Tag: cyber insurance rates

Insurers Raise Cyber Rates Significantly Amid Costly Losses

Cyber attack against LinkedIn, Snapchat, X, Venmo

According to data collected by industry bodies, insurers significantly increased premiums for cyber coverage over the course of 2021, as a string of high-profile attacks and government action helped boost demand for products. Direct-written premiums collected by the largest U.S. insurance carriers in 2021 swelled by 92% year-over-year, according to information submitted to the National… Continue reading Insurers Raise Cyber Rates Significantly Amid Costly Losses

Global Insurance Pricing Up 15% in Q2 2021 as Rate Increases Continue to Moderate; Cyber Rates Rise on Increased Losses

Best rankings on net premiums

Global commercial insurance prices increased 15% in the second quarter of 2021, according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk advisor. It’s the 15th consecutive quarter of rate increases in the global commercial insurance market. It also marks the third consecutive quarter to show a… Continue reading Global Insurance Pricing Up 15% in Q2 2021 as Rate Increases Continue to Moderate; Cyber Rates Rise on Increased Losses

Cyber Insurance Losses Spark Rate Increases: Fitch

Cyberattacks pose risk to creditworthiness

U.S. property/casualty insurers active in providing cyber insurance coverage are taking significant pricing and underwriting actions in 2021 in response to a spike in cyber claims with immediate improvement unlikely this year, according to Fitch Ratings in a new report. Cyber insurance direct written premiums for the property/casualty industry rose sharply 22% last year to… Continue reading Cyber Insurance Losses Spark Rate Increases: Fitch

Insurers Look to Curb Ransomware Exposure as U.S. Cyber Rates Rise

Hacker using laptop. Hacking the Internet.

U.S. insurers are ramping up cyber-insurance rates by as much as 25% and trying to curb exposure to vulnerable customers after a surge of costly claims, industry sources said. The changes follow a challenging year of hackers using malicious programs, known as ransomware, to take down systems that control everything from hospital billing to manufacturing.… Continue reading Insurers Look to Curb Ransomware Exposure as U.S. Cyber Rates Rise