Cyber again generated strong profits for U.S. property/casualty (P/C) insurers last year, Fitch Ratings says in its latest market update report, but weaker pricing led to the first decline in direct cyber written premiums since cyber-specific premium data were included in statutory financial statements.
Tag: cyber insurance premiums
Global Cyber Insurance: Reinsurance Remains Key to Growth
Cyber insurance is still the fastest-growing subsector of the global insurance market. Global cyber insurance premiums reached about $12 billion in 2022, and in S&P Global Ratings’ view, are likely to increase by an average 25%-30% per year to about $23 billion by 2025.
Companies Can Control Cyber Costs with Product and Technology Risk Selection
With rising demand and dangerous third-party risks, cyber insurance carriers are scrutinizing enterprises’ security postures to the point of limiting or denying coverage based on the presence of specific technologies. Cyber insurance premiums and payouts have risen significantly over the past three years as attack surfaces and adversary techniques have expanded. Customers must comply with… Continue reading Companies Can Control Cyber Costs with Product and Technology Risk Selection