning: Fork in the Road for Cyber Insurance Market?
The next three years will be critical to the long-term growth prospects of the cyber insurance market, according to a scenario-led analysis of the market’s dynamics released today by Conning entitled “Cyber Risk: On the Edge of Insurability.”
US Cyber Insurers See Favorable Premium Growth, Results in 2023
The US cyber insurance market is anticipated to maintain favorable premium growth and underwriting results through 2023.
Cyber Insurance Market Shows Signs of Stability, Says Marsh
Rate hikes are decreasing on average, and there are signs of stabilization, according to Gregory Eskins, cyber product leader at Marsh in the United States and Canada. Additionally, the risk management postures of corporations are improving. Insurers are establishing clearer underwriting standards, which can strengthen customer controls; and coordination between the public and private sectors… Continue reading Cyber Insurance Market Shows Signs of Stability, Says Marsh
Higher Cyber Premiums to Help Insurer Performance
According to Fitch Ratings, the cyber insurance market is expanding as premiums rise sharply and insurers remain committed to the market despite losses due to rising claims. The performance of cyber insurers will likely improve as prices rise and underwriting standards tighten, according to Fitch. Nonetheless, the loss experience of the cyber-insurance segment will most… Continue reading Higher Cyber Premiums to Help Insurer Performance
Profitability Less Certain in U.S. Cyber Insurance Market as New Risks Emerge: AM Best
Direct premiums written in the U.S. cyber insurance market grew by 11% year over year in 2019 to $2.25 billion; however, according to a new AM Best report, the rate of growth slowed from the previous year, marking the fourth-straight year of this trend. In the new Best’s Market Segment Report, “Cyber Insurance: Profitability Less… Continue reading Profitability Less Certain in U.S. Cyber Insurance Market as New Risks Emerge: AM Best